On Wednesday May 6th Mayor de Blasio signed Intro No. 261-A, which amended the administrative code of New York City to prohibit most employers with four or more employees, from using credit information in hiring decisions. The amendment prohibits employers from using any information about an individual’s credit history or credit worthiness or information obtained from the individual regarding details about credit accounts, bankruptcies, judgement or liens. The law is stricter than other similar laws in other jurisdictions, restricting the types of positions in which an employer can obtain credit reports.
Reminder: New Jersey Ban the Box became effective on March 1st, 2015. Read our original post on this new law here. For more information on Ban the Box, watch our on-demand webinar: Ban the Box Legal Compliance in 2015, to better understand how Ban the Box laws affect your business.
Last September, the Financial Industry Regulatory Authority (FINRA) proposed a new rule that would improve the quality and depth of background checks performed by member firms when hiring new investment advisers. The proposed rule was granted accelerated approval by the Securities and Exchange Commission on December 30, 2014.