NYC publishes interpretative enforcement guide concerning recent ban on applicant credit checks; includes stipulation for exemption of FINRA members

The New York City Commission on Human Rights released the document concerning the Stop Credit Discrimination in Employment Act (“SCDEA”), which went into effect on September 3.

According the document, the SCDEA, which amends the New York City Human Rights Law, “is intended to stop employers from using consumer credit history when making employment decisions—a practice that has a disproportionately negative effect on unemployed people, low income communities, communities of color, women, domestic violence survivors, families with children, divorced individuals, and those with student loans and/or medical bills.”

According the City Council, the law was created with the intention of being “the strongest bill of its type in the country prohibiting discriminatory employment credit checks.”

Notably, the interpretative guidance provides that FINRA members are exempt from the SCDEA when making employment decisions about people who are required to register with FINRA. However, FINRA members must continue to comply with the SCDEA when making employment decisions regarding people who are not required to register with FINRA.

The full text of the interpretative enforcement guide can be found here.

Source: NYC Commission on Human Rights, 9/3/2015

Thank you for your interest in Business Information Group. We have received your message and will contact you in one business day or less.
You have exceeded the number of attempts to submit this form. As a result, your IP address has been temporarily blocked.

Get In Touch

Send a Message *fields required

What are your Interests?optional

Contact Information

Even our RFP PROCESS is state-of-the-art.

Take a look

What our clients are saying

We cannot express enough how much we have enjoyed working with BIG! It has really benefitted our processing and ease of doing business!

Licensing and Registration Manager
Investment and Insurance Company

I enjoy collaborating with BIG, and know that if I have to reach out with a question/concern, a positive attitude with a willingness to find resolve is on the other side of an email or a phone call.

Human Resources Administrator
Global Financial Services Firm

You have been the most professional and most helpful business partner that I have ever been associated with — always there to assist us and with rapid turnaround times.

Principal Consultant
Major Professional Services Network

I am confident whenever we add a product with your company that I will have a good experience.

Division Manager
Insurance and Financial Services Agency

We have received superior service and we know this is what you and your team strive for. We are grateful for the dedication, level of professionalism and effort shown.

Large Insurance Agency

You are leaving

Ok, Continue Cancel