SIFMA submitted written testimony to the New York City Committee on Civil Rights requesting the committee consider amending its criminal background check ban legislation, (Int. 318) which would allow financial services employers to continue to comply with their industry-specific obligations.

SIFMA said while a number of states and cities have introduced legislation with the intent of removing unfair barriers to employment, legislation which prohibits an employer from performing criminal background checks on job applicants conflicts with federal law and financial services regulatory obligations.

SIFMA believes the bill should include language that would allow the financial services industry to comply with its obligations under the Exchange Act, FINRA rules, and any other such federal or state law or regulation.