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New E-Verify Rules

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Question: 
Do the new E-Verify rules that are effective Sept 8th pertain to banks?
Answer: 

Many banks believe that because they offer U.S. Savings Bonds they are a "contractor" and these rules apply. But it is my understanding that is a stretch of the definition intended in the executive order. Banks do not qualify under the federal rules as a contractor for E-Verify application. Some state laws may impact this and you should contact your regulator or state association familiar with your laws for this.

For those this may be applicable to, the Department of Homeland Security implemented a rule requiring most federal contractors and subcontractors to use its E-Verify system to prove employees working on government projects are legally in the country. There were protests and court actions against this, which were defeated.

If applicable, you would need to comply with these rules and others under the Office of Federal Contract Compliance Programs (OFCCP). You may choose, based on your banks situation.

First published on BankersOnline.com 10/19/09

First published on 10/19/2009

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