We are not aware of any law or regulation requiring a bank to take action if it becomes aware that an employee has filed for bankruptcy or to monitor employees’ bankruptcy filings. Moreover, federal law strictly prohibits you from terminating or discriminating against an employee who is filing or has filed for bankruptcy.

The Bankruptcy Code prohibits any private employer from terminating an employee or discriminating with respect to their employment “solely because” the individual has been a debtor in a bankruptcy case. We do not recommend terminating, disciplining, or taking any other adverse employment action against an employee solely because they have filed for bankruptcy.

For resources related to our guidance, please see:

• U.S. Bankruptcy Code, 11 USC 525(b) (“No private employer may terminate the employment of, or discriminate with respect to employment against, an individual who is or has been a debtor under this title, a debtor or bankrupt under the Bankruptcy Act, or an individual associated with such debtor or bankrupt, solely because such debtor or bankrupt—

(1) is or has been a debtor under this title or a debtor or bankrupt under the Bankruptcy Act;

(2) has been insolvent before the commencement of a case under this title or during the case but before the grant or denial of a discharge; or

(3) has not paid a debt that is dischargeable in a case under this title or that was discharged under the Bankruptcy Act.”)