While I agree that far too many things are felonies, kiting checks is theft/fraud. Chronic offenders just can't be trusted, in that they are either completely irresponsible (in which case they probably should not be armed) or are cool with stealing, in which case they ought not be armed.
Felon = Bad Person.
Bad People Steal.
Even if it's 20 years ago? My wife used to write checks on the float from time to time when money was tight. She was once threatened with prosecution for writing a bad check at the grocery store. Nowadays she's raising 4 children and the committee chair for my sons' cub scout pack. Hardly the person you'd call "completely irresponsible".
A friend of mine is in his 50's and has a felony on his record when he was in his early 20's for pot. Can't buy a gun. And you think he shouldn't even be able to buy a muzzleloader?