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Banking Law Issues

Federal Reserve regulations also play a role in banking regulation, especially when it comes to supervisory rules. The majority of checks go through the Federal Reserve System; If this is the case, the Federal Reserve`s Regulation J comes into effect. In addition, the CC Regulation largely regulates the availability of funds in a depositor`s account and the process required to process cheques transferred due to non-payment. In addition, the Accelerated Availability of Funds Act, drafted in Subpart B of the Federal Reserve CC Regulations, limits the amount of time a depositary can delay before the amount of a deposited check is made available for withdrawal. Our lawyers have extensive knowledge and experience of the federal, state and international regulatory systems in which banks and other financial institutions operate. We regularly represent banking clients before the Federal Reserve, OCC, FDIC and state banking departments. We have represented numerous institutions in the submission and processing of applications for de novo bank charters, fiduciary powers, deposit insurance, changes in banking supervision and the formation of bank holding companies. For Florida and/or New Jersey-focused clients, our banking group includes a former General Counsel of the Florida Department of Banking and Finance (now the Office of Financial Regulation) and a former Deputy Commissioner (and Acting Commissioner) of the New Jersey Department of Banking (now the Department of Banking and Insurance), state regulators responsible for chartering and supervising state-owned banks. Trusts, savings, authorized transactions of international banking companies and licensed non-bank lenders. Our banking group also includes a former lawyer specializing in the execution of the Office of the Comptroller of the Currency, the supervisory authority of all national banks and federal savings banks.

The regulations of the federal authorities concerning banks and banks are codified in Title 12 of the Code of Federal Regulations. We often advise banks and thrifty people who have been judged in a difficult state by the banking supervisory authorities. Our lawyers advise bank clients on matters relating to capital policies, immediate remedies (APC) guidelines, injunctions and letters of intent. We also have extensive experience advising boards of directors and officers of financial institutions on appropriate corporate governance measures in the event of imminent insolvency and seizure by the FDIC as an insolvency administrator. In addition, we have also represented former officers and directors of failing institutions in claims for gross negligence, breach of the duty of loyalty and breach of loyalty invoked against them by the FDIC as the addressee. Since many of these claims are subject to liability insurance for the bank`s directors and officers, we work closely with the policy issuer to ensure that coverage is extended to former directors and officers. Our lawyers from the banking group, recognized for our knowledge and experience in complying with the Banking Secrecy Act (BSA), regularly speak about the BSA at national conferences and seminars on the fight against money laundering and have published at the national level on the law and its regulations. With extensive experience in these critical areas, we are well positioned to represent in matters related to federal and state anti-money laundering and know-your-customer laws and regulations, as well as in the development and implementation of effective anti-money laundering programs.

Our banking group`s lawyers have represented banks and other financial institutions before the United States. Department of Justice, Department of Finance, Financial Crimes Enforcement Network (FinCEN) and state law enforcement agencies on BSA and money laundering issues. Holland & Knight`s Banking Group understands the fundamental concepts and interrelationships of these complex laws and regulations, as well as the nuances needed to navigate them safely and cost-effectively. With extensive experience, a solid technical understanding and a solid understanding of the problems faced by financial institutions, our banking lawyers formulate practical solutions to meet the needs of our clients. Our international banking practice is diverse, both in terms of the clients we serve and the range of legal services we offer. We regularly represent foreign banks, construction companies, holding companies and other financial institutions that wish to establish federal branches, peripheral instrument companies, international agencies or representative offices in the United States. We have worked extensively with foreign banks in conducting their business in the United States and regularly represent them before the Federal Reserve, OCC, FDIC and state bank branches. We also often represent foreign financial institutions and foreign nationals in cross-border transactions in which they wish to acquire majority stakes in domestic banks, savings banks and other financial institutions. Our team often advises and assists banks in structuring the sale and delivery of retail products and services to their clients, as well as in creating the contractual documents necessary to complete transactions. In this regard, we understand the privacy, licensing and consumer protection laws and regulations that govern these services and products, including the Gramm-Leach-Bliley Act, the SAFE Act, the Electronic Funds Transfer Act, Check 21 and Truth in Savings. Our lawyers regularly assist financial institutions in developing their cash management products and services, including positive compensation agreements, remote deposit collection agreements and ACH agreements. In addition, we have drafted and advised banking clients on information sharing and joint marketing agreements with other financial institutions, as well as on networking arrangements with investment dealers in accordance with the Interagency Statement on the Retail Sale of Non-Custodial Investment Products.

The UCC also deals with controls and other negotiable instruments. Article 3 of the UCC governs the relationship between the parties who receive and transfer cheques. Certificates of deposit (CDs) may also be negotiable instruments and may be subject to Article 3. The UCC contains other provisions relating to banking transactions. For example, Sections 4A, 5 and 8 of the UCC regulate transfers of funds, letters of credit and securities. Our team has in-depth knowledge of consumer credit laws and regulations, including the Truth in Loans Act, the Fair Credit Assessment Act, the Card Act, the Real Estate Settlement Procedures Act, the Fair Debt Collection Practices Act, the Mortgage Disclosure Act, the Community Reinvestment Act, the Fair Housing Act, the Equal Credit Opportunity Act, and the various regulations that implement these laws, as well as relevant state laws and regulations and any pre-emption matters related to such state laws and regulations. We regularly represent financial institutions in connection with new product development, consumer credit disclosures, privacy issues, due diligence and a range of other consumer compliance issues. We also represent banks with respect to credit processing and credit card payments, negotiate and draft agency contracts for point-of-sale (POS) transactions, and work with Holland & Knight`s litigation lawyers to defend clients against consumer financial services claims. Some of our lawyers are members of the American College of Consumer Financial Services Lawyers. Legal issues in finance and banking — Leading financial and banking companies operate in an environment full of legal risks.

Financial companies are highly regulated, subject to strict supervision and are subject to frequent litigation. In addition, the recent financial crisis and the passage of the Dodd-Frank Act have strengthened control of the financial sector and created new types of legal risks.