Bank Accounts

News & Analysis as of

OFAC Issues Hizballah Financial Sanctions Regulations

On April 15, OFAC issued new regulations to implement the Hizballah International Financing Prevention Act of 2015. The regulations authorize the Secretary of the Treasury to prohibit U.S. financial institutions from opening...more

Always Be Watching

Who can forget Alec Baldwin’s speech in Glengarry Glenn Ross on how salesmen should “Always Be Closing” and how coffee is for closers only? It was the highpoint of a great movie. I’m not going to go through a discussion...more

New Agency Guidance on Applying CIP Requirements to Prepaid Cardholders

In response to continuing concerns about the vulnerability of prepaid cards to criminal and terrorist abuse, five regulators issued interagency joint guidance today clarifying bank obligations to identify prepaid card...more

UK Financial Regulatory Developments - March 2016 #11

LEIROC publishes parent data collection policy - LEIROC has published its process for the first phase of collecting data on the direct and ultimate parents of legal entities in the Global LEI System (GLEIS). This follows...more

BCBS Finalizes Revised General Guide to Account Opening

On February 4, the Basel Committee on Banking Supervision (“BCBS“) published a revised draft of its guidelines on “sound management of risks related to money laundering and financing of terrorism” which comprises the...more

Minnesota Department of Revenue Publishes Revenue Notice Addressing Location of a Taxpayer’s Attorneys, Accountants, and Bank...

On February 1, 2016, the Minnesota Department of Revenue (the “Department”) issued Revenue Notice # 16-01 (available here), in which the Department explains how it will view the location of a taxpayer’s attorneys,...more

"Bulk Transfers of Accounts in Broker-Dealer M&A: Regulatory Developments"

The volume of acquisitions involving broker-dealer firms continues to increase as the industry experiences further consolidation and realignment. In 2015, the Financial Industry Regulatory Authority (FINRA) proposed a rule...more

Treasury launches fee-free bank accounts

Treasury has announced the launch of fee-free basic bank accounts at nine major banks from 1 January 2016. The accounts are available to anyone who does not already have a bank account, is ineligible for a standard current...more

Treasury makes Payment Account Regulations

The Payment Account Regulations 2015 have been published, together with an explanatory memorandum. The Regulations implement the Payment Accounts Directive (PAD) with the following main features...more

Quincy Credit Union ATM machines compromised in skimming scheme

Hundreds of Quincy Credit Union (Massachusetts) customers reported that unauthorized ATM withdrawals were made from their accounts over the holiday weekend. Officials now believe that skimmers were placed on ATM machines in...more

CFPB Monthly Complaint Snapshot Highlights Bank Account and Service Complaints

On November 24, the CFPB released its monthly complaint report, which focuses on bank account and service complaints. According to the report, the most commonly reported bank account or service complaints include (i) problems...more

CFPB Publishes Monthly Complaint Snapshot Focusing on Bank Account and Service Complaints

On November 24 ,2015, the Consumer Financial Protection Bureau (CFPB) released its latest monthly complaint snapshot to examine complaints received on bank accounts and services. The report indicates that the CFPB has...more

New York Attorney General Asks Banks to Examine Consumer-Screening Protocols

On October 27, New York Attorney General Eric Schneiderman issued a letter to nearly 100 banks operating in New York requesting that they examine and revise their screening policies for deposit accounts to expand access to...more

DOJ Announces Sentencing of Former DEA Agent for Criminal Involvement in Silk Road Investigation

On October 19, the DOJ announced that a former DEA agent was sentenced to 78 months in prison for crimes he committed while working as an undercover agent in the Silk Road investigation. On July 1, the former DEA agent...more

CMA seeks increased competition between banks

CMA has published its provisional findings in its review of personal current accounts and SME banking. It found that low customer engagement, barriers to switching and search and incumbency advantages were leading to adverse...more

CFPB Proposes Limits on Companies' Use of Arbitration Clauses

The Consumer Financial Protection Bureau (CFPB) has proposed new rules that would ban companies' use of arbitration clauses that prevent consumer class action lawsuits. The potential new rules, announced this month, would...more

Two Major Implications for Consumer Finance Industry from This Month’s Proposed CFPB Rules

When the Consumer Finance Protection Bureau (CFPB) released its study on the use of pre-dispute arbitration (PDA) clauses earlier this year, many expected the CFPB to propose a ban on all PDAs in contracts for consumer...more

How Can I Avoid Probate | Arizona Probate Attorney

One of the main questions clients will ask is, “How I can avoid probate when I pass away?” This common question stems from a long history of “probate” being associated as an evil word or a long and expensive legal process,...more

DOJ Disables Malware Designed for Bank-Theft; Unseals Indictment Against Botnet Administrator

On October 13, the DOJ unsealed an indictment against a Moldovan citizen for his alleged involvement in a criminal conspiracy to steal confidential financial information by distributing malware software through phishing...more

CFPB Taking Steps to Ban Class Action Waivers

On October 7, the CFPB announced at a field hearing in Denver, Colorado, that it plans to propose rules via its rule-making authority that would prohibit financial services companies from including class action waivers in...more

CFPB Eyes Consumer Arbitration Clauses

It has only been 24 hours since the Consumer Financial Protection Bureau (CFPB) announced its plans to propose rules limiting the use of arbitration clauses, but the financial services industry is already gearing up to...more

CFPB Takes Aim at Class Action Waivers in Arbitration

On October 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it is considering proposing rules that would prohibit companies from including in consumer contracts arbitration clauses that prevent...more

Georgia Wage Garnishments Resume after Revised Order

Nearly one month after Federal Judge Marvin Shoob, of the United States District Court for the Northern District of Georgia, ruled that Georgia's garnishment law is unconstitutional, on Monday, October 5, 2015, Judge Shoob...more

D.C. Circuit Upholds Bank’s Standing to Challenge Constitutionality of CFPB

The D.C. Circuit Court of Appeals reversed a district court decision dismissing a bank’s challenge to the constitutionality of the CFPB based on lack of standing. The district court had previously concluded that compliance...more

Notifying Parties In Username/Password Breaches . . . It’s Not Just the Law

As we head into the end of 2015, state legislators across the country continue to strengthen, update and, in some instances, broaden the scope of their respective state data breach notification laws. Specifically, many...more

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