Bank Accounts

News & Analysis as of

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

"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

FINRA Proposal Lets Financial Firms Hold Funds of Elder Abuse Victims

The Financial Industry Regulatory Authority (FINRA) will soon be soliciting public comment on a proposal allowing financial institutions to put a hold on customer funds and notify a customer's "trusted contact" when the...more

OFAC and BIS Announce Further Easing of Cuba Sanctions

Effective September 21, 2015, the Department of Treasury’s Office of Foreign Assets Control (OFAC) and the Commerce Department’s Bureau of Industry and Security (BIS) have amended the Cuban Assets Control Regulations and...more

Flaws and All, CFPB's Arbitration Study Sparks Vigorous Debate over Next Steps in Regulating Mandatory Arbitration Clauses

As expected, the reaction to the Consumer Financial Protection Bureau's (CFPB) arbitration study report, released in March 2015, has been vociferous. All sides of this important debate are loudly proclaiming that their...more

OFAC Updates Cuban Assets Control Regulations Easing Sanctions on Cuba

On September 18, OFAC issued a final rule amending the Cuban Assets Control Regulations (CACR) to reflect policy changes previously announced by the Obama administration. With respect to financial transactions, the...more

You Want to Export to Cuba? Get Ready, But You Probably Can’t Quite Yet.

New rules came out on September 21, 2015 from both the Commerce and Treasury Departments. Although for the most part these changes only slightly broaden or clarify pre-existing exceptions to the embargo against Cuba, they...more

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