Bank Accounts

News & Analysis as of

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

FCA feeds back on PAD

FCA has published a feedback statement following its call for input on how it should formulate the provisional UK list of services, terms and definitions under the Payment Accounts Directive (PAD). Following responses, FCA...more

Third Circuit Reverses Denial of Class Certification in Complete Sham Telemarketing RICO Case

The United States Court of Appeals for the Third Circuit reversed the denial of class certification in a case brought against a bank and its payment processors that allegedly engaged in a fraudulent scheme to cause...more

Making the Move from Massachusetts: Changing Your Domicile May Prove Challenging

Labor Day will soon be upon us and with that a change of seasons here in Massachusetts. While it’s not quite time to take out the winter woolies, the dismal 2016 winter weather predictions for the Northeast may have already...more

Think Twice Before Adding Your Child to Your Bank Account

Adding a responsible adult child to mom’s bank account to give the child access to funds to pay bills and expenses for mom as she gets older seems harmless enough, right? After all, mom really needs the help and the account...more

U.S. District Court Grants FBME Preliminary Injunction; Effective Date of FinCEN’s “Special Measure Five” Final Rule Delayed

On August 28, FinCEN issued a notice regarding the agency’s July 29 final rule imposing “special measure five” against FBME Bank Ltd. (“FBME”), which would prohibit financial institutions from opening or maintaining...more

Business E-mail Compromise Scam v2.0

In March, we reported on the Business E-mail Compromise (BEC) scam where criminals target employees responsible for wiring company money, and trick them into wiring money under false pretenses to fraudulent accounts...more

PAC Opinion Finds Municipal Bank Account Numbers Subject to FOIA

Earlier this year, the Public Access Counselor (PAC) issued an under-the-radar advisory opinion that could have an impact on responses to Illinois Freedom of Information Act (FOIA) requests. According to the non-binding...more

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