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Bank Accounts Banking Sector

Hogan Lovells

UK "de-banking": FCA update report on payment accounts access and closures

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The FCA has published a report setting out its findings from follow-up work on payment account access and closures, together with the results of independent research on the experiences some of the most financially excluded...more

Holland & Knight LLP

OFAC Amends Regulations to Support Cuban People, Independent Private-Sector Entrepreneurs

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The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations (CACR), 31 CFR Part 515, to promote internet freedom in Cuba, support independent Cuban private-sector...more

Orrick, Herrington & Sutcliffe LLP

CFPB imposes $15 million penalty on lender for violating 2019 order

On November 15, the CFPB announced a consent order against a Chicago-based small-dollar lender for allegedly violating a 2019 order and by independently violating the CFPA. According to the 2019 consent order, the respondent...more

Hogan Lovells

The sun also rises – anti-money laundering legal developments in Singapore

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2023 is proving an eventful year for Singapore anti-money laundering legislation. In the first half of this year, the Ministry of Home Affairs (MHA) proposed two bills, intended to strengthen the country’s legal framework...more

Goodwin

CFPB Affirms Banks Risk UDAAP for Unilaterally Re-Opening Consumer Accounts After Account Closure

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The Consumer Financial Protection Bureau (CFPB) warned banks that unilaterally re-opening consumer accounts after account closure could constitute an unfair act or practice and the Securities and Exchange Commission’s (SEC)...more

Bowditch & Dewey

How Do I Protect My Business from a Potential Banking Crisis?

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Instead of debating whether there is (or will be) a banking crisis, what can you as a business owner do to protect bank accounts in a time of uncertainty? There are several practical tips to keep in mind while assessing your...more

Wilson Sonsini Goodrich & Rosati

Addressing Legal Issues Related to the Silicon Valley Bank Closure

On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection & Innovation, with the Federal Deposit Insurance Corporation (FDIC) appointed as receiver....more

Fox Rothschild LLP

The Extraordinary Silicon Valley Bank Collapse: What We Know

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On Friday morning, regulators closed Silicon Valley Bank (SVB), roiling the startup world and creating uncertainty about the availability of deposits and the availability of credit to its customers and borrowers. Unexpected...more

Ballard Spahr LLP

SDNY Sentences Danske Bank in Massive AML Scandal

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Factual Statement Is a Tale of Whistleblowing, High-Risk Customers, and Misleading U.S. Banks - Earlier this month, Danske Bank was sentenced in the Southern District of New York to three years of probation and forfeiture...more

Goodwin

CFPB Fines Bank for Accessing Customer Credit Reports and Opening Accounts, Credit Cards, and Lines of Credit Without Customers’...

Goodwin on

​​​​​​​On July 28, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against a large bank (the Bank), claiming that the Bank created sales pressure on its employees that encouraged employees to...more

Ballard Spahr LLP

Takeaways for Banks from the CFPB’s Recent Consent Order on Garnishment Orders

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In a recent consent order with a national bank, the CFPB found that the bank committed UDAAP violations in its process for handling garnishment orders and by including certain waiver language in its deposit account...more

A&O Shearman

Hong Kong ‘No Consent’ letters not guaranteed to freeze bank accounts

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The Hong Kong Police Commissioner's use of the 'No Consent Regime' to encourage three banks to freeze customer bank accounts, in circumstances where the banks had no independent suspicion of unlawful activity by bank account...more

Winstead PC

Texas Supreme Court Held Bank Was Not Liable For Fraudulent Withdrawals From An Account Due To UCC 4.406

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In Compass Bank v. Calleja-Ahedo, an identity thief drained the plaintiff’s bank account through a series of fraudulent transactions in 2012 and 2013, and the plaintiff sued his bank to recover the stolen funds. No. 17-0065,...more

Robinson+Cole Data Privacy + Security Insider

Chilean Bank Struck by “Virus” that Steals $10 Million

Just weeks after Mexico’s central bank was targeted by hackers who stole $15 million, Chile’s biggest bank, Banco de Chile announced on May 28, 2018, that it had been struck by a “virus,” that affected its workstations,...more

Robinson+Cole Data Privacy + Security Insider

Opening a Bank Account with a Smartphone—Dodd-Frank Roll-Back Making Online Banking Easier

President Trump recently signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act, which is already making waves in the financial sector for its repeal of certain Dodd-Frank provisions that were...more

Arnall Golden Gregory LLP

How to Open a U.S. Bank Account

Just back from a two-week swing through Belfast, Antrim (at a wonderful InvestNI program) Londonderry/Derry, Galway, and Dublin, meeting with companies looking to export to the U.S. One question that came up time and again:...more

The Volkov Law Group

The Long Road Back to Redemption: Wells Fargo’s Path to Remediation (Part II of II)

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Wells Fargo’s ability to grow its business is on hold for a year while it designs and implements a remediation program to address deficiencies in its board governance, risk management and compliance program. ...more

Kilpatrick

House of Representatives Passes MOBILE Act

Kilpatrick on

On January 29, 2018, the U.S. House of Representatives passed H.R. 1457, the Making Online Banking Initiation Legal and Easy (MOBILE) Act of 2017, in an overwhelming 397-8 vote. The bipartisan legislation, which provides...more

Ballard Spahr LLP

CFPB October 2017 “special edition” complaint report highlights servicemember complaints

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The CFPB’s October 2017 complaint report, which the CFPB calls a “special edition” monthly complaint report, departs from the format of the CFPB’s standard monthly reports. (The CFPB’s June and July 2017 complaint reports...more

The Volkov Law Group

Tales from the Corporate Scandal Crypt: GM, VimpelCom, VW and Wells Fargo

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We are fascinated by corporate scandals. Since the 1980s, the US public has enjoyed unraveling corporate scandals, and vilifying corporate leaders caught in the web of deceit and misconduct. I am sure there are historical...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

As the scandal grows, WF’s newish CEO, Timothy Sloan, faces the unfortunate reality of being a company man (30-years at Wells) when the foundations of that company are cracking....more

Orrick - Finance 20/20

European Commission Requests Feedback on a Roadmap for Widening Access to Centralized Bank and Payment Account Registries

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On August 9, 2017, the European Commission published an inception impact assessment (Ares (2017)3971182) (also called a roadmap) on access to centralized bank account registries. In the roadmap, the Commission explains...more

Ballard Spahr LLP

CFPB issues third report on checking account overdraft services and model form prototypes

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The CFPB has issued another report on checking account overdraft services, “Data Point: Frequent Overdrafts.” The new report represents the CFPB’s third report dealing with overdraft services. It previously issued a white...more

Ballard Spahr LLP

Damming the Funding to North Korea: Anticipatory Seizure Warrants as a Tool to Enforce Sanctions and Thwart Money Laundering...

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Two days after North Korea’s successful long-range ballistic missile test, the U.S. District Court for the District of Columbia unsealed a memorandum opinion which granted the Department of Justice “damming” warrants to seize...more

Thomas Fox - Compliance Evangelist

Farewell to J. Geils – Final Compliance Function Lessons from Wells Fargo

You may not recognize the full name, John Warren Geils Jr., but you probably do recognize the name J. Geils, as in the J. Geils Band, who died this week. J. Geils was ubiquitous in the 70s and early 80s with, as noted by an...more

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