Takeaways for Banks from the CFPB’s Recent Consent Order on Garnishment Orders
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On February 14, 2024, the Minnesota Bankers Association and Lake Central Bank (the “Plaintiffs”) filed their memorandum in opposition to the Federal Deposit Insurance Corporation’s (FDIC) motion to dismiss their challenge to...more
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
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
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
UK-based Tesco Bank froze online transactions on Monday after discovering that cyber-criminals stole money from 20,000 different customer accounts. The exact method used by the perpetrators is still under review, but...more
This week, the Federal Reserve Board, CFPB, FDIC, NCUA and OCC issued guidance regarding the agencies' supervisory expectations for deposit reconciliation on consumer accounts. The agencies summarized their observations on...more
When a client walks into a bank he or she is bombarded with signs indicating that the funds deposited in the bank are insured by the FDIC. Even if the client does not fully comprehend what that means, the signs offer the...more