Deposit Accounts

News & Analysis as of

New York Adopts Final Rule Regulating the Methods for Paying Employee Wages

On September 7, 2016, the New York Department of Labor adopted a final regulation which details the four permissible methods for paying employee wages, and outlines the strict notice and consent requirements for paying wages...more

CFPB Assesses Largest Fine in Agency’s History Against National Bank for Opening Accounts Without Consumers’ Consent

On September 8, 2016, the Consumer Financial Protection Bureau (CFPB) announced that, pursuant to a Consent Order, a national bank agreed to make full restitution to consumers and pay the CFPB a $100 million fine because many...more

CFPB August 2016 complaint report highlights bank account or service complaints, complaints from Ohio consumers

The CFPB has issued its August 2016 complaint report which highlights complaints about bank accounts or services and complaints from consumers in Ohio and the Columbus metro area.  The CFPB began taking bank account or...more

Banks reflect on guarantees, rejoice on fees

National Australia Bank Ltd v Rose - On 21 July 2016, the Victorian Court of Appeal confirmed that a guarantee and indemnity provided by an individual was invalid on the basis that NAB had not complied with relevant...more

USPTO Sets New Deadline for Migration to Financial Manager

As we reported earlier this month, the U.S. Patent and Trademark Office announced that it was extending the deadline for customers to migrate their deposit accounts and electronic funds transfer accounts (EFTs) to Financial...more

Coming to a workplace near you: “legal” bi-weekly pay, direct deposit and pay cards

A prominent portion of Connecticut workplaces provide payment to employees via a bi-weekly pay check, with the weekly pay check almost an anachronism. In addition, many workplaces pay their employees by “direct deposit” of...more

Collateral 101: Perfecting Security Interests in Common and Uncommon Collateral

As most people (at least in the banking world) know, a security interest is the granting of an interest in property to secure obligations, usually loan debt. If the borrower defaults under its obligations, the bank can...more

CFPB Examinations and Investigations: Defense Strategies and Best Practices

The pursuit of examinations and enforcement actions by the Consumer Financial Protection Bureau (CFPB) has created new challenges for entities that provide consumer financial products and services. Given the CFPB’s broad...more

Nutter Bank Report, May 2016

Headlines - 1. FinCEN Rule Requires Banks to Identify Beneficial Owners of Business Entity Customers 2. Federal Banking Agencies Issue New Guidance on Reconciling Credit Discrepancies 3. CFPB Publishes...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 6

Structured Notes Offered on an Agency Basis - In our last issue, we discussed the potential impact of the Department of Labor’s new rules on sales of structured products. In that article, we discussed some of the...more

Corporate and Financial Weekly Digest - Volume XI, Issue 21

SEC/CORPORATE - SEC Releases Target Dates for Proposed and Final Rulemaking - The Securities and Exchange Commission recently published its agenda with respect to upcoming rulemaking, including rulemaking...more

US Financial Regulators Issue Guidance on How Banks Handle Consumer Deposit Account Discrepancies

The US Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the OCC and the Consumer Financial Protection Bureau issued interagency guidance...more

Penny Proof for Deposits: Federal Banking Regulators Issue Interagency Guidance Regarding Deposit Reconciliation Practices

On May 18, 2016, five federal banking agencies—the Board of Governors of the Federal Reserve System (“Board”), the Consumer Financial Protection Bureau (“CFPB”), the Federal Deposit Insurance Corporation (“FDIC”), the...more

Financial Regulators Explain Their Expectations for Deposit Reconciliation

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

CFPB issues guidance on deposit reconciliation practices

The CFPB and four other agencies have issued “Interagency Guidance Regarding Deposit Reconciliation Practices.”  The other agencies are the OCC, Fed, FDIC, and NCUA.  The guidance is intended to set forth the agencies’...more

CFPB: The Quarterly Review - April 2016

If the first quarter is any indication, 2016 is going to be a busy year for the CFPB and market participants alike. The CFPB Speaks - Regulation by enforcement - On March 9, during his prepared remarks to...more

Deposit Account Control Agreements. Who Needs Em?

You just got your committee approvals for a new relation. It is a borrower you have been after for some time. Approvals are fairly standard and call for a secured credit facility with a priority all business asset lien....more

Final Guidelines on Product Oversight and Governance Arrangements for Retail Banking Products Translated Into Official EU...

The European Banking Authority published translations of its final guidelines on product oversight and governance arrangements for retail banking products. The retail banking products included are mortgages, personal loans,...more

US Federal Reserve Board Approves Application by Goldman Sachs Bank USA to Acquire Deposits

The US Board of Governors of the Federal Reserve System approved the application by Goldman Sachs Bank USA under the Bank Merger Act to assume substantially all (approximately $17 billion) of the deposit liabilities and...more

CFPB Urges 25 Largest Banks To Do More To Create or Promote Deposit Accounts

On February 3, the Consumer Financial Protection Bureau (CFPB) sent a letter to the nation’s top 25 retail banking companies urging them to do more to create or promote deposit accounts designed to meet consumers’ financial...more

The CFPB & UDAAP: A "Know It When You See It" Standard? 2015 Year-End Update

The Consumer Financial Protection Bureau’s (CFPB) exercise of its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial institutions and...more

Bureau Tells Banks to Offer Overdraft-Free Accounts, Sends Warning on Reporting

On February 3, 2016, the Consumer Financial Protection Bureau (CFPB or “Bureau”) announced a series of steps designed to improve consumer access to checking accounts by (a) encouraging banks and credit unions to make...more

CFPB announces steps to improve checking account access

As anticipated, in conjunction with its field hearing today, the CFPB announced several steps it has taken to improve consumer access to checking accounts. These steps consist of a sending a letter to the 25 largest retail...more

Wage Exemption Amount for Restraining Notices and Levies under New York State Law to Increase to $2,160 as of December 31, 2015

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for an amount deemed to be protected wages, with...more

Non-Securities Dealer Corporations Have Until September 30, 2015 to Comply with Investment Capital Identification Procedures for...

This is an important reminder that non-securities dealer corporations subject to New York State and City corporate tax have until September 30, 2015 to identify stock as investment capital in order for the stock to qualify as...more

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