Important of Banking Law

You know why you need to know banking law ? allright now we give you some knowledge about it. Banking law covers the many state and federal regulations governing financial institutions. 

Attorneys who practice in this area of the law handle everything from customer disputes and complaints against a bank, to complex litigation between domestic and foreign institutions, their investors, the government, and other parties.

the vast number of regulations with which banks must comply, it is not surprising that their officers and directors seek legal counsel before making importants decisions. The Dodd-Frank Act, a banking reform measure passed by the federal government in 2010, alone contains more than 1,500 separate provisions, including nearly 400 rule mandates.

Depending on wher they were chartered and how they operate, banking institutions may be regulated by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve System (“the Fed”), the Office of the Comptroller of the Currency (OCC), as well as state regulatory agencies.

However, must banking law attorneys are hired to provide advise concerning regulatory compliance. Banks may choose to maintan in-house counsel for this purpose, or to seek assistance from ann independent law firms.  

An effective compliance plan must be comprehensive, and here too the bank will benefit from the advice of counsel.That way, the bank can act proactively to remedy a concern before it becomes a true liabilities.