Banking Update

Last month, the U.S. Supreme Court held that the Fair Debt Collection Practices Act (FDCPA) does not preclude a court from awarding costs to a lender that prevails against allegations that it violated the FDCPA.  A lower court decision held that a defendant who is found to not have violated […]

Financial institutions are often presented with the dilemma of what to do with bank accounts after the death of the primary account holder. Of course, accounts held jointly or with a “payable-on-death” (POD) designation are generally easy to handle. At the death of the primary account holder, the co-owner or […]

A preliminary list of rural and underserved counties released this month by the CFPB shows that many community banks that predominantly operate in rural counties in Nebraska and Iowa will qualify for special exceptions under a number of the Bureau’s new rules affecting mortgage lending practices. The first such rule, […]

On January 23, 2013, the Federal Financial Institutions Examinations Council (“FFIEC”) issued “Social Media: Consumer Compliance Risk Management Guidance” (the “Proposed Guidance”). Comments are due by March 25, 2013. After consideration of public comments, the regulatory agencies that make up the FFIEC (the “Agencies”) will issue final supervisory guidance to […]

Pundits sometimes jokingly refer to a garnishment subpoena mailed to a bank as a “valentine.” A bank with a judgment of its own to collect can send such “valentines” to other banks. This article provides tips for use by a bank of deposit account garnishments to collect its own judgment […]