The Office of the Comptroller of the Currency recently released its “Garnishment of Accounts Containing Federal Benefit Payments” booklet, which is new to the Comptroller’s Handbook and establishes procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives certain types of federal […]
Banking Update
“Unlimited Operations”: FFIEC Guidance against a 21st Century Bank Heist
Banks should evaluate their security protocols and mechanisms for protecting their ATMs and customer accounts that are linked to prepaid and debit cards against a new type of bank heist. This direction comes from a joint statement by the members of the Federal Financial Institutions Examination Council (“FFIEC”). The U.S. […]
Serving Unbanked and Underbanked Households
Part 1: Understanding the Market Banks, credit unions, retailers, payday loan companies, and even the U.S. Postal service have shown interest and have made efforts to serve unbanked and underbanked households in the United States. It seems that most financial institutions want a piece of the pie; however, some companies […]
Flood Zone Searches: May a Lender Rely on a Previous Determination?
Picture this – your bank has an existing revolving line of credit secured by improved real estate, and the borrower and bank have agreed to increase the principal amount of the line of credit. The bank’s outside legal counsel documented and closed the original loan transaction, so you call counsel […]
A Higher Standard for Bank HR Departments (Part 6)
With an additional overlay of state and federal regulation, employment law issues at financial institutions take on an additional level of complexity. Whether it is the new regulations affecting permissible compensation practices for mortgage loan originators, state and federal licensing requirements or complex rules applicable to insider transactions, human resource […]