Banking Update

The second session of the 103rd Nebraska Legislature recently ended on April 17, 2014. With the completion of the session, the Legislature enacted several new bills and introduced many amendments to existing bills that are pertinent to the banking industry. This article provides brief summaries on several pieces of legislation […]

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a memorandum on June 25, 2014 (“Memorandum”) regarding the Bureau’s position on the Bureau’s recognition of same-sex marriage. The Bureau noted that on June 26, 2013 in United States v. Windsor, 133 S.Ct. 2675 (2013) the Supreme Court struck down Section […]

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 […]

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. […]

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 […]