Banking law has become a complex array of state and federal regulations. The 2010 Dodd-Frank Act alone implemented nearly 2,000 changes to banking law. Title 12 (Banks and Banking) of the United States Code contains the bulk of the federal codes which regulate banks today, but even Title 15 (Commerce and Trade) plays a big role in the laws. Adding to this, each state in which a client may conduct banking business has its own regulations, making the potential for unintentional violations high.
For this reason, every bank or related financial institution today must have a legal team on retainer. Tiffany & Bosco has a large and growing team of attorneys dedicated to staying abreast of U.S. and state banking law.
The banking attorneys at Tiffany & Bosco has extensive experience representing:
When establishing a business which specializes in providing capital to other businesses or private borrowers, proper licensing is vital. Demand for consumer lending services continues to grow, but the laws become more complex every day. Paperwork must be filed correctly, with each governing body regulating the specific form of lending business, lest the owners find themselves facing myriad legal woes.
For instance, if the company is to hold funds for other parties, an application to the Federal Deposit Insurance Corporation (FDIC) must be completed. Likewise, to remain in good standing with the FDIC, the business must adhere to specific rules and meet various obligations in a timely manner.
If the company is to engage in loans, state consumer agencies must approve the application; this is in addition to federal licensing boards. Also, if loans or other banking services will cross state borders, Title 15 of the U.S.C. will play a role in many transactions.
Then there are transactions involving multiple parties, real estate collateral, and corporate financing. Each of these transactions are regulated different from any other and require special attention.
Banking institutions and other lending organizations are held to strict fiduciary standards under both federal and state law. What this means in simple terms is that even an innocent oversight can result in severe penalties. Title 12 USC 1817 describes some of these penalties, which range from large monetary fines to imprisonment, depending on how egregious the oversight.
Intentional fraud is even worse. After the financial collapse of the late 2000s, the federal government implemented harsh penalties for willful violators of the law. Since then, thousands of arrests and incarcerations have occurred, even when there was a lack of intent to violate banking statutes.
Because the penalties for failure to properly adhere to bank and finance regulations is so severe and the rules so complex, the Tiffany & Bosco law firm provides each client with a complete range of legal services. We structure and document difficult loans and assist in complicated loan workouts. Our representation of lenders enables us to better represent our borrower clients.
In addition, should a client run afoul of the banking laws and find themselves facing criminal charges, we can help. Our banking lawyers are not only skilled in providing proactive legal services, but in providing skilled litigation and defense representation as needed.
If you are planning a banking venture, already have an established organization, are facing charges of any kind related to your banking services, or simply have some questions, the Tiffany & Bosco legal team is ready to assist. We help clients throughout Arizona, Nevada, and California.
Contact us today for a confidential consultation.