Bank Law Monitor
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Core Considerations for Core Contracts
Negotiating the terms of a core processing contract makes haggling over a used car seem like child's play. For most banks, the reality is stark—you might get some wiggle room on price if you're willing commit to a longer term. You might also get a fe...
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Update: The CFPB’s Proposed Arbitration Rule—Dead or Alive?
Update (August 28, 2017): A lot has happened since our original post on the CFPB's arbitration rule, and more is on the way. The CFPB's arbitration rule is definitely alive and breathing, for the time being:
The CFPB published its long-awaite...
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Even Lawyers Have to Pay Their Debts: Washington Court Sides with Bank on Successor Liability Claim
It turns out that even lawyers sometimes have to pay their debts. In a recent Washington appellate case, a bank successfully sued an attorney to recover on a loan made to his law firm. Typically the owner of a law firm wouldn’t be held responsible fo...
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Reg CC Goes “Paperless”: New Amendments Address Electronic Checks, Remote Deposit Capture, and Other Modern Banking Trends
Regulation CC first became law back in 1992. Yes, that was when Sir Mix-a-Lot was “back” on the top of the charts, audiences were eating up Silence of the Lambs, and bowl cuts were a thing. Times have changed, but oddly Reg CC hasn’t. Since 1992, Reg...
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OCC Invites Fintech Companies to Become Special Purpose National Banks
Last week, the Office of the Comptroller of the Currency (OCC) officially opened its doors to financial technology companies and encouraged them to apply to become "special purpose" national banks. The premise is simple—become a national bank, abide...
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How Does Washington's New Power of Attorney Statute Impact Banks?
Washington has adopted the Washington Uniform Power of Attorney Act (“The Act”) which becomes effective on January 1, 2017 (ESSB 5635). The Act completely replaces Washington’s current law and has some key differences that need to be considered when...
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