Buckley understands the particular commercial challenges and government scrutiny retail banks face on a daily basis. Our firm knows how to assist retail banks in analyzing and managing operational and reputational risk, as well as in developing new ideas and innovative ways of doing business that sustain and expand market share.
Our team includes several former, senior in-house counsel from various financial institutions, each of whom has extensive experience supporting retail banking products and services, and detailed knowledge of bank operations, systems, procedures, and economics. These specific, individual experiences — supported by the firm’s extensive abilities in examination procedures, priorities, and evolving regulatory expectations — enable our team to deliver prudent, practical, and actionable advice to retail banks.
We regularly advise on the creation of new and cutting-edge products and services, as well as the development of agreements, disclosures, forms, and marketing materials for all aspects of retail banking. Our experience includes providing advice on deposit accounts, automated clearing house (ACH) and wire services, remote deposit capture, lock box agreements, online and mobile banking, bill pay, positive pay services, and remittance transfer/money services businesses. We also advise on debit, stored value, credit, and prepaid card-related issues.
Our firm advises on core retail banking operations, including check and debit card processing, return items challenges, compliance with subpoenas and garnishments affecting deposit accounts, electronic fund transfer and credit card error resolution, abandoned and escheated property, and safe deposit box issues. We advise on the Bank Secrecy Act (BSA), anti-money laundering (AML), USA Patriot Act, Dodd–Frank Wall Street Reform and Consumer Protection Act, Office of Foreign Assets Control (OFAC) compliance, Truth in Savings Act (TISA), Electronic Fund Transfer Act (EFTA), Electronic Signatures in Global and National Commerce Act (ESIGN), Expedited Funds Availability Act (EFAA), interest on trust account (IOTA) and interest on lawyers’ trust account (IOLTA) matters, Check Clearing for the 21st Century Act (Check 21), 529 accounts, and all of the associated federal regulations (including Regulations D, E, CC and DD).
We provide regulatory compliance evaluations and examination support, including responses to regulatory examinations and inquiries, as well as representation for any regulatory enforcement issues or litigation that may arise. We also supervise and direct internal investigations and look-back reviews where potential compliance issues have arisen. We work collaboratively with clients on national deposit-taking strategies, such as the use of financial advisors who are associated with affiliated broker-dealers. In addition, we handle all of the transactional aspects of a bank’s lifecycle, including mergers and acquisitions, capital raising, and securities registration.
The team covers every major area of retail banking.Legal 500
Buckley Sandler Special Alert: CFPB Releases Four Prototype Overdraft Disclosure Forms and a Report on Frequent Overdrafters
On Friday, August 4, the CFPB released four new prototype overdraft opt-in model disclosure forms and a report titled “Data Point: Frequent Overdrafters.” A summary of the forms and report are provided below. The prototype forms are still in the process of being developed, and the Bureau is...Articles
On January 25, the U.S. District Court for the Southern District of California granted a bank’s motion to compel arbitration in connection with a lawsuit concerning the bank’s assessment of two types of fees. According to the order, the plaintiff filed a lawsuit asserting claims for breach of...InfoBytes
On May 27, Texas passed legislation that bans surcharges on credit card transactions. Existing Texas law prohibits businesses from increasing the price charged for goods or services for buyers who pay with a debit card or stored value card. With the passage of S.B. 560 , the prohibition on such...InfoBytes
Back in December of last year , the OCC announced its intention to move forward with developing a special purpose national bank charter for financial technology (fintech) companies. In an accompanying white paper the OCC outlined the basis for its authority to grant such charters to fintech...InfoBytes
California Joins 49 States and the District of Columbia in Settlement with Global Money Services Business
On April 12, California Attorney General Xavier Becerra announced that California has joined a multistate settlement between state attorneys general from 49 states and the District of Columbia and a global money services business to resolve allegations that scammers used the company’s wire transfer...InfoBytes
On March 20, the CFPB issued a request for comment on its plan for assessing the effectiveness of its May 2013 final rule governing consumer remittance transfers. According to a March 17 blog post on the CFPB’s website, the self-assessment—which is required under Section 1022(d) of the Dodd-Frank...InfoBytes
CFPB Fines Prepaid Debit Card Company and Payment Processor $13 Million for Preventable Service Breakdown, Claims Consumers Denied Access to Their Own Money
On February 1, the CFPB announced that it had entered a consent order against two companies—a prepaid card company and its payment processor—for failing to conduct adequate testing and preparation before and during a switch to a new payment processing platform in 2015. In addition, the Bureau cited...InfoBytes
On January 19, the CFPB initiated an enforcement action against a U.S. bank alleging it mislead consumers regarding its overdraft services. In a complaint filed with the United States District Court for the District of Minnesota, the Bureau claims the bank created an application process that...InfoBytes
WASHINGTON, DC (August 13, 2018) – Buckley Sandler LLP announced today that banking regulatory lawyer Gordon L. Miller has joined the firm as a Senior Counsel in its Washington, D.C., office. Miller brings more than three decades of public- and private-sector experience in bank regulation,...Press Releases