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
"Battle over business interruption coverage already underway" by Fredrick S. Levin, Michael A. Rome, and Ali M. Abugheida (Law360)
Businesses across the country are reviewing their insurance policies to assess whether they have valid claims against losses suffered as a result of the COVID-19 pandemic and related government shutdown directives. Two types of insurance coverage are particularly relevant: business interruption...Articles
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
Jeffrey P. Naimon quoted in VIXIO Payments Compliance article, “PayPal court win could pave the way for further reform"
Jeffrey P. Naimon was quoted on January 11 in a VIXIO Payments Compliance article, “PayPal court win could pave the way for further reform." The article examined how a recent ruling against the Consumer Financial Protection Bureau focused attention on the outdated patchwork of legislation under...In The News
Virginia issues modified stay at home order identifying banks and financial institution as essential retail businesses
On December 10, the governor of Virginia issued a modified stay at home order limiting travel and gatherings for Virginia residents and operations for certain businesses. However, banks and other financial institutions with retail functions are considered essential retail businesses and may...InfoBytes
On April 17, the commissioner of the Florida Office of Financial Regulation issued Emergency Order 2020-03 , which temporarily expands the motor vehicle retail installment initial pay rule. The order permits a motor vehicle retail installment seller licensed under Chapter 520 of the Florida Statues...InfoBytes
Amanda R. Lawrence quoted in American Banker article, “State privacy bills try to cut banks a break, but not completely”
Amanda R. Lawrence was quoted on January 24, 2020 in an American Banker article, “State privacy bills try to cut banks a break, but not completely,” which discussed how state legislatures are trying to ease the impact of various data privacy and cybersecurity laws on banks, though the proposals all...In The News
Jeffrey P. Naimon quoted in American Banker article, “Election 2020: Is nightmare scenario closer to reality for banks?”
Jeffrey P. Naimon was quoted on February 23, 2020 in an American Banker article, “Election 2020: Is nightmare scenario closer to reality for banks?” which discussed Senator Bernie Sanders’ rise to front-runner in the race for the Democratic presidential nomination, and the potential threat a...In The News
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
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