Banking Law governs the operation of banks, bank accounts and lending. Banking laws also protect consumers through accountability and privacy regulations and governs the collection of debt including credit cards and foreclosures. Banks must comply with a multitude of federal, state and even local regulations.
Some of the goals of banking laws
- Provide transparency
- Reduce risk for consumers
- Avoid misuse of banks for purposes like money laundering
- Allow consumers to bank with confidentiality
- Prevent crimes
- Prioritize bank lending according to economic and social priorities
- Provide fair banking and equal opportunities for banking
- Prevent terrorism
- Create fair debt collection practices
- Make credit card agreements fair to consumers
- Prevent banks from making unfair loans to insiders
- Allow customers to raise disputes
If you have questions regarding your bank or lender, please give us a call.