News & Analysis as of

Financial Services Industry Deposit Accounts Banking Sector

Cadwalader, Wickersham & Taft LLP

From Albufeira to Asheville September 2024 - Evolving Perspectives on Bank Deposits

As a lending lawyer for more than a quarter century at this point, I have seen that deposit accounts and deposit account control agreements are a routine component of virtually every transaction. Deposit accounts are a source...more

Venable LLP

Custody Battles: The FDIC's Latest Proposed Rule on FBO Accounts

Venable LLP on

The FDIC has issued a proposed rule that would apply to practically all bank-fintech arrangements that use custodial deposit accounts to provide customers with transactional features (also called "FBO" accounts for short)....more

Goodwin

CFPB Files Proposed Judgment in Bank Suit Regarding the Opening of Unauthorized Accounts

Goodwin on

​On July 9, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a proposed stipulated final judgment and ​order in its suit against a national bank accused of allegedly opening unauthorized accounts...more

Goodwin

CFPB Affirms Banks Risk UDAAP for Unilaterally Re-Opening Consumer Accounts After Account Closure

Goodwin on

The Consumer Financial Protection Bureau (CFPB) warned banks that unilaterally re-opening consumer accounts after account closure could constitute an unfair act or practice and the Securities and Exchange Commission’s (SEC)...more

Sheppard Mullin Richter & Hampton LLP

Junk Fees Continue to be Focus of CFPB, Biden Administration

On March 8, the CFPB released a special edition of its Supervisory Highlights reporting on unlawful junk fees that were uncovered in a variety of servicing markets, including bank account deposits, auto loan servicing,...more

Morgan Lewis

Common Cash Management Practices and Associated Protections and Risks

Morgan Lewis on

In the wake of the Silicon Valley Bank and Signature Bank defaults, it is important for bank customers to understand the common cash management options and accounts available in financial institutions as well as their...more

Kilpatrick

Silicon Valley Bank and the Impact of FDIC Bank Receiverships

Kilpatrick on

On March 10, 2023, the California Department of Financial Protection and Innovation announced that it had closed down Silicon Valley Bank (“SVB”), a financial institution known for its services to start-ups and the venture...more

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