Lawyers who specialize in banking law help banks and other financial institutions to understand the laws that govern their business practices. These laws are designed to protect consumers and ensure the stability of the financial system. Lawyers often work with banks to create policies and procedures that will comply with the relevant regulations. They may also represent banks in court if there are disputes about compliance with banking regulations.
Banking laws may exist in order to achieve many objectives. Some of these objectives include:
Provide transparency for consumers Reduce risk for banking customers Avoid misuse of banks for purposes like money laundering Allow consumers to bank with confidentiality Prevent other crimes 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 like officers and principal shareholders Allow customers to reasonably raise disputes Other goals Major Banking Laws
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