Banking law is referred to many state and federal rules that manage the financial institution. Attorneys who are in this area of the law manage different kinds of situations, from costumers’ dispute to objections against banks and they manage a huge set of rules regarding business and financial politics between domestics and foreigners’ banks. Many lawyers are hired to resolve legal issues inside of the bank, and the bank may choose to keep them, or it can demand to counsel from an independent law firm.
Considering that every bank must comply regulations, it’s not unusual that their workers and directors seek legal help before they make important resolutions. In 2010 federal government brought “The Dodd – Frank Act”, this act has more than 1.500 provisions, and 400 mandatory rules are included.
In the environment where regulations are highly respected, the bank doesn’t have much choice but to make a compliance her number one priority. This process often involves hard work and substernal expenses that may affect everyone included in this organization. The bank first has to set up the set of rules and regulations; they must be identified and organized in that order that they are connected with a risk that comes with noncompliance. This whole operation must be conducted by the attorney who has experience in this area of the law. The next step is to make and apply a compliance plan.
The plan must be all inclusive, and all areas of bank’s compliance should be supervised and monitored by the management and they should alert the adequate personnel when the bank in risk or violating a certain regulatory provision. In this way, the bank can stop the problem even before he has aroused.
The staff of the bank should always educate themselves on regulations that fall under their duties and follow the changes in the law.
Banking law and bank accounts are regulated by the state and federal statute. In the 80ies, the federal government regulated the interest rates related to bank accounts; this meant that federal law could seal the interest rates especially for saving accounts and restrict the interest payments for checking and other deposits. Gradually, this prohibition was terminated.
Federal Reserve regulations play an important part in banking regulations, especially in the section of checks. A large number of checks go through federal reserve system in this way the state can act in a proper way and deal with checks that don’t have coverage.
Considering various transactions, the bank must take appropriate steps to avoid possible conflicts with costumes.
For example, a customer decides to deposit some sum of money; the bank must follow the rules of the Trust in Saving Act and Expedited Funds Availability Act; these acts regulate how long bank can keep the money and also how much the interest and fee will be.
To avoid future problems, the bank needs to seek the assistance of attorney specialized for banking law; he will be able to draft legal documents and follow regulations that state and government institution set up every month.
These two terms are legally used methods to settle an agreement between two or more disputed parties. And many business owners and private individuals are resorting to this means because they want to avoid expensive lawsuits, and they make a private agreement outside of court.
Mediation represents an informal procedure, where the independent third party is involved as a mediator, and she helps disputed parties make a agreement and resolve their problems and issues. The mediator plays the roles of the guide; he leads the parties through this process, helping them decide most satisfying settlement and helping them manage all unresolved worries and interest. The mediator encourages disputed parties to meet a mutual understanding, established on important facts for each party.
The mediators do not have legal authorization to make binding decisions, and they cannot force a resolution. Any settlement that is accomplished simply takes a form of a contract, which disputed parties would sign, and the settlement isn’t the same as an Award, procedure in arbitration.
The procedure of mediation is good for disputed parties, who still have some friendly relationship and for those parties who still have the possibility to negotiate and for those who don’t want to the third party to have a final word.
Arbitration is a legal procedure where disputed parties agree to reach a neutral agreement and the role of a third party, previous mediator, is given to a judge or jury. They settle their dispute in private, outside of a public and judicial system.
This is a much easier version of a trial and doesn’t involve complicated regulations and procedures. The third party, usually some organization that practices arbitrations, gives the opportunity to parties to present their cases, documents, and evidence and decides who wins the case and what’s the verdict. The organization, who takes the role of arbitration is called the arbitrator.
If disputed parties settle in advance to “binding arbitration” the decision is called the Award, and it is legal in the court if the party who lost the case doesn’t agree with conditions of the Award. Many countries use this type of procedure to reduce their costs.
Mediation cases in modern litigation
Mediation has a great popularity and represents an important part of the litigation. We have the case, in Florida, where all lawsuits need to go through the process of mediation before they can be represented in the court. The reason behind this decision is because it reduces the cost and has more effectiveness in trials.
Mediation is a great solution for the disputed parties because they can resolve their differences in a neutral and free environment in front of the third party. This type of procedure tries to limit issues and to put them on the right track.Disputed parties often feel better when they have the opportunity to resolve their issues and also it is always helpful to them to hear the opinion of the independent third person. Often the relaxed atmosphere may be the reason why the parties find the most appropriate solution.
After graduating from King’s with a History degree, Brent Shea ’80 began a 35-year career with London Police Services. Before moving into the position of Deputy Chief, Brent’s career spanned almost every unit within the policing portfolio, including uniformed patrol, major crime, vice and drugs, for...
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