Banking law covers many state and federal regulations governing financial institutions. Lawyers practicing in this area of the law handle everything from customer disputes and complaints against a bank, complex litigation between national and foreign institutions, investors, government and elsewhere. However, most of the banking law attorneys are hired to provide advice on compliance. Banks may choose to keep your house counsel for this purpose, or seek the assistance of an independent law firm.
Given the large number of regulations that banks must meet, it is not surprising that its officers and directors seek legal advice before making important decisions. The Dodd-Frank Act, a measure of bank reform approved by the federal government in 2010, only contains over 1,500 separate provisions, including nearly 400 mandates of rules. Depending on where they were chartered and how they operate, banking institutions can be regulated by the Federal Deposit Insurance Corporation (FDIC), the System of the Federal Reserve ("Fed"), the Office of the Comptroller of the Currency (OCC ), as well as state regulators.
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