A banking law firm on Long Island is one which is intimate with the laws that dictate how a bank must operate. In the United States banks are not only subject to federal law as is the case in may developed countries, but state law as well, this dual responsibility makes banking in the US more complex and complicated.
Although every country has its own laws that dictate the procedures under which banks can operate there are certain objectives that most have in common. The common objectives cover the protection of privacy, minimizing risk and avoiding failure. Some countries put privacy above all others while others prize stability.
The government requires that all banks hold specific levels of cash on deposit for them to function. This requirement stops banks from borrowing too heavily or from loaning out more than they can comfortable manage. In theory this guards consumers from having their bank fail due to having made poor investment decisions. The same rules also protect the government from having to bail these failing banks out but as everyone is well aware, the 2008 global banking collapse is perfect proof that even the best safeguards are constantly in a state of flux and need constant attention and revision.
Depending on the laws of any given country the information that banks must divulge vary. Almost all banks are obliged to disclose their lending rates and mortgage activities so that consumers can determine if the bank is serving their particular interests or the interests of the local community at large. Community bank investments include lending rates for small and medium business and it includes the total amount of small business loans the bank makes. It is important for national development that banks support small and medium enterprises as this is where a great deal of the nation’s growth will come from.
Banks must provide their customers with privacy and accountability. The bank is expected to protect customers who have taken loans and mortgages with the bank and banking laws regulate interest on credit card debt and regulates the collection of such debt if it should become necessary.
A banking law firm on Long island knows that when a client wishes to open an account the only thing that is important is the financial position when the application for an account is made, the bank cannot discriminate in who it deals with and must set up an account regardless of age, race, gender and other factors.
A banking law firm on Long Island will represent institutional lenders in all facets of their complex business including litigation. You are invited to contact Jaspan Schlesinger Attorneys at Law to take advantage of their knowledge of financial law.