The 21st century has seen major changes in the banking world. The internet and global networks have made the way transactions are made much easier, and more global. Someone from India can transfer or withdraw funds from a bank in the UK. Or, a U.S. bank can make a significant investment in an Italian company.
Benefits Come with Risks
Unfortunately, these benefits come with risks. Truth be told, due to regulations that have been put on the banking industry over the last two decades, monetary transactions are more complicated. There are more guidelines to create bank holding companies, set up De Novo agreements for a newly chartered bank, and merging or acquiring other financial institutions. In other words, no matter how knowledgeable you are, these tasks can’t be done alone. You need an individual or a team who knows the latest on new or modified rules and how to work with them to achieve what you need. This is where corporate law firms come into play.
The Role of Banking & Finance Counselors
More than ever, attorneys with banking and finance experience are needed to walk through these monetary and corporate transactions. Organizations across the country, Carmody MacDonald as an example, have teams that specialize in these operations. They counsel financial institutions of every size on operations like commercial loan deposits or withdrawals and the changing state of regulatory laws. Before the first press release is sent out, these legal teams meet with bank officials and review their plans. Then, they report back on potential regulations issues and what can be done to resolve them. Once those are corrected, the team provides a final review of the De Novo charter, merger, or acquisition to confirm no other issues exist.
A huge benefit to hiring a firm with a banking and finance team: the bank avoids potential lawsuits and federal investigations. This allows the organization to further grow and make a difference in other communities. In addition, it provides a sense of customer and employee security corporate law firm near bella villa missouri