Various types of bank accounts held in the name of a single individual or entity have the virtue of simplicity, and the added bonus that the accountholder does not have to wait to make decisions until after a consensus has … Continue reading
Category Archives: BANKING LAWS
Protect Your Plastic
As new technologies change the way we pay for things, criminals are managing to keep pace as they devise ways to separate you from your money. Doing what you can to protect yourself is one part understanding the technology and … Continue reading
FDIC Insurance Update
Last summer, a law was enacted that raised the standard maximum deposit insurance amount (SMDIA) to $250,000. The law made permanent a previous temporary increase to $250,000 from the former maximum limit of $100,000. The new permanent maximum limit should … Continue reading
Better Disclosure for Mortgage Consumers
The federal Real Estate Settlement Procedures Act (RESPA) is a consumer protection law for homebuyers that is enforced by the Department of Housing and Urban Development (HUD). The thrust of the law is to require that loan originators make certain … Continue reading
Credit Card Act
Recently, the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (the Credit CARD Act) went into effect. Congress saw a pressing need to protect consumers from abusive fees, penalties, interest rate increases, and other unjustified changes in the terms … Continue reading