The timely, cost-effective resolution of finance or banking disputes often calls for an attorney who is experienced in effectively negotiating solutions that are both legally sound and resistant to future litigation. To find out how our firm can work with you to address your concerns, contact us to schedule a consultation and case evaluation with a banking attorney.
More About Banking and Finance Matters
The attorneys at Aldrich Bonnefin & Moore, PLC, represent financial institutions in Irvine and throughout California in all legal matters. For more details about the specific issues we commonly address, please review our practice areas.
Below we have provided some general information about the law as it relates to banking and finance matters. To get answers to more specific questions, contact us to arrange a meeting with one of our experienced lawyers.
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Frequently Asked Questions about Banking and Finance
Q: Are all banks the same?
A: No. Some banks offer a wide variety of consumer products such as checking accounts, savings accounts and investment accounts, including individual retirement accounts (IRAs). Other banks, such as savings and loan banks, primarily handle mortgages and real estate transactions.
Q: How are banks regulated?
A: There are a number of federal agencies that regulate banks. The Office of the Comptroller of the Currency charters, regulates and supervises all national banks. The National Credit Union Administration regulates credit unions. In addition, the Federal Deposit Insurance Corporation (FDIC) maintains the stability of the US financial system by insuring deposits, examining and supervising banks and managing receiverships. The Board of Governors of the Federal Reserve System regulates and supervises commercial banks to ensure the safety and soundness of the nation's banking and financial system.
Banking and Finance - An Overview
Banking and finance is a broad subject covered by federal and state law. There are a number of federal agencies that regulate banking transactions, the business structure of financial institutions and bank operations. State law, with the addition of some federal law, governs the management and operation of checking accounts. Banks can be chartered under federal or state law. For assistance regarding banking and finance matters, contact Aldrich, Bonnefin & Moore P.L.C. in Irvine, California, to schedule a consultation with an attorney.
Financing through the Small Business Administration
Many small businesses are unable to obtain financing and must turn to the Small Business Administration (SBA). The SBA is a federal agency that assists small businesses in financing their ventures through several different loan programs. The most common is the 7(a) loan program, in which the SBA acts as a guarantor for a loan made by a commercial lending institution. While there are some eligibility requirements, the vast majority of new, for-profit small businesses are eligible for financing through the SBA. If you are a small business owner who is interested in exploring SBA financing options, contact our firm to schedule a consultation with an attorney.
Investment and Business Loans
An initial consideration for any prospective business owner is financing. Often, the owner must raise capital so that the business can begin operation. The two most common forms of business capitalization are loans and equity investment. Loans generally involve borrowing from a commercial financial institution. Equity investment means that the business owner seeks out individuals to invest capital in his or her business. The equity investor, in exchange for his or her capital investment, takes ownership of a piece of the new business. Equity investment is essentially a financing path used to avoid a lending relationship with a bank. Both of these models have their advantages and disadvantages. To learn more about financing a business, contact our firm to schedule a consultation with an attorney.
Internet banking is gaining in popularity and is fast becoming a strong competitor of the traditional brick-and-mortar bank. As more customers demand convenient access to their accounts, financial institutions have integrated electronic banking into their list of products and services. Electronic banking or electronic fund transfer (EFT) involves a number of services, including automated teller machine (ATM) transactions, direct deposit of payments, direct withdrawal to pay bills automatically, Internet banking and by-phone payment systems. If you have questions regarding the legal implications of electronic banking on your business, contact our firm to schedule a consultation with an attorney.
Banking and Finance - Insurance
Generally, federally administered insurance programs provide insurance coverage for banks and financial institutions. The Federal Deposit Insurance Corporation (FDIC) provides the most commonly used insurance. Bank insurance provides the customer and bank security in the event of a failure. The specific type of insurance and who is covered depends on the type of bank and transactions involved. Some federally administered insurance protects the bank from default on loans, while other types of insurance protect the customer from financial loss due to bank failure. If you have legal questions involving banking, financing and insurance, contact our firm to schedule a consultation with an attorney.
Banking and Finance Resource Links
Federal Deposit Insurance Corporation (FDIC)
This Web site provides information regarding the FDIC's mission, FDIC insurance and contact information to request help from the FDIC.
National Credit Union Administration (NCUA)
The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions. NCUA's Web site provides comprehensive information about the structure of credit unions. It also provides lists of credit unions in the United States.
Board of Governors of the Federal Reserve System
This Web site provides information about the Federal Reserve Board, the Federal Reserve System and other central banks.
Consumer Protection: Credit and Loans
This Web site from the Federal Trade Commission (FTC) contains information on topics such as credit reporting, credit cards, consumer loans, mortgages and privacy.
Financial Assistance for Small Businesses (SBA)
The Small Business Administration (SBA) provides options for small business owners searching for financing solutions. This Web site provides detailed information on loan options, eligibility requirements and other financial and banking resources.