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Bank Law Monitor

A legal blog for the financial services industry

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Washington’s New Statutory Wage Lien: How Wage Liens Are Established and Foreclosed
Washington’s recently enacted legislation, the Washington Wage Recovery Act, SB 5355 (the “Act”), creates a new statutory lien for employees’ unpaid wage claims against their employers. The Act has significant implications for employees, employers, a...
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Regulators Offer Guidance for Community Banks on Fintech Relationships
In today’s competitive banking landscape, many community banks have embraced the benefits of partnering with a variety of financial technology companies (“fintechs”). In recent years, a variety of fintechs have emerged and introduced valuable experti...
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Washington’s New Statutory Wage Lien: Who and What Property is Impacted
On April 16, 2021, the Washington Wage Recovery Act, SB 5355 (the “Act”) was signed into law. The Act has significant implications for employees, employers, and secured lenders. In the first installment in a series about the Act, we provided an overv...
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Washington Creates New Statutory Lien for Employee Wage Claims
On April 16, 2021, the Washington Wage Recovery Act, SB 5355 (the “Act”) was signed into law. The Act creates a new statutory lien for employees’ unpaid wage claims against their employers. Employees and certain other parties may establish and forecl...
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Mortgage Payments Forborne Under the CARES Act? A Supplemental Proof of Claim May Be Needed if Your Borrower is in Bankruptcy
Over the last year, mortgage servicers have granted forbearances for certain loans pursuant to provisions enacted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. When the affected borrower is in bankruptcy, servicers should be awar...
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Class Action Targets Wire and ACH Transfer Fees, Faults Account Disclosures
New “failure to warn” theory alleges bank must tell customers they can avoid fees using other payment methods. Account disclosures and fee schedules have been class action fodder for years. Recent claims have focused on overdraft and nonsufficient f...
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