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Bank Law Monitor

A legal blog for the financial services industry

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New Reporting Requirements for Deposit Interest Paid to Residents of Chile
On September 28, 2021, the IRS released an advance version of Revenue Procedure 2021-32, updating previous guidance with respect to information reporting requirements applicable to residents of certain countries. Under previous guidance, the United S...
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Washington’s New Statutory Wage Lien: How Wage Liens Are Extinguished, Released, and Contested
Washington’s recently enacted 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, and secured lenders...
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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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