The are many federal and state laws enacted to successfully regulate the financial and banking industries. These various laws govern securities, regulate taxes, set standards of reporting requirements for each institution and spell out processes for acquisitions and mergers. Many citizens find it helpful to seek legal assistance when they’re trying to establish a business in New York or any one of the other 50 states in this great nation.
A closer look at terms
As with any industry, there is a specific lingo that helps those in the industry understand one another throughout daily operations. When it comes to the finance and banking industry, there are many different terms that you’ll hear. These include:
- FDIC – This stands for Federal Deposit Insurance Corporation, which is a federal agency that supervises banking institutions and insures bank accounts in the event that theft occurs.
- Security – A security is any financial asset, like a mortgage, that ensures a specific debt obligation is fulfilled.
- SEC – Known formally as the Securities and Exchange Commission, this federal agency works to enforce compliance laws and regulate investments throughout the industry.
- Federal Reserve – The United States has a central bank known as the Federal Reserve that controls inflation rates and regulates currency throughout the country.
Hiring a banking and finance lawyer
It’s no surprise that laws regarding the banking and finance industry can affect just about everyone. From an account holder who had their account compromised to a large corporation trying to follow a host of regulations, it’s vital to have someone knowledgeable by your side.
There are many different banking and finance lawyers who are available to provide assistance to each type of person in need. Instead of trying to dive through the countless regulations set forth by our government, you can simply enlist the help of a lawyer to answer your questions thoroughly.