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Banks and other financial institutions are required to meet extensive compliance obligations set by several different agencies. It can be overwhelming and arduous to keep up with multiple regulations at once. It’s highly recommended that you retain the counsel of a competent Houston banking and regulatory compliance lawyer. An attorney can help you maintain compliance, avoid potential issues, and represent you in the event of disputes.
At G. Ortega Law, a banking and finance law practice based in Houston, we understand the journey and challenges of entrepreneurship, especially for banks and other financial institutions. Our founding attorney, Giancarlo “John” Ortega, has over 20 years of experience as a banker. He has deep familiarity with bank ownership, from starting his own bank, buying and selling banks, and serving on multiple bank boards.
In 2024, regulators imposed $4.5 billion in bank fines for breaches of protocol. The most commonly reported violation was noncompliance with anti-money laundering regulations, including issues related to transaction monitoring, which alone resulted in over three billion dollars in penalties worldwide.
Even independent fines can be significant, with TD Bank being penalized with a $1.3 billion fine, the biggest in US Treasury and FinCEN history, in 2024. To ensure your bank or financial institution is compliant with various governing regulations, laws, or internal policies, it is strongly advised that you consult a skilled legal professional.
If you need assistance in any of the following areas, don’t hesitate to hire a banking and regulatory compliance lawyer:
It can be incredibly beneficial to your business to have a competent Houston banking and regulatory compliance attorney, such as John at G. Ortega Law, to help you navigate various legal issues. From general counsel to representing your institution against accusations of anti-compliance, it can be critical to have a knowledgeable banking and finance law professional to advise you every step of the way.
Texas banking and regulatory compliance laws can be complex and difficult to keep up with. That’s why it’s helpful, and critical to protecting your enterprise, to work with a qualified lawyer who can ensure your bank’s services, products, and operations are properly regulated and compliant.
Banking and regulatory compliance cases are typically handled in federal courts. For example, a banking and regulatory compliance issue in the Houston area is most likely to be processed in the U.S. District Court for the Southern District of Texas. This legal venue is located at 515 Rusk St., Houston, TX 77002. Depending on your unique circumstances, the case proceedings may be held elsewhere, so be sure to consult your attorney to verify any details.
A: In banking, to be compliant means a financial institution’s day-to-day operations, products, or services are provided properly and follow any governing laws, internal policies, or other agency regulations they are subject to.
There are several federal laws and regulations that the banking industry must adhere to, or else they may face penalties and other adverse actions. Unfortunately, many financial institutions find it difficult to keep up with all the compliance regulations set by a myriad of agencies and federal statutes.
A: In the state of Texas and across the country, banking and regulatory compliance lawyers carry out a variety of tasks and roles. For community banks, credit unions, finance companies, or other businesses with significant revenue, a compliance attorney can advise you on how to consistently meet regulatory requirements and guide you through operations and transactions, such as mergers and acquisitions.
Compliance lawyers can also review, design, or audit numerous compliance programs and procedures.
A: There are multiple agencies that your banking institution may need to be compliant with, depending on the circumstances. Some of these agencies include the SEC, FinCEN, FRB, the U.S. Department of the Treasury, DOJ, FDIC, and the FTC, among others.
In addition to corresponding with these organizations, specific compliance programs and laws include the Electronic Funds Transfer Act, Anti-Money Laundering laws, the Bank Secrecy Act, Fair Credit Reporting Act, and Equal Credit Opportunity Act, among others.
A: There are multiple reasons why it is important to ensure your financial institution or business is compliant with regulatory requirements. By aiming for proper and thorough compliance, you are doing your part in preventing financial crimes, including fraud, money laundering, and terrorist financing.
Compliance programs also enable banks to protect their operations, manage risk proactively, and maintain systemic financial stability. It’s important to work with a lawyer to ensure compliance because regulatory penalties can be significant.
A: It’s difficult to estimate how long a banking compliance dispute may take to fully resolve because each case can vary quite a bit. Complex cases usually involve multiple parties, an extensive discovery period, and appeals. Other factors that can impact the timeline of a case include which agencies are involved, the court’s schedule, and what efforts are made toward settlement.
At G. Ortega Law, our firm regularly advises community banks and businesses with significant revenue throughout Harris County and the surrounding counties. Whether you need help with regulatory compliance, enforcement, litigation, or risk management, we can help you, whether you are a credit union, finance company, or other financial institution.
Reach out to us today to schedule a consultation with an experienced banking and regulatory compliance attorney. Our legal team can assess your situation and properly advise you on the appropriate course of action. We are ready to help.
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