Banking Law

Banking law covers the business of dealing with money and credit instruments. The principal function of banks is to accept deposits, which can be withdrawn or transferred by means of a check, and the making and granting of loans. Banking law also includes: the regulation of banks, bank staff, and other financial institutions, the opening of accounts, such as trust and deposit accounts, financial protection of customers, electronic banking, transfer of funds, and credit card services. A number of laws regulating the functioning and management of banks and financial institutions have been passed, a few of which are the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, the Truth in Lending Act, and the Truth in Savings Act.