Financial Institutions

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Many financial and other transactions today occur online. Upon death or disability,  a person may need to be appointed to have access to email and other digital accounts. The Revised Uniform Fiduciary Digital Assets Act (RUFDAA) takes effect July 1, 2017 in South Dakota, clarifying requirements for executors, trustees, conservators, attorneys-in-fact and other agents (“fiduciaries”) access to a person’s “digital assets.” Davenport Evans lawyer Terry N. Prendergast explains.

On February 21, 2017, the Consumer Financial Protection Bureau (“CFPB”) published a “Request for Information Regarding Use of Alternative Data and Modeling Techniques in the Credit Process” (the “RFI”). The CFPB received an earful, including multiple responses from various marketplace lending participants, trade groups, consumer advocacy groups, and the major banking trade associations. While the comment period only closed on May 19, 2017, the industry is watching the CFPB closely to determine what, if any, actions the CFPB takes in response to the RFI. Keith Gauer explains.

Here’s another reason bank charters are important: unclaimed property. Davenport Evans business and financial services lawyer Douglas J. Hajek explains.

Davenport, Evans, Hurwitz & Smith LLP has been named a Top Ranked Leading Firm by Chambers USA, which ranks the nation’s leading law firms and lawyers. In South Dakota, rankings are given in four main categories: Corporate/Commercial Law, Labor & Employment, Litigation, and Real Estate. Click here to find a roster of ranked Davenport Evans lawyers.

Financial institutions may outsource services to third parties, but they cannot outsource ultimate responsibility. While some vendor services pose more risk than others, here are five key provisions from Tiffany M. Miller that should be reviewed in every vendor contract before signing on the dotted line.

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Thank you to all who joined us for the 11th Annual Davenport Evans Banking Seminar, Friday, April 28, at the beautiful new event center at The Country Club of Sioux Falls. Read on for a full report of the day, including a conversation with regulators and the SDBA, and keynote speaker, Dr. Thomas Brandenburger of SDSU, presenting on predictive analytics in banking.

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A litigant frequently needs financial information from their opponent, and a good lawyer knows a great way to access that information is by subpoenaing the opponent’s bank. There are three basic steps to follow after receiving a subpoena: identify, authenticate, and respond appropriately. Davenport Evans lawyers Vince Roche and Joel Rische explain.

Davenport Evans lawyer Douglas J. Hajek has been named a 2017 Distinguished Alumnus by the Department of Economics at South Dakota State University. The award was presented April 18 at the annual Economics Department Celebration of Excellence Banquet at Dana J. Dykhouse Stadium in Brookings, SD.

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Banks routinely rely on third-party relationships to offer services to customers. Does the CFPB’s recent enforcement action signal that the potential risks of these relationships may be far greater than originally thought? Davenport Evans lawyer Ashlee A. Wendt explains.

The CFPB has been besieged by controversy since its inception. Legal and political woes suggest big changes are in store for the CFPB and its Director. Davenport Evans lawyer Charles D. Gullickson explains.