Magazine : Archives : 3rd Quarter 2010
Should Your Bank Have a Lawyer on Staff?
Should your bank add a lawyer to its staff, and, if so, what purpose would that individual serve? As one who, over the years, has served as both inside and outside bank general counsel, my answer to the first part of the question is an emphatic yes, even if it is a relatively small bank. As to the reasons why, the following quote from an OCC Examination Handbook, while not referencing lawyers specifically, illustrates the extent to which the law permeates the business of banking: “Compliance with law and regulation must be managed as an integral part of any bank’s...
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