A Wake-Up Call For Banks To Comply With Bankruptcy Rules

Law360, New York (May 10, 2017, 11:02 AM EDT) -- It is fair to say that not many, if any, banks have internal controls or policies and procedures to identify and mitigate deficiencies in their bankruptcy practices. Indeed, banks typically rely on their legal department or external counsel to make sure banks protect their interests when bank customers file bankruptcy.

While the compliance department and the risk management department track compliance and risks related to numerous laws, rules and regulations, the Bankruptcy Code and its rules are typically not among those laws and rules. Certainly, it...
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