Legal forum discussion

Why a Forum for Discussion of Legal Issues? Lawyers are in a unique position to effect change for their clients and the public at large, providing advice and engaging in advocacy in various forums. As a result, Lawyers have a responsibility to their clients and society to ensure that the legal and regulatory environment is fair and just. How? By identifying issues, discussing them with affected parties, and addressing the issues.

Provide us with your thoughts re significant legal issues and how the issues can be addressed.

Thank you for your participation.

Predict the future by creating it

You didn’t come this far to stop expanding your knowledge and impact. Help us identify significant legal and regulatory issues, and actions we can take to address these issues. WE CAN CHANGE THE LEGAL AND REGULATORY WORLD.

OUR APPROACH

Identify the issue - what we want to address/resolve and engage the various stakeholders

1) Slow down and think about the issue(s) and stakeholders

2) Simplify the issue(s), facts, possible solutions...

3) Execute, take actions (don't wait to have the perfect answer or solution)

4) Re-evaluate, repeat all of the above

THANK YOU FOR YOUR PARTICIPATION

Possible Issues for Discussion

1) COLLABORATION WITHIN LEGAL COMMUNITY - Is there a need for increased collaboration between lawyers representing businesses/industry participants (such as banks), regulatory and legislative bodies, and consumers/customers to identify significant issues and resolve them?

Increasingly, the relationship between lawyers representing the financial services industry (in-house and outside counsel) and the regulators (federal and state) is too adversarial. All parties may benefit from improved cooperation and communication between industry and regulatory counsel, and counsel for consumers....

2) ROLE OF IN-HOUSE COUNSEL - Is there a need to clarify the role of in-house legal departments and legal staffs in highly regulated industries such as banks? Are in-house legal staffs redundant of compliance, risk management, and governance staffs? Do they confuse and complicate matters instead of simplify and address matters?

Legal departments and legal staff do not appear to clearly reside/fit within any of the three line of defense model units. Should bank legal advice on legal and regulatory matters be provided by outside counsel instead of in-house counsel to ensure independence and provide clarity of roles and responsibilities within business and function/support units?

3) NEED FOR INCREASED CONSUMER PROTECTION - Is there a need for action to increase consumer understanding of their obligations with respect to identifying fraudulent financial transactions and taking action to get reimbursement in a timely manner? Are account terms and conditions reasonable and adequately disclosed?

Recent reports indicate banks may refuse to reimburse consumers fro check fraud and other losses when the bank is not notified of the consumer loss in a timely manner, as required by the terms of the bank deposit account agreement. See Time magazine article of June 13, 2024, "Defrauded? Banks May Not Give Your Money Bank".

4) CONFIDENCE IN AND SUPPORT OF THE JUDICIARY - Is there a need for action to improve public understanding of the role of the judiciary and improve public confidence in and support of the judiciary?

There are increasing attacks on the judiciary by politicians, media, and others, questioning the integrity and independence of the judiciary. As a result, reports indicate that public confidence and trust in the judiciary is decreasing. Is this an issue that the legal community should address?What actions can/should be taken? Should efforts be increased or undertaken to educate the public on the role of the judiciary and the need for public support for the judiciary and the rule of law (civics education)? Should there be increased efforts re judicial codes of conduct and disclosure?

PLEASE PROVIDE YOUR THOUGHTS AND ISSUES