Guide to Banking Labor Laws

TCF provides its part-time and full-time employees with high quality benefit and compensation programs. There are a wide variety of benefit programs that the employee can choose from that will cover his needs. Some of these benefits are:
1 Comprehensive medical benefits
2 Dental benefits
3 Flexible spending accounts for medical treatments
4 Basic life insurance
5 Short and long term disability
6 Insurance for accidental death and dismemberment
7 Paid vacations
8 Paid holidays

Additional benefits include:
1 Free daily living allowance assistance
2 Health Club discounts
3 Child Care discounts
4 Transit passes
5 Employee referral award
6 Tuition Fee reimbursement

The Seventh Edition of the Quick Reference Guide to Banking Regulations provides a clear path to conformity with a concise, single page, easy to read briefing on major banking regulations and laws. This can be appreciated by anyone who is involved in the banking industry whether as a bank director, consultant, attorney or any other related position.

Every regulatory and legal change that has been implemented since June 2005 with the inclusion of the Check 21 law and the Community Reinvestment Act are included. This guide outlines the history, requirements and goals of every law and presents a cross-referenced table of contents that allows searching by statute or regulation.

by Andrea

Banks and bank accounts are regulated  both by the state and federal statutory law. Bank accounts may be established by national and state chartered banks and savings associations. These are all regulated by the law under which they were established. Until the early 1980’s interest rates on bank accounts were regulated and controlled by the national government. A ceiling existed on interest rates for savings accounts. Interest payments on demand deposit accounts were generally prohibited. Banks were also prohibited from offering money market accounts. The Depository Institutions Deregulation Act of 1980 (DIDRA) eliminated the interest rate controls on savings accounts.

The United States Bank Benefits Program is a comprehensive health and welfare benefit package that employees can choose from for the best coverage level to suit either their individual or family needs. The benefit program is a welcome help to those in the banking and finance sector. This benefit program offers:
1 Health and dental insurance;
2 U.S. Bank HealthWorks;
3 Vision care plan for eye care;
4 Reimbursements of medical and parking expenses;
5 Transit plans;
6 Term life insurance for both employee and dependent;
7 Group universal life insurance;
8 Disability insurance for short or long-term;
9 Accidental death and dismemberment; and
10 Business travel accident insurance.

Credit cards are fast becoming the medium used in any business or personal transactions. However, a vast majority of credit card holders fail to effectively manage their credits which results in a ballooning of their expense accounts. As a rule, credit card companies and banks may use reasonable and legal means to collect the amount.

However, here are some practices which can open up a credit collector to a probable suit by the card holder:
1. Use of threat or violence
2. Use of insults, obscenities or profanity
3. Disclosure of the card holder’s name
4. Threat of illegal action
5. Communicating false credit information
6. False representation or deceptive means to collect debt or information
7. Calling at unreasonable or inconvenient hours

The LexisNexis web site is providing a Labor & Employment Law Practice Area Community which has been designed as a one stop shop and convenient resource for those who are practicing labor and employment law. This site is a healthy reference of recent news, articles, cases and even government documents that are related to the practice area and is made available to anyone.

Aside from these, the site also provides useful information about CLE seminars and many other services. This will help the labor and employment law practitioners to hone their craft and better serve the interests of their clients.

An expensive and contentious issue that concerns the mortgage banking industry is overtime pay. Deciding who gets it and who doesn’t will be a major bone of contention. Mortgage bankers and lending officers have been working staggering hours to answer the demands of home owners to either refinance their loans or purchase starter packages. This has translated to long working hours and an increase in payment of annual compensations.

However, antiquated labor laws open up most of these companies to class action law suits because many lawyers are looking for opportunities to sue companies for miscategorizing workers and unfairly depriving them of their overtime pay.

The Federal Employment Compensation Act gives workers compensation to those who are not part of the military or federal employees. These include those in banking and finance, health, manufacturing and many other industries. Provisions of this law include common compensations that cover disability or death that happens during the performance of the worker’s duties not willfully caused of course or not due to intoxication.

This law covers the medical expenses that will be incurred in the case of disability or expenses related to any job retraining that the employee has to undergo. During the disability period, the employee will continue to receive two thirds of his regular salary.

It’s a sad fact that many companies are dismissing their employees without any proper reason for doing so – which saves them from paying these employees out. Many of the dismissed employees are clueless as to what the banking labor law is and what their rights are, so here are the only reasons your company can dismiss you:

- when you willfully disobey any lawful orders of your boss or employer
- serious misconduct
- serious neglect of your assigned duties
- fraud and violation of the trust your employer has placed in you.
- any crime committed by the employee or any of your relatives against your boss or employer.

Unless you are guilty of any of these offenses, you have the right to question your dismissal from the company. You can even pursue your case under a court of law, and seek damages or compensation for your unfair dismissal.

Layoffs have become so common that no industry is immune to the overall effect the economic recession is having on all fronts. Even in the illustrious world of advertising, you may get laid off your job due to slowing demand for services and products. The government has many services and resources fro laid off workers and even promote counseling which would allow you to transition from a long life in the workforce to the jobless ranks. Rapid Services have been introduced to minimize the effects of the economy on the common worker to help them understand the full range of benefits they may have at their disposal the government is offering. Mass layoffs due to closure of plants fall under the WARN act which encompasses layoffs of more than 50 workers at a single instance. You as the employee and your employer have specific roles to make the process legal, non-compliance can result in prosecution by the courts for unfair labor activity.