Media Mentions – April 15, 2013

April 15, 2013

Authored by: Bryan Cave

With attorneys and staff worldwide, Bryan cave attorneys are often quoted in the news.  Recent Media Mentions of Financial Institutions Group attorneys include:

Kristine Andreassen in PayBefore

DC Associate Kristine Andreassen was quoted April 2 by PayBefore concerning a new anti-money laundering rule under consideration that would require consumers to report when they transport prepaid cards, along with cash and other monetary instruments, with a value of more than $10,000 into or out of the country. Andreassen said the rule would be relatively easy to get around, as most incidents of prepaid cards being used for cross-border money laundering likely have involved cards that have little or no value when they cross the border but are loaded once they reach their destination. “[Regulators] are focusing on card balance, but anyone trying to launder money will quickly learn to send cards with a zero balance,” she said. “So the rule is only going to ensnare the innocent.”

Walt Moeling in American Banker

Atlanta Partner Walt Moeling was quoted April 15 in two American Banker articles. Moeling was quoted regarding the Office of the Comptroller of the Currency’s bid for more power to issue sanctions directly against independent contractors, who often are hired by a bank under an enforcement action. “To me, the whole thing about the consultants is just more scapegoating,” Moeling said. “I tell my clients all the time that I’m a consultant but I’m not a banker. I can’t run it. You’ve got to run it.” He also was quoted April 15 on the drop in the number of enforcement actions levied against banks. Banks “are not encountering the early stage ferocious regulators,” Moeling told the publication. In addition, Moeling was quoted April 1 by American Banker concerning the proposed Bank of Bird-in-Hand. Eighteen investors, many of them Amish, are asking regulators for the OK to open what would be the first de novo bank in the U.S. in more than two years. Moeling said as the economy improves, the banking climate will, too. “I say that because it always has, even though everybody said it never would,” he told the publication.  Click here to read the April 1 article.

Judith Rinearson on NBC’s Today.com

New York Partner Judith Rinearson was quoted April 17 by NBC’s Today.com on the rising popularity of prepaid debit cards. Proponents say they are a better way to manage your money and a smart alternative to checking accounts: With a prepaid card there’s no credit check, no minimum balance and you can’t spend more than you load on the card. However, some fear they may not provide the same level of protection against loss or fraud. “You get the same fraud protection as with any other debit card,” Rinearson explained, saying Visa, MasterCard, American Express and Discover all have zero-liability policies if the card is lost, stolen or misused.  Click here to read the full article.