Considering the recent bank collapses, the Bank Failures Toolkit available on VitalLaw® outlines important steps for managing the fallout from a bank failure
New York, NY — April 3, 2023 — Wolters Kluwer Legal & Regulatory U.S. today announced a significant new resource for corporate legal departments, which provides a comprehensive array of tools and strategies to deploy if the bank used by one’s business should fail. Available on VitalLaw® and VitalLaw® for Corporate Counsel, the Bank Failures Toolkit is designed to help ensure minimal disruption to a company’s business from the failure of a bank.
Bank failures can have a serious impact on both the domestic and international business communities. While a bank failure by itself may not put a business at risk, such a failure complicates business continuity and operations. The best protection against the consequences of a failed bank is prevention. This toolkit offers proactive steps that will both minimize and mitigate the risk that a company faces should its bank collapse.
“In light of a recent academic study that indicated there are 186 other banks that could be at risk if uninsured deposit withdrawals cause even small bank runs, it is essential that corporate and outside legal counsel have measures in place to ensure that the transition of accounts from a failed bank to an FDIC-managed successor bank goes as smoothly as possible and to ensure the least amount of disruption to their own client’s business operations,” said John Pachkowski, Senior Legal Analyst at Wolters Kluwer Legal & Regulatory U.S.
Wolters Kluwer’s Bank Failures Toolkit covers the following areas for transitioning accounts from a failed bank:
- Guide to Bank Failures
- Due Diligence Checklist
- Risk Exposure Checklist
- Transition Checklist
- Communications Checklist
- Litigation and Investigations Tracker
VitalLaw® is Wolters Kluwer’s intuitive research platform that provides corporate counsel and legal professionals with comprehensive support and world-class analysis in key practice areas. With more than 25,000 pieces of useful content and data visualization tools, VitalLaw® provides customers with faster answers and deeper insights. As the legal space continues to develop daily, the solution also gives customers access to consistent and current updates for laws and regulations.
To learn more about Wolters Kluwer’s Bank Failures Toolkit, visit: Bank Failures Toolkit on VitalLaw® for Corporate Counsel