Finance and Banking

Finance and Banking Industry

Financing & banking is a giant sector internationally, intersecting with various industries and overlapping with multiple other practice areas. This Industry provides financial services to individuals, businesses, nonprofits and governmental agencies, and encompasses a broad range of economic activities, and is highly regulated.

There is a small Finance and Banking Industry in the CNMI. Presently there are four FDIC banks, two full service but non-FDIC banks, and many finance companies. There are also government programs administered by CNMI and federal agencies that provide financing to businesses. Financial services are not limited to the fields of deposit-taking, loan and investment services (banking) in the CNMI, but also involve the fields of insurance, estate and trust services, and securities. The CNMI has a Banking Commissioner who is involved in regulating the Industry. Many US federal laws also apply to the Industry. Developers almost exclusively come to the CNMI from Asia, and therefore there is a relationship between the Finance and Banking Industry in the CNMI and in Asia. The laws applicable to the US Finance and Banking Industry, such as FinCEN (the Financial Crimes Enforcement Network) and CIP (Customer Identification Program) can make it complicated for developers to move money into the CNMI from Asia.

Many people find they need legal help with banking and finance law when forming a new business. There are many laws, contracts, and regulations that may dictate how new business spend and account for investment funds. That’s why many small businesses and startups find they need to hire a lawyer from the beginning to ensure compliance with all legal rules. Banking and finance-related legal issues can affect nearly anyone. Individuals may have their bank accounts compromised by financial institutions that fail to follow federal regulations. Small businesses can run into securities issues when accepting investment funds. Finally, large corporations and banks have a host of regulations that they must follow in order to conduct business. Banking and finance legal issues pose special problems when financial transactions are conducted across borders.

Banking and finance lawyers will deal with the borrowing of money or the management of financial liabilities. Their task is to negotiate and document the contractual relationship between lenders and borrowers, and to ensure that their clients’ best legal and commercial interests are reflected in the terms of loan agreements. It is a hugely technical, ever-evolving and jargon-heavy area of law. Attorneys working in the Finance and Banking Industry in the CNMI often work to help developers and financial institutions comply with the applicable laws so that the funds needed for projects under development can be obtained. Our areas of work include:

  • Acquisition finance and corporate lending
  • Agency finance• Asset-based lending
  • Asset finance
  • Bankruptcy, restructuring and insolvency
  • Dispute resolution and litigation
  • Project and project finance
  • Real estate
  • Structured trade and commodity finance
  • Structured finance

Contact Us

Suite 208, DHL Building, Middle Road Chalan Kiya, Saipan, CNMI

+670 234 1600

contact@dottslaw.law

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