Close X
Attorney Spotlight

How does Jordana Nelson's prior experience as a general counsel inform her work with firm clients? Read more>

Search

Close X

Experience

Search our Experience

Experience Spotlight

The M&A Advisor Winner 2017The M&A Advisor announced the winners of the 16th Annual M&A Advisor Awards on Monday, November 13 at the 2017 M&A Advisor Awards. Bass, Berry & Sims was named a winner in the two categories related to the following deals:

M&A Deal of the Year (from $1B-$5B) – Acquisition of CLARCOR Inc. by Parker Hannifin Corporation

Corporate/Strategic Deal of the Year (over $1B) – Acquisition of BNC Bancorp by Pinnacle Financial Partners

Close X

Thought Leadership

Enter your search terms in the relevant box(es) below to search for specific Thought Leadership.
To see a recent listing of Thought Leadership, click the blue Search button below.

Thought Leadership Spotlight

Regulation A+

It seems that lately there has been a noticeable uptick in Regulation A+ activity, including several recent Reg A+ securities offerings where the stock now successfully trades on national exchanges. In light of this activity, we have published a set of FAQs about Regulation A+ securities offerings to help companies better understand this "mini-IPO" offering process, as well as pros and cons compared to a traditional underwritten IPO.

Read now

M&T Bank Settles CFPB Charge of Deceptive Advertising of "Free Checking" Account

Publications

November 10, 2014

Manufacturers & Traders Trust Company (M&T Bank) has agreed to entry of a Consent Order with the Consumer Financial Protection Bureau (CFPB) agreeing to pay a minimum of $2.245 million dollars and implement a variety of non-monetary procedures resulting from M&T Bank's advertising of a "free checking" account product. The CFPB determined M&T Bank had deceptively advertised a free checking account product to customers by withholding important eligibility information.

The CFPB concluded that between 2009 and 2012 M&T Bank deceptively advertised the checking account as being free with "no strings attached," but did not disclose in its advertisements that a minimum monthly balance was required nor that customers had to maintain a minimum level of account activity. M&T Bank automatically converted customers who failed to qualify to another checking account product resulting in monthly maintenance fees ranging from $5 to $14 dollars per month.

This is the CFPB's first Consent Order and settlement involving deceptive marketing of checking accounts.

Additional information and a copy of the Consent Order may be obtained by contacting the author or any member of our Financial Services Practice Group.


Related Professionals

Related Services

Notice

Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.