Since the word “attorney” usually appears in a context of legal matters, it is often assumed that an attorney and a lawyer are the same person; whether or not they are the same is simply a matter of debate since an attorney is expected to know the usual know-how of legal issues anyway. In the United States however, there is no such difference between an attorney and a lawyer, whereas on the other hand, other countries prefer to make a distinction between attorneys and lawyers, and further make use of terms such as barristers and solicitors; each meaning a different role. Similarly, a banking attorney is someone hired to perform a set of tasks prescribed by the bank.
There is no telling as to when lawyers and attorneys came into existence. It is expected though that they have existed from the point where on humankind realized that there was a need for a legal system in which certain laws needed to be imposed and a justifiable punishment be set upon those that did not abide. Attorneys were primarily appointed as people that governed what the subsequent actions regarding some property or material would be in the case that the principal resigns from the responsibility or in more unfortunate cases, passes away. Hence the name “power of attorney”; a document that describes what actions are to be expected of the said attorney in the absence of the principal. A banking attorney distinguishes himself in this context as he is not handed the same responsibilities as that of a lawyer.
In the more modern sense, an attorney is someone given the power to represent someone else (another person, or an institution). A lawyer on the contrary is someone who offers legal advice and is fully fletched in the field of law. A banking attorney is someone who is bestowed upon the responsibility to administer a number of matters that relate to the management of banks. An attorney for a bank is the one person handed the most trust by the bank. It is his responsibility to manage responsibilities and make decisions that are of the best interest to the bank. It is asked from him to keep a record of all the business transactions and dealing on the bank’s behalf. The attorney must be fully trained and equipped with the skills relating to financial management.
Tips and comments
It is a very important and crucial decision made by the bank to hire a banking attorney that they are absolutely certain is up for the job. The hired attorney may not necessarily be a lawyer, but often many banks prefer lawyers as they are expected to know much more in terms of legal matters than an attorney does. Of course since an attorney is given such responsibilities and a certain power over the rest if you may, it becomes vital to have a person working for the bank that will not put his personal hopes and desires before the bank. With the wrong attorney appointed, the bank could falter. Not all laws of banking are the same everywhere. However, certain regulations remain essentially the same.
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