Wolters Kluwer Launches Bank Failures Toolkit: Due Diligence, Risk, Communications and a Litigation Tracker

Wolters Kluwer Legal & Regulatory U.S. One week after the collapse of Silicon Valley Bank, Wolters Kluwer posted a free publicly available resource Due Diligence Checklist .Since March 17^th they have added five addition resources to a suite of tools referred to as the Bank Failures Toolkit. The resources are developed for inhouse counsel and their external law firms.. The Bank Failures Toolkit provides a variety of tools including practical guidance, strategies  and checklists to provide guidance if the bank used if the bank used by a business fails. The toolkit is designed to ensure “minimal disruption to a company’s business from the failure of a bank. The toolkit has been integrated into VitalLaw® and VitalLaw® for Corporate Counsel,

The Wolters Kluwer Bank Failures Toolkit includes:

• Due Diligence Checklist
• Guide to Bank Failures
• Risk Exposure Checklist
• Transition Checklist
• Communications Checklist
• Litigation and Investigations Tracker

“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.