Financial services regulation in United States

Debevoise & Plimpton LLP is highly active in advising on transactions in the financial services space, counseling clients on ensuring that M&A and investments comply with regulations on bank control and governance. The team also provides ongoing advice to clients on regulatory matters related to securities, AML/BSA, and the Volcker Rule. The practice is jointly led by Satish Kini in Washington DC and Gregory Lyons in New York. Both partners provide advice on transactions and ongoing compliance with regulations, and in recent years Lyons has developed a particular niche in advising on the establishment of industrial banks. Elsewhere, Jeffrey Robins is noted for his experience in broker-dealer and derivatives regulation, while counsel Alison Hashmall has specialisms in advising on compliance with Dodd-Frank and the Bank Holding Company Act. Counsel Caroline Novogrod Swett is another name to note and has a varied practice. Robins, Hashmall and Swett are all based in New York. David Portilla departed the practice in February 2021.

Cadwalader, Wickersham & Taft LLP offers broad expertise across financial services regulation, with experience working for clients including prominent banks, broker-dealers and swap dealers. The practice also continues to advise on LIBOR transition including serving as counsel to the Alternative Reference Rates Committee. In the banking space, Scott Cammarn frequently advises clients on compliance with Dodd-Frank, acting for both international and domestic US banks on issues such as the Volcker Rule. Cammarn also serves as head of the firm’s financial services department and is based in Charlotte. The team’s expertise in bank regulation was bolstered in March 2021 by the addition of Daniel Meade to the Washington DC office; Meade joined from Wells Fargo and has past experience working in-house and in government on a range of regulatory issues.

The financial services regulation practice at Latham & Watkins LLP has a varied client base including prominent banks, broker-dealers, and growing companies in the cryptocurrency space. The team is frequently engaged on M&A and IPOs involving financial services companies, where it provides advice on compliance with the Bank Holding Company Act, the Volcker Rule and FINRA rules. Following the retirement of Dana Fleischman in June 2021, the team is now jointly led by Alan Avery, Stephen Wink, and Yvette Valdez. Wink is noted for his broad practice, with particular specialisms in broker-dealer and fintech regulation, while Avery focuses on advising banks on regulatory compliance at the state and federal level. Valdez leads the team’s commodities and derivatives work, advising dealers on compliance with CFTC regulation. Counsel Pia Naib is another name to note with a practice encompassing corporate and commercial transactions as well as anti-money laundering regulation. Broker-dealer specialist Marlon Paz joined the firm in December 2021 from Mayer Brown. All named lawyers are based in New York with the exception of Paz, who works across both the New York and Washington DC offices.

Simpson Thacher & Bartlett LLP continues to be a leading practice in the area of transactions involving financial services companies, handling billion-dollar M&A deals, investments and joint ventures. The practice is engaged by a wide variety of clients in this sector, including banks, business development companies, private equity funds, financial holding companies and asset managers. Lee Meyerson leads the team from New York and has deep experience across both banking and M&A, having previously served as the firm’s global head of M&A. Other key figures in the team include Keith Noreika, who is based in Washington DC and draws on his past experience as Acting Comptroller of the Currency to lead on the regulatory aspects of deals, and New York-based Elizabeth Cooper, who has a particular focus on transactions involving private equity. Noreika and Cooper are both increasingly active in the growing area of transactions involving financial services companies and special purpose acquisition companies (SPACs).

At Arnold & Porter, the financial services team continues to provide advice to US and international clients on regulatory compliance, offering expertise on issues including BSA/AML, FDIC regulations, the Volcker Rule, and the Bank Holding Company Act. The practice is also engaged by clients to provide assistance on consumer lending regulations, and counts banks, broker-dealers, and asset managers amongst its client base. David Freeman, Christopher Allen and Michael Mancusi lead the team’s advisory work from Washington DC, and the firm also boasts a highly active bank M&A practice, led by Robert Azarow in New York. DC's Kevin Toomey was promoted to partner in January 2021 and has a focus on anti-money laundering regulations.

Morrison Foerster’s financial services regulation practice stands out in the US market for the breadth of its practice, which includes handling transactions involving financial services companies as well as compliance with both banking and consumer lending regulations. In the consumer lending space, the team has a particular focus on payment processing and credit cards, acting for payment processing companies, banks and non-financial services companies involved in branded credit cards. The practice is also engaged in fintech and cryptocurrency-related work, providing advice on compliance with state and federal regulations. Anti-money laundering is another area of expertise. Barbara Mendelson and Jeremy Mandell serve as practice co-heads, with focuses on banking and fintech respectively. Marc-Alain Galeazzi is another name to note in the banking space, while Maria Earley and Crystal Kaldjob specialize in fintech and consumer lending matters. Earley and Jeffrey Silberman joined the firm from Reed Smith LLP in July and September 2021, respectively. Mendelson, Galeazzi and Silberman are based in New York, while Mandell, Early and Kaldjob are based in Washington DC.

Schulte Roth & Zabel LLP is well-known for its work for payment processors, with Donald Mosher advising both traditional companies in the space and fintech-related entrants to the market on regulatory matters. The team’s ability to handle complex regulatory issues in this area was demonstrated by its work for Ant Group in helping the company to obtain money transmitter licenses in several states. The practice regularly advises on acquisitions and disposals involving payment processors. Beyond the payments space, the team is also frequently engaged by broker-dealers to provide advice on compliance; Julian Rainero and Craig Warkol are the key partners in this area. All lawyers are based in New York.

Ballard Spahr LLP has a very broad practice across the consumer finance space. In addition to its work advising clients in traditional sectors such as mortgage lending, student loans and medical financing, the practice is frequently engaged by fintech clients as well as by companies using AI and ‘big data’. The team’s regulatory advice includes assisting clients in compliance with the Truth In Lending Act, the Equal Credit Opportunity Act, CFPB rules and state-level legislation such as the California Consumer Privacy Act. The practice is jointly led by Christopher Willis in Atlanta, and Mark Furletti and Daniel McKenna in Philadelphia. New York-based Judy Mok was promoted to partner in July 2021.

Cravath, Swaine & Moore LLP substantially bolstered its expertise in non-contentious financial services regulation in February 2021 with the addition of David Portilla from Debevoise & Plimpton LLP. Portilla, a highly-regarded specialist in this area, acts for a number of trade associations in engaging with regulators and also assists banks on compliance with Dodd-Frank regulations. Portilla also works alongside the firm’s corporate practice to handle M&A transactions involving financial services companies. The firm is based in New York.

Hogan Lovells US LLP handles a variety of bank regulatory issues, with a particular focus on the regulatory aspects of commercial and corporate deals. The team also aids clients in complying with anti-money laundering laws. Richard Schaberg leads the team and has deep experience in the financial services sector. Counsel Sara Lenet is another name to note with experience acting for fintech clients. All lawyers mentioned are in Washington DC.

Mayer Brown is highly active in the consumer finance space, where it provides ongoing advice to clients on compliance and also handles due diligence for investments into companies in this sector. The team has a varied client base amongst fintech companies; recent work in this space includes advising fintech companies on the regulatory issues around entering into partnerships with banks to provide services to customers. It is also active in the growing sector of ‘buy now/pay later’, advising start-ups on ensuring that these products do not violate consumer lending regulations. Elsewhere, the practice continues to advise a range of parties in the mortgage space on compliance with CFPB regulations such as disclosure requirements and Ability-to-Repay regulations. The team is led by Jeffrey Taft and Steve Kaplan, both of whom as based in Washington DC. Marlon Paz departed the firm in December 2021.

Haynes and Boone, L.L.P. stands out for its work in global credit risk management, where it provides advice to prominent international banks. The team has a particular focus on the regulatory and credit risk aspects of margin loan transactions, and also advises on Basel III capital requirements. Key figures in the team include Giorgio Bovenzi, who specializes in global credit risk management, and Craig Unterberg , who leads on margin loan regulatory work. Both are based in New York.

At Katten, the financial services practice focuses on securities regulation, providing advice to banks, broker-dealers and investment advisors. The team provides proactive advice to clients on complying with SEC regulation and is also regularly engaged to handle investigations and enforcement proceedings. The practice is jointly led by Lance Zinman and Gary DeWaal, while Susan Light is the key name to note on contentious matters. DeWaal and Light are based in New York, while Zinman acts out of the firm’s Chicago office.

Ropes & Gray LLP draws on its expertise in the investment fund space to provide regulatory advice to prominent investment management and private equity funds. The team is particularly active in helping these clients to ensure that their broker-dealer work complies with SEC and FINRA regulations; the practice also advises clients engaged in derivatives trading on CFTC compliance. Elsewhere, Jason Brown specializes in advising on matters involving the Investment Advisers Act. The sizeable team is jointly led by Brown, Thomas Hiller  and James Thomas in Boston; Brynn Rail, Bryan Chegwidden and Eva Carman in New York; and Joel Wattenbarger and Leigh Fraser, who work across the two offices.

Venable LLP advises a broad client base on compliance with state and federal consumer finance regulations. The team is particularly focused on fintech clients, providing them with assistance on the development and launch of new products and services. Elsewhere, the practice advises debt collection agencies, payment processors, and lending platforms on both ongoing regulatory compliance as well as the regulatory aspects of transactions. Jonathan Pompan is a key name to note with a broad client base, while Ellen Berge has a focus on payment processing. Laura Biddle  and Allyson Baker departed the firm in May and October 2021, respectively. All lawyers mentioned are in Washington DC.