The Legal 500 > United States > United States > Financial services regulation

Steeped in 'real word experience', Cleary Gottlieb Steen & Hamilton excels in providing strategic, high-level counsel to systemically important financial institutions (SIFIs). Utilizing the expertise of lawyers across numerous international offices, a key part of the firm's success in the area is its ability to provide coordinated advice that is mindful of regulatory concerns not just from a US perspective but from a global one. Leveraging expertise gleaned from his time at the Federal Deposit Insurance Corporation (FDIC), Michael Krimminger spearheads the firm's market-leading resolution planning work for domestic and international financial institutions, including Capital One and Credit Suisse - work which includes the development of global strategies for resolution as well as advice on optimal debt and equity strategies in response to changing US and global requirements. Krimminger has also been a pivotal presence on many of the firm's fintech-related mandates, including helping Paxos Trust Company become the first US-chartered and regulated virtual currency exchange. The 'excellent' Derek Bush continues to represent domestic and foreign banks on Volcker Rule matters, including providing advice on permissible activity under the rule, as well as on the restructuring and spinning out of trading and fund operations to minimize its impact. In addition to her banking M&A and anti-money laundering (AML) expertise, Katherine Mooney Carroll is also well regarded in the market for her Volcker Rule knowledge.  'Very experienced' senior counsel Jack Murphy is noted for his bank regulatory expertise, while on the trading front, New York-based Edward Rosen  and Colin Lloyd  continue to advise many large US banks on how to restructure their swap-dealer businesses to comply with Dodd-Frank and also regularly act for Securities Industry and Financial Markets Association (SIFMA) on derivatives matters. Attorneys are based in Washington DC, unless otherwise indicated.

With 'deep experience in the financial services industry', Debevoise & Plimpton LLP provides 'strategic and practical advice' to a diverse array of clients, including investment and regional banks, insurance companies and funds. The team has developed a strong reputation for its work on behalf of foreign banks on the extraterritorial impact of US regulations. In this context, the 'skilful and knowledgeable' David Portilla is advising the European Banking Federation in its response to the Office of the Comptroller of the Currency's (OCC) request for public comment on how the Volcker Rule implementing regulations should be revised and on related ongoing advocacy efforts. Co-head Gregory Lyons handles a broad array of standalone regulatory work and M&A-related regulatory issues; he provides ongoing advice to Risk Management Association on the development and implementation of the global stay resolution protocols that the US and foreign governments are requiring to be implemented to protect bank and broker-dealer counterparties in securities finance transactions. 'An expert on all areas of financial regulation', Washington DC-based Satish Kini  is also a key member of the team and, alongside Lyons and Portilla, recently acted for Credit Suisse on the migration of its primary dealer from its broker-dealer to branch. The team was enhanced on the broker-dealer regulatory front by the arrival in June 2018 of Jeffrey Robins  from Cadwalader, Wickersham & Taft LLP. Other clients include American Express, Bank of New York Mellon, Credit Suisse and Morgan Stanley. Named attorneys are based in New York, unless otherwise indicated.

The largely New York-based at Latham & Watkins LLP impresses with its 'breadth and depth of knowledge', and is able to tap into significant international financial services regulatory expertise as a result of having lawyers based in key financial centres, including a team in London that is growing rapidly. Its clients include traditional banks, broker-dealers and fintech entities and it handles both standalone advisory matters and regulatory issues associated with transactions in the sector. Benefiting from an 'immense amount of knowledge and experience', Alan Avery  is able to 'provide a valuable perspective' to domestic and foreign banks on the impact of US federal and state banking laws on their global operations. Avery is particular adept at assisting foreign banks on US bank regulatory requirements related to entry or expansion of existing operations in the US market. As well as representing Bank of China on its US resolution planning requirements, he provides the regulatory overlay to National Bank of Canada's subsidiary Fiera Capital on its US financial services M&A mandates. Dana Fleischman has an 'excellent reputation' on the broker-dealer front; she recently advised Bank of America Merrill Lynch on the regulatory aspects associated with the sale of its global research index platform to Intercontinental Exchange. As part of his wide-ranging practice, Stephen Wink has developed significant expertise on the regulatory aspects of work at the intersection of fintech and broker-dealer law; he is advising peer-to-peer cryptocurrency exchange Airswap on the various regulatory issues surrounding cryptocurrency exchanges in a domestic and global context. Other recommended practitioners include Washington DC-based partner Todd Beauchamp, who heads the payments practice, and Courtenay Myers Lima, who has a focus on broker-dealer matters. Named attorneys are based in New York, unless otherwise indicated.

Strengthened by the recruitment in April 2018 of Stephen Cutler from JPMorgan Chase, Simpson Thacher & Bartlett LLP's integrated transactional and regulatory team is a one-stop-shop for financial institutions engaged in M&A and capital markets matters. Team head Lee Meyerson is regularly at the forefront of the most significant matters handled by the team and recently advised NewStar Financial on its acquisition by First Eagle and the sale of its portfolio of assets of investment assets to GSO Capital Partners. Meyerson also led the firm's representation of TCF Financial's $3.5bn merger with Chemical Financial, the largest bank merger-of-equals transaction in over a decade. As well as working alongside Meyerson, Elizabeth Cooper regularly takes the lead on matters, as demonstrated by her recent work for a Blackstone-led consortium on its $20bn partnership agreement with Thomson Reuters for its Financial and Risk Business. Cooper also receives a significant flow of work on behalf of asset management firms acquiring minority interests in private equity sponsors; she recently advised Rockpoint on the sale of a minority interest to Blackstone Strategic Capital Holding. Recently Acting Comptroller of the Currency, Washington DC-based Keith Noreika has significant gravitas in the industry and, as well as providing useful input on financial services M&A, also provides ongoing standalone regulatory assistance to a plethora of clients, including Morgan Stanley and TCF Financial. Named attorneys are based in New York, unless otherwise indicated.

Leveraging the expertise of numerous former governmental officials, as well as benefiting from a strong track record across financial services M&A, standalone regulatory counseling and legislative advice, Washington DC-based Arnold & Porter provides an 'excellent service' to a wide range of clients in the sector, including domestic and foreign banks, insurance companies, investment managers and fintech companies. Head of the firm's financial institutions M&A practice Robert Azarow recently advised Stifel Financial on its acquisition of Business Bancshares (work which included the post-closing reorganization of Stifel’s bank and trust company subsidiaries under a single intermediate holding company) and advised First American International on its $117m sale to RBB Bancorp. Michael Mancusi was also involved in the work for First American International, having previously advised it on the development of a cybersecurity program, procedures and controls to ensure compliance with the New York Department of Financial Services' Part 500 requirements, and annual certification. Team head David Freeman handles a range of standalone regulatory matters as well as advising on financial services M&A. He continues to provide ongoing regulatory counseling to First Republic Bank, including in relation to new products and product extensions, and discrete transactions, such as its investment into student loan company CommonBond. Other recommended practitioners include Brian McCormally, who brings significant banking regulatory expertise to bear by virtue of his work in both the private and public sector (where he served at the OCC and the OTS), and firm chairman Richard Alexander, whose expertise bridges enforcement, supervisory and governance matters.

With the ability to draw upon the expertise of lawyers based on both coasts, as well as in key locations across Europe and Asia, Morrison & Foerster LLP has the breadth and depth to handle both pure domestic regulatory matters as well as those requiring a global perspective and analysis. The firm's traditional strength in the retail sector continues, with practitioners including 'fantastic' senior partner Rick Fischer (who has been at the vanguard of payments-related matters for four decades) and Oliver Ireland - both of whom are based n New York - regularly promoting policy change on behalf of interested parties in the sector. Another core strength is the team's work on behalf of foreign financial institutions seeking to expand their business operations in the US, either by virtue of merger activity or in a greenfield capacity. In this regard, the 'superb' New York-based Jiang Liu is particularly well versed in advising Chinese financial entities on the regulatory implications of their US activities; he recently helped secure regulatory approval for China Merchants Group to extend credit and service loans through a US subsidiary. Based out of Los Angeles, senior counsel Henry Fields has longstanding expertise within the bank M&A space and, alongside of counsel Ben Chung, recently advised CVB Financial (the holding company for Citizens Business Bank) on its $903m merger with Community Bank. New York-based Barbara Mendelson is noted for her work on behalf of foreign banks impacted by US regulatory strictures and is a key part of the team, as is Washington DC-based fintech expert Obrea Poindexter.

Led on the broker-dealer front by Russell Sacks, and on bank regulatory matters by Reena Agrawal Sahni,  Shearman & Sterling LLP provides an 'incredibly responsive service' to an impressive array of clients, including Bank of America Merrill Lynch, Credit Suisse, ICE and Qatalyst Partners. As well as his work for individual trading clients and market infrastructure entities, Sacks regularly advises SIFMA across a range of regulatory issues affecting the broker-dealer firmament, including recently helping coordinate the industry’s comments on, reaction to and implementation of new rules relating to block trading and prohibitions against front-running. Sahni's broad-ranging bank regulatory expertise runs the gamut from advice on Volcker Rule and enhanced prudential standards, through to financial services M&A regulatory guidance and the representation of foreign entities seeking to expand their operations into the US market. Benefiting from in-house experience, as well as time spent at the Federal Reserve, counsel Tim Byrne is able to provide strategic and nuanced advice across a raft of bank regulatory matters for domestic and international clients. Counsel Jennifer Morton is also recommended on the broker-dealer front. All named attorneys are based in New York.

Traditionally known for its 'excellent' broker-dealer offering, Cadwalader, Wickersham & Taft LLP has recently strengthened its bank regulatory credentials with the addition, in May 2018, of financial services M&A regulatory expert Mark Chorazak from Simpson Thacher & Bartlett LLP. Chorazak joins the 'very responsive' Charlotte-based partner Scott Cammarn, who himself has excellent credentials in the market as a result of many years' experience guiding domestic and international banks through the myriad regulatory hurdles they face. 'Very smart' New York-based partner Steven Lofchie has his finger on the pulse of regulatory change impacting the broker-dealer market; he continues to represent numerous market participants on the impact of derivatives margin requirements across the globe. Lofchie has also been active assisting numerous clients, including Wells Fargo and TD Bank, on the establishment of prime brokerage businesses. Broker-dealer practitioner Jeffrey Robins  joined Debevoise & Plimpton LLP in June 2018.

Led out of Washington DC by the 'excellent' Richard Schaberg, Hogan Lovells US LLP's compact standalone team provides a vital service to a wide range of financial institutions, including regional banks, larger money center institutions/international banks and fintech entities. Schaberg continues to pick up a significant amount of financial services M&A work in the regional/community bank segment of the market and, as well as providing the regulatory input for SB One Bancorp on its acquisition of Enterprise Bank, also represented Bangor Savings Bank on its investment in additional depository institutions. Financial services regulatory advice also forms a core component of the firm's burgeoning fintech practice, which includes advice on cryptocurrency and blockchain matters as well as M&A and joint ventures. The team also provides a vital service to banks seeking to adapt to the changing dynamics in the market and recently advised Cambridge Bancorp on issues connected with the taking of warrants (equity) from start-up and early-stage innovative borrowers. Counsel Sara Lenet handles a range of regulatory work for domestic and international banks and is a key member of the team, which also includes senior associate Ashley Hutto-Schultz, who is active within the consumer finance space.

With significant resources in Washington DC, including numerous former regulators, as well as expert lawyers across its domestic and international offices, Mayer Brown is well positioned to represent banks, broker-dealers, payments providers and mortgage companies across the gamut of regulatory issues impacting their businesses. Bolstered by a spate of recent hires, the firm's consumer finance team has the critical mass and expertise to handle a tremendous volume and range of matters in the sector, covering compliance and transactions as well as enforcement actions and examinations initiated by regulatory bodies, including the CFPB and DOJ. Melanie Brody is a key practitioner within the consumer finance team and has recently handled a significant amount of work for credit card issuers and marketplace lenders on issues arising from the use of alternative data in underwriting, dynamic underwriting standards, and 'smart' underwriting engines that adjust underwriting and pricing standards in realtime to reflect correlations observed between portfolio performance and other data. As well as regularly assisting clients that are subject to agency scrutiny, Steven Kaplan provides the regulatory overlay to investments or acquisitions related to consumer loans and other consumer financial products. In the broader bank regulatory sphere, Donald Waack is gaining a strong reputation in the market across a range of standalone Dodd-Frank compliance work, as well as on M&A activity in the sector. On the broker-dealer front, Jerome Roche continues to assist domestic and international entities on compliance with the regulatory regime as set out in Title VII of Dodd-Frank relating to the swaps market. Other recommended partners include David Beam, for payments-related work; the 'strategic' Marc Cohen, who excels in advising on regulatory issues in a global context; and former CFPB alumni Ori Lev, for consumer finance matters. All named attorneys are based out of Washington DC.

Schulte Roth & Zabel LLP provides an 'outstanding level of service' to a myriad of participants seeking regulatory advice in the context of banking, payments and trading matters, in particular. Spearheaded by the 'excellent' Joseph Vitale, the team excels at matters at the intersection of the bank regulatory and asset management spheres, and is noted for its 'excellent work for private equity and hedge funds on their banking investments'. Vitale continues to handle a significant amount of bank investment work for Cerberus Capital Management, including recently advising it (as the lead in a private equity consortium) on the acquisition of German bank, HSH Nordbank. He is also extremely well versed on Volcker Rule issues and recently assisted Credit Suisse with the restructuring of its Systemic Market-Making Group in order to fit within certain exemptions of the rule. Praised for his 'understanding, not only of the law but also the regulators', Donald Mosher leads the firm's efforts on the payments regulatory front, from both a standalone advisory perspective and in relation to M&A in the sector. Mosher has advised Ant Financial on several transactions, including its proposed acquisition of MoneyGram. Julian Rainero and Craig Warkol co-chair the firm's broker-dealer regulatory practice and are key members of the financial services regulatory team, which also includes AML and OFAC expert Betty Santangelo. All named attorneys are based in New York.

With practitioners situated throughout the country, including in the Midwest following its merger with Minnesota-based Lindquist & Venuum, Ballard Spahr LLP has the critical mass and depth of expertise to provide a 'very knowledgeable and responsive service' to clients across the gamut of issues affecting their consumer finance businesses. The team is 'regularly and meaningfully engaged in rule-making and legislative proposals and has contacts within the agencies to be able to clarify matters when needed'. Recently the recipient of a lifetime achievement award from the American College of Consumer Financial Services Lawyers (and one of 11 lawyers within the team accepted as a member of the ACCFSL), Philadelphia-based team head Alan Kaplinsky has tremendous credibility in the industry and is regularly engaged by industry bodies, including the American Bankers Association (ABA) and the Consumer Bankers Association (CBA), to provide comment letters on behalf of their members to the CFPB. A leading authority on the use of arbitration provisions in consumer financial services contracts, Kaplinsky had a pivotal role in repealing the final Arbitration Rule, which prohibited the use of class action waivers in arbitration agreements thereby conferring considerable financial benefits on the industry by avoiding a potential floodgate of class action claims. The firm has also forged a strong reputation in the fintech space, particularly with regard to marketplace lending. Based out of the firm's Philadelphia office, John Culhane provides 'solutions-oriented advice', particularly as it relates to student lending law. Other recommended practitioners include Washington DC-based mortgage banking specialists Richard Andreano and John Socknat; Philadelphia-based Mark Furlettti, who heads the firm's Telephone Consumer Protection Act team; and Washington DC-based payments expert Christopher Ford, who joined in August 2018 from Morrison & Foerster LLP. Scott Pearson left to join Manatt, Phelps & Phillips, LLP.

Dechert LLP has significant capability across a wide spectrum of regulatory issues affecting traditional banks and asset managers, as well as the rapidly growing fintech sector. Jointly headed by senior counsel David Ansell and David Harris, the team is noted for its expertise in bank control issues and is regularly engaged by bank holding companies as well as funds to structure investments in a manner which is consistent and that potentially mitigates the strictures of the Volcker Rule. On the fintech front, as well as advising across a variety of standalone regulatory issues impacting on blockchain technology and cryptocurrencies, the team has developed a strong reputation advising marketplace lenders on investments made by traditional banks in order to enter the market, as well as regularly helping secure charters for marketplace lenders. Recent highlights include advising BitGo in connection with an equity investment by Goldman Sachs. The team was recently impacted by the departure of experienced practitioners Thomas Vartanian and Robert Ledig, who left to head up a new financial regulatory institute at a US law school. Named attorneys are based in Washington DC.

Praised for its 'high level of expertise, professionalism and accessibility', Eversheds Sutherland excels at helping broker-dealer, insurance and funds clients navigate the numerous regulatory strictures impacting their industries. New York-based Cynthia Shoss often provides the regulatory overlay to insurance-related M&A mandates and reorganizations; she recently advised Aflac on the extensive restructuring of its Japanese insurance business branch operations. 'Plugged into what is happening on both the business and regulatory fronts', New York-based Clifford Kirsch is recognized in the market as 'one of the leaders for advice on the regulatory issues impacting on the collective investment trust area'. Steven Boehm provides 'clear guidance' on the regulatory issues impacting business development companies and is a key member of the team, which also includes 'excellent '40 Act adviser' Stephen Roth as well as former SEC attorney Holly Smith and Brian Rubin, who both excel at broker-dealer matters. Named attorneys are based in Washington DC, unless otherwise indicated.

Combining 'the highest-caliber legal intelligence with carefulness and cross-sectional business knowledge', Katten provides 'user-friendly, responsive and commercial advice' to clients on both the buy and sell side. A particular strength of the firm is its 'broad knowledge of derivatives law', where clients appreciate its ability to provide 'practical, real-world advice' on the regulatory issues impacting exchange-traded and OTC derivatives across all asset classes and transaction types. Working alongside the firm's London office, New York-based of counsel Guy Dempsey is assisting ICBC Standard Bank on all aspects of commencing a new swap business and registering as a swap dealer with the Commodity Futures Trading Commission (CFTC). Chicago-based practice co-head Lance Zinman has an excellent understanding of the regulatory regimes underpinning activity undertaken by hedge funds and proprietary trading firms. Alongside New York-based Allison Yacker, he recently advised Waterfall Asset Management on the creation of a fund structure that facilitates investment by non-US persons in assets that generate income effectively connected to a US trade or business. Wendy Cohen is recognized as a 'standout practitioner' for broker-dealer matters and is a key member of the team, as are 'rock star' Henry Bregstein and Arthur Hahn, who also co-head the team from New York and Chicago, respectively. Other clients include Royal Bank of Canada, UBS and Futures Industry Association.

Based in Washington DC and able to tap into the insider knowledge of numerous former government officials (including several CFPB alumni), Venable LLP excels in handling enforcement, transactional and advisory work for an array of consumer finance entities, including mortgage brokers, student loan servicers, payment processors and marketplace lenders. Andrew Arculin has vast experience across consumer lending, fintech and mortgage banking; he recently assisted Laurel Road Bank on the launch of brand and online lending platforms for mortgages, student loans and personal loans. Co-chair Jonathan Pompan's recent work has included advising LendingUSA on consumer financial services law regulatory compliance and product development, as well as providing regulatory due diligence to Warburg Pincus in relation to potential consumer finance-related acquisitions. The arrival in September 2018 of Laura Biddle from Hogan Lovells US LLP adds further weight to the team, given her credibility before the regulators on behalf of domestic and foreign banks, fintech providers and non-bank companies. Co-head Allyson Baker is also recommended, particularly for contentious matters. Other clients include JPMorgan Chase, Citadel Servicing Corporation and Republic Bank and Trust.

Benefiting from the expertise of several practitioners with in-house and/or government expertise, and with the ability to tap into a reservoir of knowledge across the firm's Asian and European offices, Winston & Strawn LLP is appreciated for its ability to provide 'proactive, strategic and wise advice' across the panoply of regulatory issues affecting banks, bank holding companies, funds and insurers. With significant in-house experience from her tenures at Bank One Corporation and Morgan Stanley, Christine Edwards really understands the mechanics of the industry and is appreciated by clients for her 'financial services thought leadership'. Edwards regularly works alongside 'seasoned veteran' Jerry Loeser - himself formerly in-house at Wells Fargo and an alumnus of the Federal Reserve Board - including on behalf of BNP Paribas regarding its compliance with the US Bank Holding Company Act. The team is rounded out by New York-based broker-dealer expert Glen Barrentine as well as Basil Godellas, who handles regulatory matters impacting on participants in the asset management industry. Other clients include Discover Financial Services, Comerica Bank, PNC Bank and Brighthouse Financial. Named attorneys are based in Chicago, unless otherwise indicated.