Firms To Watch: Financial services regulation

Moore & Van Allen, PLLC offers clients broad expertise across wholesale and retail banking regulation. The Charlotte-based team is led by Edward O’Keefe and Neil Bloomfield, with Barbara Meeks also a key name in the practice.

Financial services regulation in United States

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton  is a leading firm in the financial services regulation space, where it provides broad advice on transactions and ongoing compliance to a range of prominent clients. The team continues to be very active in bank regulation, where its activities include advising banks on ensuring that their trading activity and transactions comply with the Volcker Rule. The practice also represents both individual banks and trade associations in advocacy related to new rules proposed by regulators. In addition, the team is regularly engaged on matters at the cutting edge of this sector, such as advising both traditional major banks and fintech startups on cryptocurrency regulation. Its work in this space includes assisting Avanti Financial Group in its application for a new charter in Wyoming allowing it to provide custody for digital assets while having access to the US payments system. Practice head Derek Bush has broad experience across bank regulation, with Hugh Conroy and Jack Murphy also names to note in this area. Elsewhere, Colin Lloyd leads the practice’s broker-dealer work, which includes handling M&A involving broker-dealers well as providing cross-border regulatory compliance support. Patrick Fuller was promoted to counsel in January 2022 and also focuses on bank regulation. Bush, Murphy and Fuller are based in Washington DC, while Conroy and Lloyd work out of the firm’s New York office.

Practice head(s):

Derek Bush

Other key lawyers:

Hugh Conroy; Jack Murphy; Colin Lloyd; Patrick Fuller

Testimonials

‘Sophisticated expertise that understands client’s business and operations’

‘Colin Lloyd is the top derivatives lawyer for regulatory issues and is widely recognized by the industry and peer firms.’

Key clients

American Express

ING

BNP Paribas

Citigroup

Credit Suisse

Deutsche Bank

Goldman Sachs

Standard Chartered

Institute of International Bankers

Alliance Data

Work highlights

  • Advising more than 20 major US and non-US banking organizations on all aspects of implementation of and compliance with the Volcker Rule, including advocacy for and implementation of recent changes to the Volcker Rule.
  • Advising multiple banking, non-banking organizations and fintech companies on regulatory issues related to blockchain and cryptocurrency operations
  • Advising a consortium of 11 large global banks on their formation of and further investments in the trading platform Tradeweb Markets Inc and later IPO.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP fields a strong financial services team with expertise in acting for major banks, broker-dealers and fintech companies in complex regulatory matters. The team’s M&A work encompasses handling some of the largest transactions in the market, including cross-border deals as well as IPOs and SPAC combinations. In the regulatory space, the practice is engaged by Global Systemically Important Banks to provide ongoing strategic regulatory advice on issues such as capital and liquidity requirements; it also advised these banks on matters relating to the COVID-19 support programs established by the Federal Reserve. In addition to traditional regulatory issues, the team is also active in fast-developing areas of this sector, advising fintech companies on novel regulatory issues and assisting established financial institutions in entering cryptocurrency and digital asset markets. Randall Guynn and Margaret Tahyar lead the team; the pair are active across a range of matters including bank M&A, regulatory issues and COVID-19 support programs. Luigi De Ghenghi also has a broad practice encompassing transactions as well as US and international banking regulations, and Gabriel Rosenberg is recognized for his expertise in banking, broker-dealer and swap dealer regulations. All named lawyers are based in New York.

Practice head(s):

Randall Guynn; Margaret Tahyar

Other key lawyers:

Luigi De Ghenghi; Gabriel Rosenberg

Debevoise & Plimpton LLP

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.

Practice head(s):

Satish Kini; Gregory Lyons

Other key lawyers:

Jeffrey Robins; Alison Hashmall; Caroline Novogrod Swett

Key clients

American Express

Jones Financial

Citi

Credit Suisse

Goldman Sachs

Thrivent Financial for Lutherans

Citizens Financial Group

Santander

Société Générale

Fifth Third Bancorp

Work highlights

  • Advising Citizens Financial Group, Inc., in its acquisition of 80 East coast branches, as well as the national online deposit business and wealth management platforms, of HSBC Bank USA, N.A.
  • Assisting Jones Financial to form an industrial bank and establish framework to enable clients to transfer approximately $3 billion of funds from Edward Jones brokerage accounts to the bank, with the bank making a corresponding level of margin loans to Edward Jones brokerage customers.
  • Assisting Thrivent Financial for Lutherans to add banking services to its platform of services to customers by forming an industrial bank and merging the credit union that Thrivent current sponsors into it. Thereafter, the Bank would offer a full range of banking products, including deposit, mortgage, credit card, auto loans, and student loans.

Cadwalader, Wickersham & Taft LLP

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.

Practice head(s):

Scott Cammarn

Other key lawyers:

Daniel Meade

Key clients

ABN AMRO

Ally Financial

Alternative Reference Rates Committee (ARRC) (Sponsored by New York Fed)

Annaly Capital Management

Bank of America Merrill Lynch

Bank of Ireland

Bank of Montreal

Bank of Nova Scotia

Barclays

BNP Paribas

Canadian Imperial Bank of Commerce

Castle Creek Capital

CITIC Securities / CLSA

Citigroup

Common Bond

Community Bank System, Inc.

Credigy

Credit Agricole

Credit Suisse

Deutsche Bank

Dexia

Federal Home Loan Mortgage Corp

First Key

Goldman Sachs

Gresham

HSBC

Industrial and Commercial Bank of China

ING

JPMorgan Chase

LendingHome

Macquarie

Mizuho

Morgan Stanley

MUFG

National Bank of Canada

Natixis

Navient

Park Avenue Finance

Royal Bank of Canada

Seacoast National Bank

Shanda Asset Management

Shell Oil Company

Social Finance Inc.

Société Générale

Standard Chartered Bank

State Street Bank

TD Bank

The Bank of New York Mellon

TIAA

UBS

United Overseas Bank

U.S. Bank

Wells Fargo

Wintrust

Latham & Watkins LLP

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.

Practice head(s):

Stephen Wink; Alan Avery; Yvette Valdez

Other key lawyers:

Mitch Rabinowitz; Pia Naib; Marlon Paz

Testimonials

‘This practice is very unique due to the consistency of its legal expertise on a global basis.’

‘Stephen Wink is an excellent attorney. He is extremely responsive, personable, and he is leading expert in Global Blockchain & Cryptocurrency.’

‘They are the best in the business and they show it. Their breadth of knowledge is exactly what we need.’

‘They are very quick to assist and I take their advice to the letter. I specifically work with Mitch Rabinowitz.’

Key clients

Acorns Grow Inc.

Aon plc

Ares Management Corporation

Azimut Group

Celsius Network

Citibank, Goldman Sachs, JPMorgan;

Citigroup

Coinbase Inc.

Credit Suisse

GCM Grosvenor

Various consortia member investors in FIA Tech (including ABN AMRO Clearing, Bank of America, Barclays, Citibank, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley, UBS and Wells Fargo)

Goldman, Sachs & Co.

Jefferies

JP Morgan

Keefe, Bruyette & Woods, Inc.

Morgan Stanley

National Bank of Canada

Temasek

Work highlights

  • Advised GCM Grosvenor on regulatory matters in connection with it’s $2 billion merger with CF Finance Acquisition Corp., a special purpose acquisition company (SPAC).
  • Represented Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Allen & Company and Citigroup Global Markets Inc., the Financial Advisors to cryptocurrency exchange platform, Coinbase Global, Inc., in its landmark direct listing on the Nasdaq on April 14, 2021.
  • Represented a consortia of 10 banking clients that formed a new company to acquire FIA Tech from The Futures Industry Association, providing advice on critical US bank regulatory issues that dictated the ultimate capital and corporate governance structure.

Simpson Thacher & Bartlett LLP

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).

Practice head(s):

Lee Meyerson

Other key lawyers:

Keith Noreika; Elizabeth Cooper

Testimonials

‘Thoughtful strategic expert advice. Great team players who integrate well into our team.’

‘Lee Meyerson is an outstanding counsel delivering strategic advice at the most senior levels of our organization.’

‘Substantial experience and expertise.’

‘Experience, expertise and practicality. Strength not only with pure legal expertise, but also advising, counseling, and problem-solving.’

Key clients

AXIS Capital Holdings

Blackstone

CNO Financial Group, Inc.

Corsair Capital

Fifth Third Bancorp

First Hawaiian Bank

Goldman Sachs & Co.

IBERIABANK Corporation

Institutional Shareholder Services Inc. (“ISS”)

JPMorgan Chase & Co.

KeyCorp

Kohlberg Kravis Roberts & Co.

Massachusetts Mutual Life Insurance Company

Mitsubishi UFJ Trust and Banking Corporation

Mizuho Financial Group, Inc.

Morgan Stanley

Oak Hill Capital

Oaktree Capital Management, L.P.

People’s United Financial, Inc.

Riverstone Holdings

Sumitomo Life Insurance Company

Synovus Financial

TCF Financial

TD Bank Group

The Carlyle Group

The Charles Schwab Corporation

The Travelers Companies, Inc.

U.S. Bancorp

Work highlights

  • Advised TCF Financial Corporation in its $22 billion all-stock merger with Huntington Bancshares Incorporated.
  • Advised Refinitiv in its $27 billion acquisition by the London Stock Exchange Group.
  • Advising U.S. Bancorp in its proposed $8 billion acquisition of MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group.

Arnold & Porter

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.

Practice head(s):

David Freeman

Other key lawyers:

Christopher Allen; Michael Mancusi; Robert Azarow; Kevin Toomey

Key clients

Bank of Baroda

Bessemer Trust

Charles Schwab Corporation

The Depository Trust & Clearing Company

Federated Hermes

First Republic Bank

F.N.B. Corporation/First National Bank of Pennsylvania

KfW IPEX

Sterling Bank & Trust, FSB

Stifel Trust Company, N.A., Stifel Financial Corp. and Stifel Bank

Work highlights

  • Advising Sterling Bank and Trust, FSB in various bank regulatory matters, including corporate governance, compliance with supervisory lending standards and regulatory compliance requirements relating to residential mortgage and other forms of lending, BSA/AML compliance, and various employment matters with bank regulatory implications.
  • Advising First Republic Bank on fast-moving environmental regulatory developments under the Biden-Harris Administration in the environmental, social, and governance (ESG) space.
  • Advising Stifel Trust Company, N.A., Stifel Financial Corp. and Stifel Bank with respect to various regulatory, compliance, and examination issues.

Morrison Foerster

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.

Practice head(s):

Jeremy Mandell; Barbara Mendelson

Other key lawyers:

Marc-Alain Galeazzi; Maria Earley; Crystal Kaldjob; Jeffrey Silberman; Joan Warrington; Rick Fischer

Key clients

American Airlines

MUFG Union Bank, N.A.

MLC Wealth Ltd.

Orient Bancorporation

Work highlights

  • Represented American Airlines on some of the financing aspects of a $10 billion senior secured notes offering and loan agreement, secured by American Airline’s AAdvantage Loyalty Program. In particular, the firm advised on the AAdvantage Loyalty program assets, including AA’s credit card co-branding agreements, which were part of the collateral for the financing.
  • Advising banking clients on regulatory matters in connection with transactions related to the sale of portfolio companies, including compliance with federal Bank Merger Act and applicable state laws and foreign laws governing transfer of trust, custody and agency relationships.
  • Advising banking clients with respect to U.S. federal and state enforcement actions and examinations.

Schulte Roth & Zabel LLP

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.

Practice head(s):

Donald Mosher; Julian Rainero; Craig Warkol

Other key lawyers:

Jessica Romano; Kara Kuchar; Adam Barazani

Testimonials

‘Very familiar with key people in many states in a relevant regulatory regime. Lots of practical, real-world experience to help make decisions that impact company risk and approach.’

‘Don Mosher and Jessica Romano are outstanding – true experts, tons of relevant experience, very responsive.’

‘Always available even for quick questions and this kind of support is very valuable to Fintech businesses – it goes without saying that the team are experts in the field of payments, have strong relations with Fincen/law enforcement etc. Great team.’

‘They have subject matter experts & a very good understanding of the various US state regulators. The team also has many staff that come from government positions which add value and helps to put forward strategies that work in the real enviroment.’

‘Expertise in payments regulations, and especially good communication skills.’

‘Kara Kuchar and Adam Barazani are extraordinarily responsive and knowledgeable. It\’s very easy to pick up the phone to get quick and clear advice from them.’

Key clients

Industrial and Commercial Bank of China (ICBC)

Interactive Brokers LLC

Ant Group

WorldRemit Corp. (Zepz)

Aventiv Technologies, LLC

Fiserv, Inc.

Visa

Western Union

Priority Technology Holdings

GCP Capital Partners

Wex Payments Inc.

Remitly, Inc.

Circle Internet Financial, LLC

Wave Financial, Inc.

CSG Forte Payment, Inc.

Work highlights

  • Advising ICBC, the largest bank in China, and the world’s largest bank by total assets, on multiple matters, including on a range of U.S. broker-dealer compliance work.
  • Advising Interactive Brokers on a range of compliance and enforcement matters.
  • Advised multiple, large retail and institutional broker-dealers in connection with the implementation of the SEC’s new CAT reporting program.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP‘s Washington DC-based team advises a client base including major international banks on compliance with a range of financial services regulations. The practice is particularly focused on regulatory investigations and prosecutions, acting for clients facing issues involving the state and federal prosecutors, the Federal Reserve and the CFTC, as well as conducting internal investigations. Practice head Jamie Boucher is highly active in anti-money laundering and sanctions cases, where his experience includes handling multi-jurisdictional investigations and post-settlement compliance matters. Eytan Fisch is another name to note in the team and provides proactive advice to clients, including in sectors such as cryptocurrency and blockchain, on ensuring that their products and services comply with US law.

Practice head(s):

Jamie Boucher

Other key lawyers:

Eytan Fisch; Brian Christiansen

Work highlights

    Ballard Spahr LLP

    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.

    Other key lawyers:

    Judy Mok; David Medlar

    Testimonials

    ‘Capable of speaking the language of the client and explaining issues in matters the client can understand.’

    ‘Judy Mok is tremendous at distilling complicated issues into something digestible for the client. She and Dave Medlar also have a gift at capturing the essence of a business discussion into a workable legal document.’

    ‘The team is unique in their breadth of knowledge around consumer finance legal questions and their level of service. We work with a number of firms and continue to return to Ballard because we received prompt and reliable legal advice on some very complicate and nuanced legal issues.’

    ‘Mark Furletti is our primary contact. Mark is smart and able to understand very nuanced questions and provide reliable answers. Where a clear answer does not exist, Mark is great at explaining the various laws, decisions and factors that affect the analysis and why there is no definitive answer. I appreciate his respecting our intelligence by walking us through it and leaving us as equipped as possible to advise our management teams and make decision . Mark is also willing to make himself available on fairly short notice, which we appreciate.’

    Key clients

    Discover Financial Services

    Goldman Sachs

    Accenture Credit Services

    Lending Club

    Social Financial, Inc. (“SoFi”)

    Comenity Bank

    Toyota Financial Services

    American Bankers Association

    Consumer Bankers Association

    Buckley LLP

    Buckley LLP continues to provide wide-ranging advice to clients involved in consumer lending, including mortgage lending, auto loans, and credit cards. The team assists these clients in ensuring that their products comply with federal laws such as the Truth in Lending Act, the Fair Credit Reporting Act and the Equal Credit Opportunity Act, as well as CFPB and state-level regulations. In addition to providing ongoing advice on compliance, the practice also handles transactions involving consumer lending companies and loan servicing rights. Walter Zalenski is noted for his work in this space, as well as for his expertise in fintech matters. Zalenski is based in Washington DC alongside Joseph Kolar, John Kromer and Jeffrey Naimon, who are all key figures in the team. In Los Angeles, Clinton Rockwell is another name to note and advises clients on ensuring that new products comply with relevant state and federal regulations. Veteran litigator Benjamin Klubes serves as the firm’s overall head of consumer finance from its DC office.

    Practice head(s):

    Benjamin Klubes

    Other key lawyers:

    Walter Zalenski; Joseph Kolar; John Kromer; Jeffery Naimon; Clinton Rockwell

    Testimonials

    ‘Buckley has a team of experts in mortgage banking law that we can count on to advise us on a wide range of regulatory issues. Their knowledge of the industry is deep and diverse, and they have worked closely with my team for many years and understand how we do business.’

    ‘The attorneys at Buckley proactively reach out to advise my team on developments in the industry that may affect our business, which we appreciate, and they defend us on complex and high-risk regulatory matters. They are smart, responsive, hard-working, and a pleasure to work with.’

    Key clients

    Cross River Bank

    Work highlights

    • Advising Cross River Bank on regulatory issues.

    Cravath, Swaine & Moore LLP

    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.

    Practice head(s):

    David Portilla

    Testimonials

    ‘David Portilla is our go-to advisor for understanding the application of the US banking regulatory framework to our investments, as a non-US bank with activities in the US. He impresses by applying his mastery of the law pragmatically to the issues at hand.’

    Key clients

    Afterpay

    Dfinity

    ECN Capital

    GreenSky

    Managed Funds Association

    Mizuho

    Natixis

    Nomura

    Royal Bank of Canada

    Securities Industry and Financial Markets Association (SIFMA)

    Silicon Valley Bank

    Westpac Banking Corporation

    Work highlights

    • Representing ECN Capital in the pending $2 billion sale of its Service Finance business to Truist Bank.
    • Provided regulatory advice to SIFMA in connection with their response to the Basel Committee’s consultation on preliminary proposals for the prudential treatment of banks’ crypto asset exposures.
    • Representing GreenSky in connection with its pending $2.24 billion acquisitionby Goldman Sachs.

    Hogan Lovells US LLP

    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.

    Practice head(s):

    Richard Schaberg

    Other key lawyers:

    Sara Lenet

    Key clients

    Grasshopper Bank

    NBT

    Evergreen

    Citizens Financial Services Inc.

    Golden Pacific Bank

    CNB

    Muun wallet

    Maker

    Work highlights

    • Advising Grasshopper Bank, N.A. on a variety of regulatory matters and commercial agreements with service providers, Fintech entity customers and other partners.
    • Advising NBT Bancorp, Inc. and NBT Bank on a variety of regulatory matters including advising NBT Bancorp, Inc. in connection with its investment into a venture capital fund focusing on Fintech and the associated bank regulatory and fund regulatory issues (including Volcker Rule).
    • Avised Evergreen Federal Bank and its Board of Directors on their responsibilities and duties in connection with an unsolicited acquisition offer from another (non-mutual) depository institution that involved an offer of merger consideration for the bank’s members.

    Mayer Brown

    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.

    Practice head(s):

    Jeffrey Taft; Steve Kaplan

    Testimonials

    ‘The Mayer Brown Financial Services team is an amazing group of lawyers. They attorneys are well steeped in all financial service matters and they are extremely helpful.’

    Key clients

    Shopify, Inc.

    TIAA Bank

    Stearns Lending

    Bayview

    M&T Bank

    Finance of America

    American Express Company

    HSBC

    Canadian Imperial Bank of Commerce

    Desjardins Group

    Sumitomo Mitsui Banking Corporation

    Ally Financial

    Davis Wright Tremaine LLP

    With offices in Washington DC and New York, Davis Wright Tremaine LLP has a varied financial services practice that includes providing advice to clients on compliance with CFPB, Federal Reserve and state-level regulations. A particular focus for the team is the payments space, where its clients include banks, fintech companies, pay-now-buy-later companies and non-financial services companies involved in payments and credit card services. The practice is also active in bank regulatory work, such as advising on governance, charters and new product offerings. The team is jointly led by Brian Hurh, who focuses on consumer finance, and bank regulation specialist Kevin Petrasic; both are based in Washington DC.

    Practice head(s):

    Kevin Petrasic; Brian Hurh

    Other key lawyers:

    Andy Owens; Jim Mann

    Testimonials

    ‘Their talent is superb and their deep knowledge of regulatory issues that impact the financial services industry is key to any potential client.’

    ‘Kevin Petrasic has the right balance between a savvy regulatory mind and business-orientated approach that is needed for clients.’

    ‘The financial services team is comprised of very talented individuals, with good judgment and solid expertise.’

    ‘Jim Mann and Kevin Petrasic are both very solid. Jim has extensive experience, particularly in the payments and card area, and is able to translate that experience into practical advice to his clients. Kevin has handled a number of complicated, extremely sensitive regulatory matters. In addition, he is a pleasure to work with.’

    Dentons

    The financial services regulation team at Dentons is well-known for its focus on the residential mortgages market. The practice’s clients in this space include prominent multinational banks, private equity funds and underwriters, and it provides broad advice on the regulatory aspects of mortgage financing, origination and trading as well as on investment into the market. The team is jointly led by John Holahan in Washington DC and Matthew Yoon in New York.

    Practice head(s):

    Matthew Yoon; John Holahan

    Key clients

    Barclays

    BNP Paribas SA

    Nomura Group

    JP Morgan Chase

    Deutsche Bank

    Citibank

    Credit Suisse

    Morgan Stanley

    CMG Financial Services

    Carrington Capital Management LLC

    First American Financial Corporation

    Clayton Holdings, Inc.

    New Residential Investment Corp.

    Bayview Loan Servicing

    Cantor Fitzgerald

    SitusAMC

    Work highlights

    • Advising Barclays’s mortgage trading and underwriting desks on Wall Street in connection with the management of financing lines and residential mortgage assets.
    • Advising Citi’s mortgage financing, trading and securitization desks, one of the largest participants in the market, on mortgage regulations.
    • Advising Nomura’s whole loan trading, financing and securitization businesses in the United States on regulatory issues.

    Eversheds Sutherland

    Eversheds Sutherland continues to be highly active in the broker-dealer space, advising clients in this sector on compliance with regulations such as the SEC’s Regulation Best Interest. In addition to acting for individual broker-dealers, the team also advises coalitions and trade associations on interactions with regulators and on responding to rulemakings. The team is jointly led by Stephen Roth and Steven Boehm, who are both based in Washington DC. Roth is engaged by a broad client base of insurers on regulatory issues related to broker-dealers and separate accounts, while Boehm has a specialism in advising business development companies on transactions as well as public and private share offerings. Elsewhere in the team, Holly Smith and Clifford Kirsch have deep experience of advising broker-dealers on SEC regulation, having both previously worked in-house at the regulator. Smith and Kirsch are based in DC and New York, respectively.

    Practice head(s):

    Stephen Roth; Steven Boehm

    Other key lawyers:

    Holly Smith; Clifford Kirsch

    Testimonials

    ‘Eversheds Sutherland provides world-class counsel in the securities regulations space. Their professionals include those who have served in the highest echelon of FINRA and the SEC, and they have a deep bench with a depth and breadth of expertise that’

    ‘Eversheds Sutherland provide world-class counsel, but the service goes well beyond the legal and technical and includes practical insights that most other global law firms just can’t offer. Their professionals are in the trenches, working collaboratively with their clients to not just identify issues and problems, but to roll up their sleeves to help solve them.’

     

    Key clients

    Coalition of circa 70 broker-dealers

    Committee of Annuity Insurers

    Goldman Sachs Middle Market Lending Corp.

    Financial Services Institute

    GuideStone Funds

    CIM Real Assets & Credit Fund

    Prospect Flexible Income Fund

    USCF ETF Trust

    Empower Retirement

    Fidus Investment Corporation

    Newtek Business Services Corporation

    Capital Southwest Corporation

    Saratoga Investment Corporation

    Work highlights

    • Representing a coalition of 31 major US life insurance companies and their affiliated broker-dealers in providing strategic and legal counsel to these entities in their efforts to affect the direction and details of various relevant SEC, FINRA and US Department of Labor rule proposals and initiatives.
    • Represented Goldman Sachs Middle Market Lending Corp. in a US$1 billion merger agreement with Goldman Sachs BDC, Inc.
    • Advised Empower in entering into a definitive agreement to acquire the retirement services business from Massachusetts Mutual Life Insurance Company for US$2.35 billion.

    Haynes and Boone, L.L.P.

    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.

    Practice head(s):

    Neal Kaminsky

    Other key lawyers:

    Giorgio Bovenzi; Craig Unterberg; LeAnn Chen

    Testimonials

    ‘The team has an outstanding grip on the market and has a deep knowledge on banking regulatory matters. They distinguishes themselves from their competitors by virtue of their client-oriented approach, in addition to being extremely technically strong and always on top of the latest regulatory developments in the market.’

    ‘Giorgio Bovenzi is an absolute star, with truly outstanding regulatory and industry knowledge. He is a very smart individual, and an excellent lawyer who can swiftly grasp and resolve any issue. Giorgio has a well-deserved, sterling reputation with regard to his broad knowledge and in-depth understanding of cross-border banking and financing transactions. I would also like to emphasize the hugely impressive talent for providing precise and detailed technical advice of  Craig S. Unterberg, who stands out for his a profound understanding of fund financing matters. He is a real specialist in the field.’

    ‘Giorgio Bovenzi is a major asset. Not afraid to tackle the most complex issues head on.’

    ‘LeAnn Chen is the person I work with most often. She is flexible, demonstrates excellent depth of expertise in several different areas, and always responds in a timely manner. She does not hesitate to raise issues that might be relevant even when not asked specifically to address those issues. Her writing and editing skills are top-notch and she is a pleasure to work with.’

    ‘Haynes and Boone have throughout the years shown exceptional qualities when it comes to their financial services practice, including being thorough in their analysis and solution-oriented.’

    ‘Giorgio Bovenzi is highly talented in this field, provides prompt and detailed advice and has an extraordinary network of non-US law firms that can provide relevant advice for the large number of foreign markets in which we provide custody services to our customers. In most cases he is the sole attorney we rely upon.’

    ‘What makes the Financial services regulation of Haynes and Boone unique is in my view that they are at the forefront of advising financial institutions on how regulatory reform will impact their business. They combine regulatory experience with practical insights.’

    ‘Craig Unterberg and LeAnn Chen are true experts in their fields. They are responsive, they do a great job identifying issues and coming up with commercial solutions. They are also very knowledgeable on industry practice.’

    Katten

    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.

    Practice head(s):

    Lance Zinman; Gary DeWaal

    Other key lawyers:

    Susan Light

    Ropes & Gray LLP

    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.

    Practice head(s):

    Jason Brown; Joel Wattenbarger; Brynn Rail; Leigh Fraser; Tom Hiller; James Thomas; Bryan Chegwidden; Eva Carmen

    Testimonials

    ‘Ropes & Gray brings to bear tremendous depth of experience and breadth of understanding to their representation of our firm. They are creative and pragmatic counsel that rely on a stable group of long-term partners who have experience across a broad range of investment management matters.’

    ‘Awesome global scope with internal resources to get right partners and expertise on the matter.’

    Key clients

    Affiliated Managers Group (AMG)

    Bain Capital

    Blackstone Alternative Asset Management (BAAM) and its registered investmentcompanies

    Brighthouse Funds

    BTG Pactual

    Calamos Funds and their IndependentTrustees

    Carlyle

    Dimensional Fund Investors

    DoubleLine Funds and their IndependentTrustees

    First Eagle

    FMR Corporation (Fidelity)

    Grantham, Mayo, Van Otterloo & Co., LLC(GMO)

    iCapital

    Impact Shares ETFs

    Independent Trustees of the DWS Funds No

    Invesco No

    Jackson National Funds and theirIndependent Trustees

    JC Flowers

    Kohlberg Kravis Roberts (KKR)

    Longspur Capital

    MFS Funds and their Independent Trustees

    Natixis Global Asset Management

    The Northern Trust Company

    Pax World Funds

    PIMCO

    Putnam Funds and their IndependentTrustees

    Schroder Investment Management NorthAmerica

    Siguler Guff

    State Street Corporation and State Street Global Advisers

    Thomas H. Lee Partners

    Thrivent

    TPG

    Voya Funds

    Work highlights

    • Advising TPG on various broker-dealer regulatory matters.
    • Advising as fund counsel to PIMCO in relation to 23 closed-end funds, including three closed-end funds operating asinterval funds, and five open-end no-fee funds managed by PIMCO.
    • Advising KKR on various FINRA and SEC rule compliance issues, including recordkeeping, Reg BI and Form CRS, and matters relating to electronic communications

    Venable LLP

    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.

    Other key lawyers:

    Ellen Berge; Jonathan Pompan; Michael Bresnick

    Testimonials

    ‘They are knowledgeable about all the current rules and regulations as well as the politics/politicians behind them. Their advice is practical and routed in understanding of the laws and prior case law. In other words, they really know their stuff and give great and practical advice.’

    ‘Andrew Arculin is the face of the firm for our bank. We go to him with all our questions and get answers that help us decide how to structure our deals and how to understand our risks/exposures. He is a partner to us in many of our core businesses.’

    Key clients

    Alaska USA Federal Credit Union

    Applied Data Finance, LLC d/b/a Personify

    Blend Labs, Inc.

    Carta, Inc. (formerly eShares)

    Cavalry Portfolio Services, LLC

    Clarion Capital Partners, LLC

    ClearPath Lending, Inc.

    Electronic Transactions Association

    Financial Health Network

    Midland Credit Management

    NerdWallet, Inc.

    Pagaya Technologies, Ltd

    Verizon Communications, Inc.

    Work highlights

    • Advising Pagaya Technologies, Ltd, a leading fintech company, in the development of a comprehensive enterprise-wide compliance management system, day-to-day U.S. federal and state consumer financial services, legal and regulatory compliance, and privacy and information security. Pagaya announced in September 2021 that it will go public via an $8.5 billion SPAC in early 2022.
    • Advising Carta on financial services regulatory issues.
    • Assisting Alaska USA in fair lending reviews related to its auto finance, mortgage, and personal loan businesses and are helping the credit union build and implement a revamped fair lending compliance operation.