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Financial services regulation in United States

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton is widely recognized as a leading firm in the the financial services sector, routinely advising on evolving regulatory matters compliance, strategic M&A, broker-dealer matters, and the novel issues in the area of fintech. The team represents major banks and trade associations in their engagements with regulators, areas where Derek Bush in Washington DC and Colin Lloyd in New York are key figures. Lloyd has also been singled out for his knowledge of securities and derivatives regulations. Fintech and blockchain are also areas of focus. The team is noted for its ability to handle novel regulatory issues, demonstrated by Bush and Hugh Conroy‘s work for Avanti Financial Group in relation to its application for a new type of special-purpose charter created by the State of Wyoming allowing banks to provide cryptocurrency-related services in addition to traditional banking services. Senior Attorney Patrick Fuller is also recommended for his broad practice, covering transactions in the sector, Volcker Rule and Bank Holding Company Act compliance, and regulatory issues related to cryptocurrency.

Other key lawyers:

Derek Bush; Colin Lloyd; Jack Murphy; Hugh Conroy; Patrick Fuller

Testimonials

‘Hugh Conroy and the team of colleagues he draws on are distinguished particularly by their competence in marrying banking/securities/commodities regulatory expertise. Each of these disciplines is permeated with lore and nuance, so getting it right requires experience as well as knowledge.’

‘Mr Conroy is deliberate, thoughtful, thorough and temperate. He has particular skill in interacting with regulators in a reasoned and persuasive manner; he is forceful without being antagonistic, and is always prepared.’

‘The team understands quickly the topics and underlying issues. They have a very good knowledge of the regulatory topics and on-going discussions with regulators. They have a very practical approach of issues and are business oriented.’

‘Generally speaking the Cleary team is particularly business oriented in a regulated sector. We worked with Patrick Fuller on the regulatory side and Glenn McGrory and Charles W. Allen on the M&A side.’

‘Due to the firm’s extensive client base, they have come across many of the issues that need to be addressed and can advise on a range of topics based on first hand knowledge. Their background in all areas of financial regulation are a major asset in this complex space. CGS&H are also able to identify and assist in addressing nuanced issues and have been able to assist us in expanding our business based on regulatory advise that other firms were not able to provide.’

‘Generally, the team is able to distill extremely complex topics into understandable and actionable advise which can even be understood by our non-legal business teams. We rely heavily on the firm when venturing into new businesses, especially in the banking arena. Stand-outs include Hugh Conroy and Derek Bush in the bank regulatory space.’

‘Market leader in derivatives regulation. Unparalleled expertise and relationships across the industry and regulatory agencies.’

‘Colin Lloyd has no peer in derivatives regulation. Is the critical go-to advisor for all major derivatives initiatives. Brandon Hammer has a brilliant ability to combine commercial law experience with regulatory technical standards. Hugh Conroy marshals impressive technical expertise filtered with a real-world view of impacts at clients.’

‘Excellent knowledge of law/regulation/changing political currents/practice on the street’

‘Ability to grasp issues and present solutions. Derek Bush is excellent.’

‘I value their practical approach to financial services regulation. Not only do they know the rules backwards and forwards, but they tailor their advice to the client’s needs extraordinarily well. They are also incredibly responsive.’

‘Robin Bergen is a stand out attorney who we rely heavily on for a wide range of needs. She is simply fantastic.’

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, including Credit Suisse, Deutsche Bank, Goldman Sachs and HSBC, 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, including Avanti Financial Group, Goldman Sachs, Paxos Trust Company, and Polychain Capital on regulatory issues related to blockchain and cryptocurrency operations
  • Advising a consortium of 11 large global banks, including Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, Royal Bank of Scotland Barclays, Wells Fargo, Credit Suisse, Citibank, Deutsche Bank, and UBS, 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's financial services group handles the full range of matters in this area at the highest level, including regulatory work and M&A transactions. The team is involved in matters at the cutting edge of financial services regulations, such as advising Facebook, Novi, and the Libra Association on the regulatory aspects of the Libra Project, a digital currency initiative. The team also has an exceptional resolution planning practice, advising foreign and domestic banks, including global systematically important banks, on working with the FDIC and Federal Reserve. In 2020, Randall Guynn and Margaret Tahyar advised a number of major banks on Covid-19 programs, including the Paycheck Protection Program, the Main Street Lending Program, and the Federal Reserve's financial assistance facilities. On the transactional side, Guynn, Tahyar and Luigi De Ghenghi have recently handled multibillion-dollar M&A transactions for clients such as Charles Schwab, Morgan Stanley, and CenterState Bank Corporation. Gabriel Rosenberg is a name to note for CFTC and Dodd-Frank compliance and enforcement matters. All named lawyers are based in the firm's New York office.

Practice head(s):

Randall Guynn; Margaret Tahyar

Other key lawyers:

Luigi De Ghenghi; Gabriel Rosenberg

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP's expertise in financial services regulation spans traditional areas, such as bank M&A, to more esoteric matters in involving fintech and crypto-assets. Led by Satish Kini in Washington DC and Gregory Lyons in New York, the practice group has recently counseled fintech clients on issues such as the launch of new products and acquiring regulatory approval to enter new areas of the market. Further, Lyons assisted Jones Financial with the creation of an industrial bank, advising on state-level and FDIC approval, in addition to a range of other regulatory issues, including Volcker Rule compliance and consumer lending regulations. Kini, a former senior lawyer at the Federal Reserve, is noted for his work in the area of anti-money laundering regulations; his clients include major US and international banks, as well as non-bank institutions. Another key contacts in the New York office is Jeffrey Robins, who chairs the team's broker-dealer practice. David Portilla joined Cravath, Swaine & Moore LLP in February 2021.

Practice head(s):

Satish Kini; Gregory Lyons

Other key lawyers:

Jeffrey Robins; Chen Xu; Alison Hashmall

Testimonials

‘Great balance of expert technical knowledge with a realistic commercial approach.’

Key clients

American Express

Bank of New York Mellon

Citi

Credit Suisse

Goldman Sachs

Morgan Stanley

Royal Bank of Canada

Santander

Société Générale

Fifth Third Bancorp

Work highlights

  • Advised BMO on its acquisition of Clearpool Group.
  • Assisting Jones Financial with the formation of an industrial bank.
  • Advised Fifth Third Bancorp on structuring a minority investment in and strategic relationship with Bellwether Enterprises, a fintech company engaged in commercial and multi-family lending.

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP has a very strong reputation in the financial services industry. Mitchell Eitel and Michael Wiseman are the key contacts in the team, which acts for clients including broker-dealers, banks, and fintech companies.

Latham & Watkins LLP

Latham & Watkins LLP's financial regulations practice has core strengths in broker-dealer issues, derivatives regulations, and transactions in the banking space. The global nature of the New York-based practice is exhibited by its recent work for Credit Suisse, which the team advised on securities law issues involving the Chinese coffee company Luckin Coffee, working alongside lawyers in firm's London and Hong Kong offices. Contacts in the team include Dana Fleischman, a trusted advisor to clients including the SIFMA and its members on various broker-dealer issues; and Alan Avery, who routinely advises on the regulatory aspects of transactions and investments, such as compliance with the Banking Holding Company Act and the Volcker Rule. Also recommended is Stephen Wink, who has expertise in both traditional banking and fintech; his recent work includes advising RealBlocks on the establishment of a platform for trading tokenized securities representing interests in REITs.

Practice head(s):

Alan Avery; Dana Fleischman; Courtenay Myers Lima; Stephen Wink; Yvette Valdez

Testimonials

‘Deep knowledge and experience in regulations governing banks and FBOs.’

Key clients

Acorns Grow Inc.

Aon

Bank of America

BTIG

China Construction Bank

Citadel Securities

Citigroup

Coöperatieve Rabobank U.A.

Credit Suisse

DirectBooks / Primary Markets LLC

Diversified Gas & Oil Corporation (DGO)

DNS Capital LLC

FHN Financial

Houlihan Lokey

Hudson Advisors

J. Wood Capital Advisors LLC

Jefferies Group

JP Morgan Chase

Morgan Stanley

National Bank of Canada

RealBlocks

Riverstone

ROX Financial

Searchlight Capital

Securities Industry and Financial Markets Association (SIFMA)

StartEngine

Symphony Communication Services

Temasek

Tencent

The Raine Group

Winterflood

Work highlights

  • Advising Temasek on general securities and regulatory matters on a global basis, such as recently providing regulatory advice in connection with Temasek’s participation in a consortium that purchased Eastdil Secured, a real estate broker and investment bank owned by Wells Fargo.
  • Advises Primary Markets LLC, which operates an innovative digital platform that optimizes the primary issuance process for fixed income instruments by increasing the efficiency and accuracy of workflow for investors and underwriters globally.
  • Advised Diversified Gas & Oil Corporation on a $200m securitization transaction of operated upstream proved-developed assets.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP specializes in M&A, debt and equity investing, and other corporate transactions in the financial services industry. Banks, investment funds, and fintech companies are among the team's key clients. New York-based practice head Lee Meyerson has an outstanding track record of handling billion-dollar deals, with highlights in 2020 including his representation of Toronto-Dominion Bank in the $26bn sale of its affiliate, TD Ameritrade Holding Corporation. Elizabeth Cooper is another key name to note  in the New York office; she is active in the growing area of special purpose acquisition companies, advising Finance of America Companies on becoming a publicly traded company through a business combination with the SPAC Replay Acquisition Corp. Keith Noreika in the Washington DC office previously served as Acting Comptroller of the Currency and focuses on the regulatory aspects of transactions.

Practice head(s):

Lee Meyerson

Other key lawyers:

Elizabeth Cooper; Keith Noreika

Key clients

Banco Bilbao Vizcaya Argentaria (BBVA)

Blackstone

Bridgepoint Advisers

Centerview Partners Llc

Clearlake Capital Group

Corsair Capital

Fifth Third Bancorp

Goldman Sachs & Co.

IBERIABANK Corporation

JPMorgan Chase & Co.

Kohlberg Kravis Roberts & Co.

Massachusetts Mutual Life Insurance Company

Mizuho Financial Group, Inc.

Morgan Stanley

Oak Hill Capital

People’s United Financial, Inc.

Refinitiv

Riverstone Holdings

SoftBank Group

TCF Financial

TD Bank Group

The Carlyle Group

The Charles Schwab Corporation

Work highlights

  • Advising TD Bank in the announced $26bn sale of its affiliate TD Ameritrade to The Charles Schwab Corporation.
  • Advised consortium led by Stone Point Capital in $4.2bn acquisition of Duff & Phelps.
  • Advising Finance of America Companies on its proposed $1.9bn business combination with Replay Acquisition Corp. that will result in Finance of America Companies becoming a publicly listed company.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP stands out for its involvement in cross-border banking transactions, including acquisitions, strategic partnerships and large-scale joint ventures. Washington DC-based Brian Christiansen is a contact for transactions in the sector; in 2020, he advised Oriental Bank on its acquisition of the Puerto Rico and US Virgin Islands operations of the Bank of Nova Scotia, which required regulatory approval in several jurisdictions. Jamie Boucher advises on anti-money laundering laws and post-settlement obligations arising from regulatory investigations. Also recommended is of counsel Jonathan Marcus, who has expertise in commodities and derivatives regulation, acting for funds and fintech companies. Boucher and Marcus are also based in the Washington DC office. William Sweet retired in 2020.

Other key lawyers:

Brian Christiansen; Jamie Boucher; Jonathan Marcus

Arnold & Porter

Arnold & Porter stands out for its expertise in bank M&A and compliance issues relating to the Dodd-Frank Act, the Bank Holding Company Act, and FDIC regulations. In addition to handling high-value transactions, such as the all-stock merger of First Citizens Bancshares and CIT Group, the team has been involved in a number of novel transactions. Practice head David Freeman is based in Washington DC and counts broker-dealers, banks, and non-bank financial service providers among his clients, while Robert Azarow leads the financial institutions M&A team from the firm's New York office and is noted for his expertise in banking sector transactions. Charles Bethill and senior counsel Brian McCormally have now retired.

Practice head(s):

David Freeman

Other key lawyers:

Robert Azarow; Michael Mancusi

Key clients

Banco de Credito del Peru

Bessemer Trust

Broadway Financial Corporation

The Charles Schwab Corporation

The Depository Trust & Clearing Company

Federated Investors

First Citizens Bank & Trust Company

First Republic Bank

Flushing Financial Corporation

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

Piermont Bank

Sterling National Bank

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

Work highlights

  • Acted for First Citizens BancShares as financial services regulatory counsel in its all-stock merger with CIT Group Inc.
  • Advised Broadway Financial Corporation on its merger of equals with CFBanc Corporation to create a Minority Depository Institution with more than $1bn in combined assets under management and approximately $850m in total depository institution assets.
  • Advised Flushing Financial Corporation on its $87.5m acquisition of Empire Bancorp, Inc.

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP has core strength in advising broker-dealers, advising the Securities Industry and Financial Markets Association (SIFMA) and its member firms on regulatory changes made by the SEC, FINRA and the CFTC. In addition, the team has deep experience of Dodd-Frank compliance, advising both domestic and foreign banks. Charlotte-based Scott Cammarn takes the lead on much of the team's broker-dealer regulatory work alongside Steven Lofchie in New York. Cammarn also handles the regulatory aspects of bank M&A transactions, advising Community Bank Systems on antitrust concerns raised by its acquisition of Steuben Trust Corporation. The team has also advised a number of clients on issues relating to the transition away from LIBOR. Mark Chorazak left the team in May 2020, but Nihal Patel, who focuses on broker-dealer and swap regulations, was promoted to partner in January 2021.

Practice head(s):

Scott Cammarn; Richard Schetman

Other key lawyers:

Nihal Patel; Steven Lofchie

Testimonials

‘Cadwalader is one of the few firms that is able to provide one-stop for M&A advice in the financial services industry.’

‘Scott Cammarn was the primary partner we worked with on the Financial Services regulatory aspect of the deal. We valued his depth of knowledge and willingness to explore the boundaries of what would be considered a “market” deal in this area. Cadwalader’s M&A team was also with us from start to finish to help close the deal.’

Morrison & Foerster LLP

Morrison & Foerster LLP‘s financial services group has noted expertise in transactional matters, wholesale banking, and consumer finance regulatory work. The team counts US and foreign investment banks, fintech companies and trade associations amongst its clients, with New York-based Barbara Mendelson leveraging more than 30 years’ experience advising foreign banks entering the US market. Joan Warrington focuses on retail financial services and is highly active in advising non-financial institutions, such as retail and hospitality companies on their credit card schemes. Marc-Alain Galeazzi specializes in anti-money laundering work (AML); his highlights in 2020 included advising a fintech start-up on ensuring its platforms comply with all existing AML regulations. Both Galeazzi and Warrington are based in New York. In Washington DC, senior partner Rick Fischer handles retail financial services for banks and non-banks, with a particular focus on the growing area of privacy and data security.

Practice head(s):

Jeremy Mandell; Barbara Mendelson

Other key lawyers:

Marc-Alain Galeazzi; Joan Warrington; Rick Fischer

Key clients

Walmart

CITIC Group Corporation

Work highlights

  • Advising Walmart on US payments-related matters, including Walmart’s new partnership with Capital One for Walmart-branded credit cards.
  • Advised a large US bank on a new business line for hemp-related customers; provided legal advice on federal, state, and local hemp regulations in 20 states.
  • Assisted the CITIC Group Corporation with obtaining a waiver from the Federal Reserve regarding the capital stress-testing requirement.

Schulte Roth & Zabel LLP

Schulte Roth & Zabel LLP is well regarded in the bank regulatory space, where it handles the creation of new products and transactions and investments in the financial sector, and is also highly active in the broker-dealer space. An area of focus for the firm in 2020 was advising banking clients on rule changes promulgated under the Bank Holding Act, related to control regulations and the Volcker Rule; Julian Rainero advised banks including UBS, Credit Suisse, and ICBC on these changes. Donald Mosher specializes in the payment and money transmission sectors, handling the regulatory aspects of transactions and investments as well as the development of new products, including in the cryptocurrency space. The team’s broker-dealer work is handled by Rainero and Craig Warkol. Betty Santangelo is also recommended, having garnered particularly high praise from clients. All named lawyers are based in the firm’s New York office. Since publication, Joseph Vitale left the firm.

Practice head(s):

Donald Mosher; Julian Rainero; Craig Warkol

Other key lawyers:

Betty Santangelo

Testimonials

‘Betty Santangelo at SRZ is a go-to expert on matters relating to anti-money laundering (AML), sanctions and financial crimes compliance. She was an AML practitioner before the enactment of the USA PATRIOT Act (and before AML became a hot topic) and provides great insight into the purpose and thought-process behind each implementing regulation. As a former prosecutor, she has great investigative instincts and serves as a great resource when firms are conducting internal investigations on financial crimes matter.’

‘Betty Santangelo is uniquely qualified because she possesses a rare combination not typically found with external counsel — that is, she combines her in-depth subject matter expertise in the areas of financial crimes, with a practical understanding of how the capital markets work, how trade settlements occur and how securities firms differ from banking institutions. The result is that she offers legal advice that is on-point, practical and tailored to the institution.’

Key clients

AllianceBernstein

Ant Financial

Aventiv Technologies

Banco Santander International SA

Centerbridge Partners

Cerberus Capital Management

Credit Suisse

CSG Systems International

De Lage Landen

Fidelity/NFS

Fiserv

Industrial and Commercial Bank of China

Instinet/Nomura

Interactive Brokers

Jane Street

Jun Ying

Remitly

Robinhood

Societe Generale

State Street Global Advisors

Trian Partners

UBS

Virtu

Western Union

WEX Payments

WorldRemit

Buckley LLP

Buckley LLP's financial services regulation team is recognized for its expertise in consumer finance. The practice is highly active in representing companies in investigations by the CFPB and DOJ, particularly in the area of fair lending, where it also advises on compliance with HUD and state-level regulations. The team also advises banks on partnerships with fintech companies, an area where Walter Zalenski is a key contact. Jeffrey Naimon handles CFPB-related issues for banks and non-bank entities, while Clinton Rockwell (Los Angeles) handles both national and California state financial regulation work. Also recommended are Joseph Kolar and John Kromer, both of whom focus on CFPB compliance and enforcement. John Redding  left the practice in June 2020, though Daniel Alonso (New York) and James McGuire (San Francisco) joined in February and January 2020, respectively. Named lawyers are based in Washington DC unless stated otherwise.

Practice head(s):

Benjamin Klubes

Other key lawyers:

Walter Zalenski; Jeffrey Naimon; Clinton Rockwell; Joseph Kolar; Michelle Rogers

Testimonials

‘They understand our business including unique components of our business which allows them to provide legal advice that is relevant and solution oriented. They understand and appreciate the multiple constituents that are impacted in any matter they may be advising on such as Risk, Credit, Operations, Compliance, Technology and helpful at identifying potential implications and possible solutions to addressing.’

‘Responsive, pragmatic, trustworthy, deep substantive knowledge, and ability to cut to the core of an issue and viable options to address. Clint Rockwell and Chris Witeck are go to lawyers for me on the most complex of matters for these reasons.’

‘Buckley is our primary national regulatory counsel. They have years of industry knowledge, experience and expertise, and they present their advice in a business-friendly and practical way.’

‘Partners Jeff Naimon and Clint Rockwell and associate Kris Knabe are the primary attorneys we work with. They are smart, insightful, experienced, they are legal experts in the mortgage industry, and they are a pleasure to work with.’

Key clients

Cross River Bank

Work highlights

  • Advising Cross River Bank on regulatory issues arising from CRB’s partnership with fintech companies such as Affirm, Stripe and Transferwise.
  • Representing a subsidiary of a consumer credit reporting agency in a CID from the FTC Division of Privacy and Identity Protection focused on FCRA compliance in connection with the furnishing of consumer reports.
  • Represent a top-25 bank in multiple major regulatory compliance matters and regulatory investigations, including in a very large review of all consumer-facing processes for compliance with regulatory and statutory requirements.

Mayer Brown

Mayer Brown advises a strong international client base on financial services compliance matters, with a particular emphasis in the mortgage space, acting for mortgage lenders, servicers, investors and title underwriters. Of late, the team has been advising on issues relating to government measures taken in response to Covid-19 pandemic, and has also been active in compliance matters relating to the Truth in Lending Act. Jeffrey Taft and Steve Kaplan jointly lead the financial services regulatory and enforcement group. The team is also recognized for its broker-dealer work, with Marlon Paz the key contact in this area. Another leading name in the team is Thomas Delaney, who specializes in helping international banks and financial services companies navigate US regulations. The team experienced some turnover in 2020: in January, David Sahr, Melanie Brody , and Jon Jaffe retired, and Donald Waack left for Morgan, Lewis & Bockius LLP. Michael Levy and Andrew Olmem joined the team from Paul Hastings and the US National Economic Council, respectively, and Eric Mitzenmacher was promoted to partner in January 2020. All named lawyers are based in Washington DC.

Practice head(s):

Jeffrey Taft; Steve Kaplan

Other key lawyers:

Thomas Delaney; Marlon Paz; Michael Levy; Andrew Olmem; Eric Mitzenmacher

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

Work highlights

  • Advising a number of depository and non-depository institutions on CARES Act compliance and other Covid-19 related issues.
  • Advised multiple lenders on the regulatory requirements of the Small Business Administration’s Paycheck Protection Program, including obtaining approval to act as a PPP additional lender under SBA requirements.
  • Advising a large bank facing regulatory criticism for conduct that potentially violated federal and state consumer credit laws.

Shearman & Sterling LLP

Shearman & Sterling LLP advises clients including banks and broker-dealers on compliance with financial services regulation, ranging from Dodd-Frank to FINRA rules. The team has a long history in the broker-dealer space, with Russell Sacks noted for his expertise in this area; he has been advising SIFMA on responding to FINRA and SEC rule changes. Another key contact is Reena Agrawal Sahni, who has a varied practice, covering standalone compliance and bank M&A. The team also draws on its knowledge of securities regulation to advise fintech companies moving into the securities market. Jennifer Morton was made up to partner in 2020 and specializes in broker-dealer regulation. Mark Chorazak joined the New York office in June 2020 from Cadwalader, Wickersham & Taft LLP.

Practice head(s):

Reena Agrawal Sahni; Russell Sacks

Other key lawyers:

Jennifer Morton; Mark Chorazak

Key clients

Bank of America

SIFMA

Citigroup

BNP Paribas

Mizuho

Itau Unibanco

Banco Bradesco

Development Bank of Japan

Bank of Nova Scotia

Intercontinental Exchance

Credit Suisse

JPMorgan Chase

Deutsche Pfandbriefbank AG

Unicredit Bank AG

Safra National Bank

National Bank of Canada

CVEX Group Inc.

Blackstone

Work highlights

  • Representing several banks in unwind repo settlements and related documents with the Republic of Argentina.
  • Represented Banco Bradesco S.A. in its $500m acquisition of BAC Florida Bank.
  • Advising Citigroup and its affiliates globally on the implementation of variation margin and initial margin arrangements with respect to uncleared swaps.

Ballard Spahr LLP

Ballard Spahr LLP fields a team of consumer finance specialists spread across the US, with experience in mortgage banking, fintech, payment services, and student lending. The practice group also advises clients on data protection and privacy issues. Key figures in the team's Philadelphia office include Alan Kaplinsky, Jeremy Rosenblum, and Mark Furletti, while Chirstopher Willis is a name to note in Atlanta. Kaplinsky is noted for his expertise on the use of arbitration provisions in consumer lending contracts. The team's student lending practice is led by John Culhane, while Richard Andreano takes the lead on mortgage lending matters.

Practice head(s):

Alan Kaplinsky; Jeremy Rosenblum; Mark Furletti; Christopher Willis

Other key lawyers:

John Culhane; Richard Andreano

Key clients

Discover Financial Services

Goldman Sachs

Accenture Credit Services

Lending Club

Social Financial, Inc.

Comenity Bank

Toyota Financial Services

American Bankers Association

Consumer Bankers Association

Hogan Lovells US LLP

Hogan Lovells US LLP's financial institutions team is led by Richard Schaberg, who stands out for his experience in bank M&A work. Counsel Sara Lenet is another name to note; she handles regulatory matters both for banks and clients in the fintech sector. Schaberg and Lenet are based in Washington DC.

WilmerHale

Washington DC-based WilmerHale has recognized expertise in handling compliance with anti-money laundering statutes. In addition to AML-related work, the practice group covers fair lending regulations, consumer fraud prevention, and has recently been active in issues related to the CARES Act. Members of the team are also noted for their significant governmental experience, with practice head Franca Harris Gutierrez having previously served in the office of the Chief Counsel of the Comptroller of the Currency. David Cohen was appointed Deputy Director of the CIA by the Biden administration in January 2021, and Reginald Brown left for Kirkland & Ellis LLP in November 2020.

Practice head(s):

Franca Harris Gutierrez

Allen & Overy LLP

Allen & Overy LLP has a strong pedigree in regulatory broker-dealer matters, with deep experience handling the registration of broker-dealers with the SEC and FINRA, as well as providing on-going advice on myriad compliance. The team is also noted for its ability to draw on wider firm's global network of offices to provide advice to US clients on their overseas activities. Joint practice heads Barbara Stettner and Chris Salter are names to note in this space; both are based in the Washington DC office.

Practice head(s):

Barbara Stettner; Chris Salter

Other key lawyers:

Hilary Sunghee Seo; Wallace DeWitt

Testimonials

‘Solutions-oriented and tailored advice. The A&O team really understood the big picture of our needs.’

‘Barb Stettner has a wealth of knowledge, industry expert and excellent relationship manager. Barb gave great practical advice and was involved in every stage of the project. Wallace DeWitt – Thoughtful and great to work with. Stand out associates on the project were Catherine Thompson and Sherry Qian.’

Key clients

Securities Industry and Financial Markets Association (SIFMA)

Equity Dealers of America

Cetera Financial Group, Inc.

GCA Savvian LLC

Dentons

The team at Dentons advises on regulatory issues in the residential mortgage market, handling the originating, financing, underwriting, securitization and trading of mortgage-linked financial products. In this regard, the group acts for some of the world’s largest banks, including Barclays, JPMorgan Chase, and Nomura Group, as well as non-depository lenders and funds. The practice group is jointly led by John Holahan in Washington DC and Matthew Yoon in New York.

Practice head(s):

Matthew Yoon; John Holahan

Testimonials

‘Dentons is one of the top structured finance firms in the nation. They have the technical knowledge and expertise as well as significant market experience across all areas of finance and securitization. Additionally, they have one of the top mortgage regulatory teams which is the go to group for us and most of the industry.’

‘Matt Yoon and John Holahan run Dentons regulatory practice and are our go to lawyers for all regulatory matters. They are experts in both mortgage and ABS regulatory work. Matt and John are practical; they see the forest through the trees and provide practical advice that can be utilized by clients while pointing out potential risks. They are extremely constructive and can explain complicated regulatory issues in layman’s terms. I highly recommend this team.’

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

  • Providing regulatory counsel to Barclays’s mortgage trading and underwriting desks on Wall Street in connection with the management of financing lines and residential mortgage assets.
  • Serving as primary mortgage regulatory counsel to Citi’s mortgage financing, trading and securitization desks, one of the largest participants in the market.
  • Serving as primary regulatory counsel to Nomura’s whole loan trading, financing and securitization businesses in the US.

Eversheds Sutherland

Eversheds Sutherland has a strong track record in advising broker-dealers on various financial services regulations. In addition to its broker-dealer client base, the team has also advised the Financial Services Institute on SEC regulations. The practice is also experienced in other areas, including advising business development companies on formation, structuring and regulatory compliance. Steven Boehm leads on this work from the firm's Washington DC, and Stephen Roth (also in Washington DC) has experience advising insurers on matters related to broker-dealers.

Practice head(s):

Stephen Roth; Steven Boehm

Testimonials

‘The team is extremely knowledgeable on the Investment Company Act of 1940 rules and requirements for private capital providers, and has great insight into the SEC staff’s views on various issues. They are uniquely positioned to assist an asset manager looking to establish regulated products and investment programs that can be scaled across various types of wrappers.’

‘Good demeanor, candid with their views and advice, and willing to go the extra mile.’

‘Highly capable attorneys, always available and excellent value.’

‘Steve Boehm and Vlad Bulkin are exceptional attorneys with tremendous expertise and are always available.’

‘Compared to many large firms, Eversheds attorneys tend to have more specialized expertise in their field, which helps bridge the gap between in-house and outside counsel—less need to “get them up to speed on how the business works.” Also, Eversheds’ fees are reasonable. And, frankly, Eversheds attorneys do not come with the “we’re the smart ones” freight that you sometimes find with outside counsel.’

‘Eversheds attorneys strive to understand the businesses in which their clients engage, which makes them more than just “hired guns.”’

Key clients

Coalition of circa 70 broker-dealers

Committee of Annuity Insurers

Goldman Sachs Middle Market Lending Corp.

Financial Services Institute

GuideStone Funds

Oxford Lane Capital Corp

CIM Real Assets & Credit Fund

Prospect Flexible Income Fund

USCF ETF Trust

Work highlights

  • Serving as lead counsel to a coalition of 32 major US life insurance companies and their affiliated broker-dealers in relation to SEC, FINRA and US Department of Labor rule proposals and initiatives.
  • Serving as securities counsel for a coalition that includes approximately 70 broker-dealers, which is affiliated with the members of the Committee of Annuity Insurers.
  • Represented Goldman Sachs Middle Market Lending Corp. (MMLC) in a $1bn merger agreement with Goldman Sachs BDC, Inc.

Katten

Katten Muchin Rosenman LLP specializes in securities regulation issues, advising clients on a standalone basis and also in response to SEC investigations and FINRA enquiries. The team's client base includes investment banks and brokerages as well as non-financial institutions facing allegations of securities fraud. The overall financial markets team is led by Lance Zinman in Chicago and Gary DeWaal in New York. Michael Lohnes and Michael Diver handle much of the team's SEC investigation work, with Diver drawing on his past experience as a branch chief in the enforcement division of the SEC; both are based in Chicago. Susan Light is also recommended in the New York office. Paul McCurdy joined the team in August 2020 from Kelley Drye & Warren LLP, and Daniel Davis joined in January 2021; Davis previously acted as General Counsel for the CFTC. Guy Dempsey has now retired.

Practice head(s):

Lance Zinman; Gary DeWaal

Other key lawyers:

Michael Lofnes; Michael Diver; Susan Light; Paul McCurdy; Daniel Davis

Venable LLP

Based in Washington DC, Venable LLP's regulatory practice focuses on consumer banking and fields a team including a number of former counsel at the CFPB. Recently, the team has been active in advising fintech lenders on compliance, as well as assisting non-financial institutions involved in financial services, an example of which was advising Verizon on its device financing service. Andrew Arculin and Jonathan Pompan advise a wide range of clients on compliance at the state and federal level. Michael Bresnick is currently serving as independent monitor of Deutsche Bank following a settlement between the bank and the DOJ related to the packaging and sale of RMBS. Allyson Baker represents clients in investigations and litigation involving the CFPB and state attorneys general.

Practice head(s):

Allyson Baker; Jonathan Pompan

Other key lawyers:

Andrew Arculin; Laura Biddle; Michael Bresnick

Testimonials

‘Very informed advisers in solving concerns involving high-risk sectors.’

‘Ellen Berge and Andrew Bigart both have deep expertise in the financial services industry and help us quickly benchmark and solve complex, high-risk issues.’

‘Venable’s team of attorneys, led by Allyson Baker, is top notch. They strive to keep our organization informed of all updates and modifications to consumer finance laws, rules and regulations. And instead of saying what we can’t do, they always strive to tell us what we can do.’

‘Venable’s financial services regulation practice is top notch, with a great breadth of experienced partners and associates who are regularly involved in industry events and stay up with current industry happenings.’

‘Gerald S. Sachs is an exceptional lawyer with a very good bedside manner. Great advocate with valuable federal agency experience. Easy to reach and always responsive.’

Key clients

Verizon Wireless

LoanMe

Transworld Systems Inc.

ClearPath Lending

National Pawn Brokers Association

University Accounting Service, LLC (UAS) (Transworld Systems Inc., subsidiary)

NMS Capital

Clarion Capital Partners

LendingUSA, LLC

Credit.com

Midland Credit Management

Cavalry Portfolio Services, LLC

Electronic Transactions Association

Applied Data Finance d/b/a Personify

iStream Financial Services

Work highlights

  • Advised NMS Capital on regulatory due diligence and post-transaction advisory services in relation to its February 2020 acquisition of DCM Services, LLC, a provider of data and contact management solutions for the estate and speciality receivables recovery market.
  • Representing Transworld Systems Inc. a national student loan servicing company in a number of different matters, including one that involves the CFPB that is currently before the US District Court for the District of Delaware.
  • Acting as an independent monitor to Deutsche Bank AG following the bank’s $7.2bn settlement in January 2017 for its role in packaging and selling residential mortgage-backed securities.