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

Debevoise & Plimpton LLP's 'very responsive' practice group is jointly led by Satish Kini in Washington DC, who previously served as a senior lawyer at the Federal Reserve, and Gregory Lyons in New York, who was recently appointed as the Chair of the New York City Banking Bar Committee. Acting for Wall Street firms, regional banks, foreign banks and trade groups, the team has wide-ranging expertise in matters pertaining to the Volcker rule, overseas banking legislation, broker-dealer regulatory issues, and anti-money laundering. Lyons in particular is a key contact for national and international banking clients, which he advises on M&A structuring and enforcement proceedings before various regulators. In a recent highlight, Lyons and fellow partner Kevin Schmidt advised Citizens Financial Group on the purchase of all of Franklin American Mortgage Company's assets for $511m. Kini is regarded as one of the industry's brightest legal minds in the field of anti-money laundering, and was recently appointment as outside AML counsel for the Securities Industry and Financial Markets Association. 'Pragmatic' partner David Portilla is another name to note; he routinely advises clients on regulatory reform issues, and handles a consistent stream of diverse regulatory work for the main trade organizations in the US financial services industry. Counsel David Sewell, who previously served as a senior regulatory and enforcement attorney at the Federal Reserve Bank of New York, specializes in compliance and enforcement in connection with anti-money laundering, sanctions and financial crime.

Fielding a team that includes several former high-ranking SEC officials, Latham & Watkins LLP focuses on advising major domestic and foreign banks, broker-dealers, PE funds and many others on issues relating to the Dodd-Frank Act, Basel III and general resolution planning. The firm also has a strong presence in the fintech space, where it acts for large financial institutions in projects to develop new technology, and also assists early-stage and growth companies with issues ranging from incorporation to ICOs. Moreover, the firm is well placed to advise on the regulatory aspects of IPOs, through its dedicated broker-dealer team and a strong capital markets group. Alan Avery is often retained by clients to advise on state and federal banking regulations and the impact of those regulations on global operations; he is also a popular choice for financial institutions facing anti-money laundering issues and other investigatory matters. Stephen Wink is one of the firm's go-to lawyers for issues relating to the regulation of broker-dealers, and is also a name to note in the fintech space. John Sikora, who served for 16 years as an assistant director in the Chicago Regional Office and in the Asset Manangement Unit of the SEC's Enforcement Division, predominantly advises companies and D&Os facing SEC and FINRA examinations and enforcement actions. Also recommended is Joseph Serino, who has expertise in a range of fraud and regulatory matters. Mitchell Rabinowitz and Jenny Cieplak joined the firm from Crowell & Moring LLP in June 2019, bringing to the group additional expertise in joint ventures and consortia projects, predominantly in the fintech sector.

Simpson Thacher & Bartlett LLP's New York-based financial services team advises commercial and investment banks, insurance companies, mortgage brokers and others on a wide range of transactional and regulatory matters. On the pure regulatory front, the firm is well equipped to represent clients in negotiations and discussions with regulators, particularly in relation to legislation such as the Dodd-Frank Act and Basel III. The team is equally well known for its involvement in mergers between US banks. Lee Meyerson is the firm's go-to financial services M&A lawyer, with a highlight reel that includes advising JPMorgan Chase on its $58bn merger with Bank One Corporation and representing Mellon Financial in its $16.8bn merger with The Bank of New York. Keith Noreika's expertise lies at the intersection of financial services regulation and corporate transactions, spanning M&A, minority investments, capital issuances and structuring and compliance activities. Corporate partner Elizabeth Cooper also handles significant M&A in the financial services industry, having recently acted for Blackstone in its $20bn partnership with Thomson Reuters.

Based in Washington DC, Arnold & Porter is particularly well-known for its expertise in M&A in the financial services industry, which is complemented by the firm's wider regulatory counseling practice. Practice head David Freeman advises investment managers, broker-dealers and financial institutions on M&A, banking and securities regulatory issues, private investment funds and much more. Robert Azarow is also active in bank M&A, and has further expertise in restructuring and refinancing mandates involving financial institutions and capital markets transactions. In a standout matter, Azarow advised Piermont Bank and its sponsor entity on the formation and initial capitalization of Piermont Bank as a New York State-chartered, FDIC-insured, commercial bank. Brian McCormally utilizes his wealth of experience at the OCC and the OTS to provide well-rounded regulatory advice to financial institutions.

Cadwalader, Wickersham & Taft LLP has a very strong and highly active broker-dealer and swap-dealer practice, noted for advising SIFMA and various large financial institutions on matters relating to regulatory changes and proposals that stand to have a major impact on its clients' financial prospects. The firm is also well-known for guiding large financial institutions through the Dodd-Frank act. In addition to these core areas of expertise, the team is also well-placed to handle the regulatory aspects of transactions, such as M&A and PE investments, and to provide ongoing advice to large financial institutions on global AML requirements and antitrust laws. Steven Lofchie is the firm's go to broker-dealer specialist, and Scott Cammarn advises international banks on anti-money laundering, anti-corruption and various Volcker issues. In addition, Cammarn has an active presence in the fintech space, and also works alongside Lofchie in broker-dealer matters. Mark Chorazak is often sought by financial services companies to advise on compliance under the Bank Holding Company Act and Dodd-Frank; however he is perhaps best known for his expertise acting for clients in large M&A. Special counsel Nihal Patel is engaged by clients on a regular basis to provide advice on trading, structuring and internal compliance relating to derivatives. Senior counsel Richard Schetman co-chairs the financial services group.

'Knowledgeable, supportive and creative', Morrison & Foerster LLP has core strengths in handling the regulatory aspects of corporate transactions, and advising foreign financial services companies seeking to expand their US footprint. Moreover, the firm has substantial expertise in the consumer finance space, where it handles a range of supervisory and enforcement matters before the CFPB, including issues relating to the Home Mortgage Disclosure Act. Barbara Mendelson, who previously worked at the Federal Reserve Bank of New York, is best known for advising financial institutions on the acquisitions and sales of banking and non-banking firms; she also has experience of AML compliance and enforcement matters. Rick Fischer is one of the firm's main experts in regulatory matters involving privacy, data security, and e-commerce. In addition to traditional banking regulation, the team is also active in the area of fintech. Obrea Poindexter is particularly standout in the payments space, having built up a track record of advising on regulatory issues relating to credit, debit and prepaid cards. In a recent highlight, Poindexter assisted a large technology company with the launch of a new peer-to-peer lending platform. Another key figure is senior counsel Henry Fields, who has a wealth of experience in bank M&A and private equity transactions. The team also represents clients in investigations relating to economic sanctions and the Bank Secrecy Act.

Based in New York, Schulte Roth & Zabel LLP is rated for its expertise in broker-dealer enforcement and regulatory work, its involvement in M&A and private equity investments in the financial services sector, and its experience advising growth companies and major tech companies on fintech products and investments. Donald Mosher focuses on the regulation, acquisition and sale of payment companies and the licensing and registration of money services businesses, including B2B providers and cryptocurrency exchanges. 'Consistently superb' partner Joseph Vitale routinely advises private equity funds and hedge funds on investments in the banking sector, and former SEC enforcement attorney Craig Warkol advises on securities trading and represents clients in enforcement and investigation proceedings brought by the SEC, DOJ, FINRA and other regulators. Julian Rainero is the firm's go-to broker dealer expert, serving as regular counsel to clients in connection with compliance matters before the SEC and the Fed. Vitale is currently one of several partners advising major banks, including Credit Suisse and UBS Group, on compliance with the Bank Holding Company Act and the Volcker Rule.

Mayer Brown's financial services team advises large domestic and international banks and financial services companies on regulatory compliance with legislation such as the Bank Holding Company Act and the Volcker Rule under Dodd-Frank. On the transactional front, the group advises clients on investments and acquisitions, and on the development of new global platforms requiring regulatory approval. Thomas Delaney, who previously served as an attorney with the US Treasury Department Office of Thrift Supervision, counsels clients on anti-money laundering and sanctions compliance, and defends financial institutions subject to enforcement proceedings and Congressional investigations. Jeffrey Taft assists clients with compliance and enforcement matters in relation to consumer financial services, cyber-security, payment systems and bank regulation. Marc Cohen has experience working with all of the major financial services regulators in the US, and also has extensive experience in cross-border litigation. Marlon Paz joined the firm in 2019 from Seward & Kissel LLP as the head of its new broker-dealer regulation and compliance practice. Paz brings to the team substantial experience in securities regulation, examinations, internal investigations, SEC and FINRA enforcement and compliance. Steven Kaplan co-heads the firm's financial services regulatory and enforcement practice.

Based in New York, Shearman & Sterling LLP's practice focuses predominantly on banking regulation and broker-deal regulatory matters. On the broker-dealer side, team lead Russell Sacks is a trusted advisor to SIFMA, which he recently assisted with the development of its new rules on block trading and front-running. Sacks is also known for advising boutique investment banks on regulatory issues and compliance. On the banking side, 'very well-rounded' partner Reena Agrawal Sahni routinely handles Volcker Rule compliance, M&A and incorporation of new entities in the US.  In addition, Agrawal Sahni has advised clients facing investigations and regulatory enforcement actions arising from issues such as anti-money laundering. Counsel Jennifer Morton is another contact in the broker-dealer practice.

With a team spread across Philadelphia, Washington DC, Atlanta, New York, Los Angeles and Minneapolis, Ballard Spahr LLP is often sought by clients to advise on consumer financial services issues and products. In addition, the practice group is also active in regulatory matters relating to privacy, cyber security, data aggregation, marketplace lending and fintech. Philadelphia-based practice head Alan Kaplinsky is frequently engaged by the CFPB to comment on complex regulatory matters; he has also served as a witness to the bureau in three separate hearings. Of particular note, Kaplinsky is well known for playing a central 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. Also in Philadelphia, TCPA group head Mark Furletti advises numerous consumer finance, alternative lending and fintech clients on all aspects of their businesses, and John Culhane is noted for his work in the student lending industry, where he acts for five of the six biggest lenders or holders of private student loans in the US. Richard Andreano in Washington DC specializes in federal mortgage regulation, having advised clients on matters that run the full gamut of legislation in this area. Jeremy Rosenblum co-chairs the firm's consumer financial services group in the Philadelphia office.

Based in Washington DC, Hogan Lovells US LLP's financial services team is best known for its work for regional and community banks engaged in M&A. In addition to handling a steady stream of M&A, practice head Richard Schaberg is also well-known for his knowledge of securities law compliance and his experience in the fintech sector, where he advises on matters ranging from ICOs to traditional corporate transactions, such as joint ventures and M&A. Counsel Sara Lenet advises financial institutions on compliance with critical legislation such as Dodd-Frank, and also on various issues raised by the Federal Reserve, the FDIC, and the OCC, among other industry regulators. Also of note is senior associate Ashley Hutto-Schultz, who has strong experience in the consumer finance sector.

Based in Washington DC, the team at Dechert LLP has acted for bank holding companies and investment funds, in issues relating to compliance with the Volcker Rule. The firm also has a strong focus on the fintech sector. David Harris and William Bielefeld are key figures in the team. Former practice co-head David Ansell retired, and senior partners Thomas Vartanian and Robert Ledig left the practice for positions at a US law school.

Katten has a reputation for work in the derivatives market, evidenced by the sheer volume of clients that seek the firm's advice in relation to the regulatory aspects of exchange-traded and OTC derivatives across all asset classes. New York-based Wendy Cohen has more than three decades of experience advising asset managers on regulations governing private investment funds. Lance Zinman in Chicago has acted for proprietary trading firms and asset managers.

Fielding a team that includes former members of the CFPB's Office of Enforcement and Office of Regulations, Venable LLP is well equipped to advise clients on regulatory matters across the consumer finance industry, including consumer protection, advertising and marketing, and privacy and data security issues. Leveraging his experience as senior counsel in the CFPB's Office of Regulations, Andrew Arculin provides comprehensive support on compliance and enforcement matters, focusing primarily on consumer lending, fintech and mortgage banking. Civil litigator Allyson Baker represents consumer finance companies and individuals in private investigations brought by the CFPB, state attorneys general and the DOJ, and Jonathan Pompan advises investors and lenders in relation to regulatory compliance, product development and many other matters before the CFPB and the FTC.

Winston & Strawn LLP's Chicago-based financial services team specializes in advising investment funds and regional banks, often in relation to M&A, private equity transactions and consumer finance matters. The firm also has experience advising clients, including trade associations, thrift institutions and foreign investment advisers, on compliance with the Dodd-Frank Act, and its effect on their operations in the US. 'Regulatory expert' Jerry Loeser, who previously served as chief regulatory and compliance counsel for Wells Fargo, has experience advising clients on bank M&A, Basel III issues, lending limits and various other matters before regulators such as the CFPB and the Fed. Chair of the bank regulatory practice Christine Edwards focuses on securities, banking and insurance regulations; she also assists clients with corporate governance and policy issues.