Representative Matters

Capital Markets Activities of Banks:

Banks and all financial services companies have faced regulatory changes as a result of the Dodd-Frank Act. While at the American Bankers Association (ABA) and the ABA Securities Association (ABASA), worked extensively on matters related to Titles VI and VII of the Dodd-Frank Act.

Wall Street Transparency and Accountability (Title VII): Extensive work on the new regulatory framework for the swap and security-based swap (collectively, “swap”) markets. Areas of particular focus:

    • Swap dealer definition, including exemption for swaps entered into in connection with originating loans;
    • Margin requirements for uncleared swaps, including exemption for non-financial end users and certain banks;
    • End-user clearing exception for non-financial end users and certain banks;
    • Swaps Pushout Rule related to swap dealers and certain major swap participants; and
    • Eligible contract participant definition.

Improvements to Regulation of Bank and Savings Association Holding Companies and Depository Institutions (Title VI):

    • Measurement of derivatives credit exposure. Measurement is now included in lending limits; inter-affiliate transactions under Section 23A of the Federal Reserve Act; margin requirements for swap dealers and major swap participants; enhanced supervision and prudential standards applicable to bank holding companies with assets of $50 billion or greater; and loans to insiders pursuant to Regulation O.
    • Volcker Rule: Prohibits proprietary trading and certain relationships with hedge funds.

Anti-Money Laundering and Office of Foreign Assets Control (OFAC):

Worked for OFAC and for the Criminal Tax Division of the Internal Revenue Service. As outside counsel, evaluated anti-money laundering procedures at global bank and recommended implementing improvements. Post-enactment of the USA PATRIOT Act, responsible for reviewing and updating compliance policies and procedures, implementation, internal audit, and training at the global bank Capital One and the innovative broker-dealer, alternative trading system, and financial services technology (FinTech) provider FOLIOfn.

Experience advising on a wide range of statutes and regulations, including:

  • National Bank Act of 1864;
  • Federal Reserve Act;
  • Home Owners Loan Act of 1933;
  • Federal Deposit Insurance Act of 1950;
  • Bank Holding Company Act of 1956;
  • Bank Secrecy Act of 1970;
  • Electronic Fund Transfer Act;
  • Financial Services Modernization Act of 1999 (Gramm-Leach-Bliley Act);
  • Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act);
  • Office of Foreign Assets Control (OFAC) laws and regulations;
  • The Federal Deposit Insurance Reform Act of 2005; and
  • Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
  • Regulation E on Electronic Fund Transfers;
  • Regulation K on International Banking Operations;
  • Regulation R on Exceptions for Banks from the Definition of Broker in the Securities Exchange Act of 1934;
  • Regulation T on Credit by Broker and Dealers;
  • Regulation U on Credit by Banks and Persons other than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock;
  • Regulation W on Transactions between Member Banks and Their Affiliates;
  • Regulation KK on Margin and Capital Requirements for Covered Swap Entities;
  • Regulation VV on Proprietary Trading and Relationships with Covered Funds (Volcker Rule); and
  • Regulation YY on Enhanced Prudential Standards for large bank holding companies and systemically important nonbank financial firms.