Financial Services INDUSTRIES

WilmerHale has played a leading role in shaping the rules that govern the financial services industry in the United States. We have extensive experience across all sectors of the industry, including banks, thrifts and other financial institutions. In each sector, our thorough understanding of the industry and its regulatory environment helps our clients achieve their objectives in all four major areas of our practice: regulatory, litigation, transactions and securities.

Highlights

  • In the United States Supreme Court we won two cases for financial institution clients: Beneficial National Bank and Beneficial Tax Masters Inc. v. Anderson, (establishing "complete preemption" basis to remove cases challenging interest charges by national banks); and Pfennig v. Household Credit Services, Inc (holding that over-limit fees are not "finance charges" under the Truth in Lending Act).
  • Represented Bank One in its acquisition of Circuit City's credit card portfolio and the related infrastructure for $1.8 billion.
  • Assisted a major card issuer in the negotiation of a core dedication agreement with one of the major bankcard systems.
  • Helped to shape anti-money laundering regulations and drafted anti-money laundering compliance programs for numerous banks, broker-dealers, and several other types of financial institutions.
  • Represented clients on sensitive compliance and internal investigation matters, and in formal and informal enforcement actions brought by or before several agencies, including the Federal Reserve Board, the Comptroller of the Currency, the Securities and Exchange Commission, the Office of Federal Housing Enterprise Oversight, and the Federal Trade Commission, and in areas such as accounting matters and anti-money laundering.

WilmerHale has played a leading role in shaping the rules that govern the financial services industry in the United States. We have extensive experience across all sectors of the industry, including banks, thrifts and other financial institutions. In each sector, our thorough understanding of the industry and its regulatory environment helps our clients achieve their objectives in all four major areas of our practice: regulatory, litigation, transactions and securities.

Highlights

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Bruemmer, Russell J.

Russell J. Bruemmer

Chair, Financial Institutions Practice Group

+1 202 663 6804 (t)

russell.bruemmer@wilmerhale.com

Experience

We help our clients achieve their business objectives efficiently and cost-effectively. Over the past 30 years, we have built a practice of extensive breadth and depth in regulatory, transactional, litigation and enforcement matters for banks and other financial institutions. In the past two years, we have:

  • Represented banking institutions and insurance companies in dozens of class action matters and other key litigations at all levels of the federal and state court systems. In the last two terms of the U.S. Supreme Court, we won two cases involving retail banking activities for financial institution clients: Beneficial National Bank and Beneficial Tax Masters Inc. v. Anderson; and Pfennig v. Household Credit Services, Inc.
  • Handled two of the largest recent credit card portfolio transactions: (1) we represented Bank One in its acquisition of Circuit City's credit card portfolio and the related infrastructure for $1.8 billion, and (2) we represented another major issuer in the sale of a $1.5 billion tranche of a portfolio co-branded with a major electronics retailer
  • Assisted a major card issuer in the negotiation of a core dedication agreement with one of the major bankcard systems
  • Advised Citigroup in negotiating for acceptance of its Diners Club cards within the MasterCard system
  • Helped lead industry efforts that successfully shaped proposed amendments to the principal federal consumer lending regulations
  • Counseled financial institutions on sensitive compliance and internal investigation matters, on related dealings with regulators, and on the development of corporate compliance programs
  • Helped to shape anti-money laundering regulations and drafted anti-money laundering compliance programs for numerous banks, broker-dealers, and myriad other types of financial institutions
  • Represented clients in formal and informal enforcement actions brought by or before several agencies, including the Federal Reserve Board, the Comptroller of the Currency, the SEC, the Office of Federal Housing Enterprise Oversight and the Federal Trade Commission and assisted clients with anti-money laundering investigations.

Publications & News

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January 2, 2013

The False Claims Act: 2012 Year-In-Review

The upward trends in False Claims Act (FCA) enforcement that we described in our 2011 Year-In-Review continued in 2012. In the fiscal year that ended on September 30, 2012, the U.S. Department of Justice (DOJ) secured $4.9 billion in FCA settlements and civil judgments, beating the previous record by more than $1.7 billion. Federal FCA recoveries since January 2009 add up to $13.3 billion, which is the largest four-year total in DOJ history. Our full review is available in PDF format.

July 5, 2012

SEC Takes Next Step to Implement Dodd-Frank Act's Compensation Committee

December 8, 2011

Washingtonian Magazine Names Eighteen WilmerHale Attorneys to "Best Lawyers" List

June 16, 2011

Extension of FBAR Deadline for Certain Filers Until November 1, 2011

March 29, 2011

Treasury Releases Revised FBAR Form

March 29, 2011

Supreme Court Rejects "Bright-Line" Materiality Rule in Securities Cases

December 13, 2010

Red Flags Rule Scope Narrowed by Congress

November 30, 2010

New Year Brings Three Major Regulatory Deadlines for Financial Institutions

October 25, 2010

In Seminal Decision, New York Court of Appeals Rejects Attempt to Expand Scope of Liability for Professional Service Providers

October 13, 2010

Multiple Claims Toward a Single Satisfaction: Interpreting the "Single Satisfaction" Rule with Respect to Bankruptcy Claims

Recognition

Our Financial Institutions practice group benefits from our strong corporate capabilities. In describing our Corporate practice, Chambers noted that "[t]he group engages in the full range of M&A, corporate finance and private equity work. Clients identified a 'collegial' group of lawyers as 'practical and focused, they are good at coalition building.'"

The Wall Street Journal lauds the "quiet, behind-the-scenes approach" of our Financial Institutions practice, which is led by Russell J. Bruemmer, former Chief Counsel-Congressional Affairs for the FBI, Special Assistant to the Director of the FBI, Special Counsel to the Director of Central Intelligence, and Central Intelligence Agency's General Counsel. The group includes Daniel H. Squire, Eric J. Mogilnicki, and Franca Harris Gutierrez.

Chambers recognized the group and reported that our "strong regulatory and securities law Departments ensure that the team, which features Russell J. Bruemmer, can supply a breadth of expertise."

Russell J. Bruemmer was named one of the "Best Lawyers in America" in banking and is listed in the International Who's Who of Banking Law.

David Medine also was named one of the 50 most influential people in credit by Credit Today Magazine and recognized in B to B Magazine's "100 Who's Who in Business to Business."