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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Brown, Reginald J.

Reginald J. Brown

Chair, Financial Institutions Group

+1 202 663 6430 (t)

reginald.brown@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 US 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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April 10, 2018

FinCEN Releases Frequently Asked Questions Regarding Customer Due Diligence and Beneficial Ownership Requirements

Last week the Financial Crimes Enforcement Network (FinCEN) issued much-anticipated Frequently Asked Questions (FAQs) that provide additional guidance to financial institutions relating to the implementation of the new Customer Due Diligence Rule (CDD Rule), set to go into effect on May 11, 2018. This client alert was also published by New York University School of Law's Compliance & Enforcement Blog.

April 2, 2018

WilmerHale Team Obtains Fifth Circuit Victory in High-Profile Fiduciary Rule Case

A team of WilmerHale litigators recently achieved a major victory when the US Court of Appeals for the Fifth Circuit vacated the US Department of Labor's highly controversial Fiduciary Rule, giving opponents of the regulations embodied by the rule their first victory after several previously unsuccessful lawsuits.

March 21, 2018

Selected 2018 M&A Transactions

In 2017, we advised clients on more than 75 M&A transactions with an aggregate value of approximately $60 billion, providing guidance in areas including corporate, securities, antitrust and tax. Since 2007, we have participated in more than 1,000 mergers and acquisitions with a total value in excess of $400 billion, ranging from sales of VC-backed companies to multibillion-dollar global mergers.

March 21, 2018

Selected 2018 Public Offerings and Rule 144A Placements

In 2017, we handled more than 40 public offerings and Rule 144A placements raising approximately $18 billion, for leading companies in life sciences, technology, financial services, communications and other industries. Since 2007, we have served as counsel in approximately 400 public offerings and Rule 144A placements with total proceeds in excess of $150 billion.

March 20, 2018

D.C. Circuit Invalidates Portion of FCC's 2015 Declaratory Ruling & Order Implementing the TCPA

On March 16, 2018, the D.C. Circuit issued its long-awaited ruling in ACA International, et al. v. FCC, et al., resolving a series of challenges to the July 10 2015 Declaratory Ruling & Order of the Federal Communications Commission implementing the Telephone Consumer Protection Act.

March 9, 2018

WilmerHale Counsels Stash in $37.5M Series D Funding

Stash, the financial platform revolutionizing how millions of Americans invest and save, announced it has raised $37.5 million in Series D funding.

March 8, 2018

The #MeToo Movement: The Critical Role of the Board in Preparing for, Responding to and Avoiding Sexual Misconduct Allegations

As the #MeToo movement gains momentum, companies in nearly every major industry are dealing with allegations of gender discrimination, sexual harassment or even sexual assault—including allegations of widespread misconduct and inappropriate behavior within the upper echelons of the corporate structure.

February 23, 2018

SEC Approves Guidance on Public Company Cybersecurity Disclosures

On February 21, 2018, the Securities and Exchange Commission approved an interpretive release updating guidance on public company disclosure and other obligations concerning cybersecurity matters. This article was also published by the Harvard Law School Forum on Corporate Governance and Financial Regulation.

February 22, 2018

Infrastructure Series: Trump's Infrastructure Plan and the Future of Infrastructure Reform

Last week, the Trump Administration outlined its vision for improving the nation's infrastructure in the much-anticipated Infrastructure Plan.

February 6, 2018

2017 CFTC Year-in-Review and a Look Forward

In 2017, under the leadership of new Chairman J. Christopher Giancarlo, the Commodity Futures Trading Commission (CFTC or Commission) adopted a notable shift in its enforcement priorities and regulatory agenda.

Recognition

  • Chambers USA: America's Leading Lawyers for Business hailed our financial institutions group with a nationwide ranking in 2014. Clients say, "they are the smartest, best people out there on financial services regulation matters," and laude them as "very smart, very knowledgeable and very client service-oriented. A pleasure to deal with." Partner Franca Harris Gutierrez was recognized individually as a leader in her respective practice area.  
  • WilmerHale was recognized for its strong client relationships in the financial services industry in the BTI Industry Power Rankings 2017.
  • Partner Franca Harris Gutierrez was selected to the 2013 list of The Best Lawyers in America for her work in banking law.
  • In 2013, IFLR100: The Guide to the World's Leading Financial Law Firms,  recognized WilmerHale as a top firm in their financial services regulatory category.
  • The Wall Street Journal lauds the "quiet, behind-the-scenes approach" of our group, which includes Chair Reginald Brown, former Special Assistant to President George W. Bush and White House Counsel liaison to the Treasury Department and independent financial services agencies; and Vice Chair Franca Harris Gutierrez.