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 24, 2017

US Announces Review of Iran Nuclear Deal

On April 18, 2017, the State Department certified to Congress that Iran was in compliance with its obligations under the Joint Comprehensive Plan of Action between the United States, Iran, and the P5+1 nations.

April 19, 2017

President Trump Signs Buy American and Hire American Executive Order

Yesterday President Trump signed an important executive order promoting “Buy American” and “Hire American” policies.

March 14, 2017

NDRC’s Briefing Meeting on Increased Openness to Foreign Investment

Deputy Director General Liu Hongkuan and senior officer Guo Rui briefed USCBC members on the Notice on Several Measures on Increasing Openness to Foreign Investment and Active Use of Foreign Investment, published by the State Council on January 17, 2017.

March 9, 2017

The UK Senior Managers Regime: One Year Later

An article by Elly Proudlock, published in Law360, discusses the UK Financial Conduct Authority's senior managers and certification regime that's been in place for a year now and looks ahead to this new era of personal accountability in the financial sector.

March 1, 2017

Selected 2017 M&A Transactions

In 2016, we advised clients on more than 75 M&A transactions with an aggregate value of approximately $50 billion, providing guidance in areas including corporate, securities, antitrust and tax. Since 2006, 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 1, 2017

Selected 2017 Public Offerings and Rule 144A Placements

In 2016, we handled more than 35 public offerings and Rule 144A placements raising approximately $25 billion, for leading companies in life sciences, technology, financial services, communications and other industries.

February 28, 2017

President Trump Signs Executive Order Setting Guidelines for Identifying Regulations for Repeal, Replacement, or Modification

On February 24, 2017, President Trump signed an Executive Order setting forth guidelines pursuant to which the Trump administration will implement and enforce its regulatory reform initiatives and identify regulations for repeal, replacement, or modification.

February 21, 2017

New York Finalizes Cybersecurity Regulations for Financial Institutions

On February 16, the New York State Department of Financial Services (NYDFS) issued cybersecurity regulations for banks, insurance companies and other financial institutions subject to NYDFS jurisdiction.

February 7, 2017

Global Anti-Bribery Year-in-Review: 2016 Developments and Predictions for 2017

The past year was consequential for FCPA enforcement in numerous respects, including blockbuster penalties, new policy initiatives, and the SEC's first DPA with an individual for FCPA violations.

February 6, 2017

Treasury Department Imposes New Sanctions Against Iran and Clarifies Russia Cyber Sanctions

Last week saw the first action by the Treasury Department's Office of Foreign Assets Control under the new administration, including two notable developments.

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.  
  • 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.