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- Practices and Industries
- Financial Services
Recognized as a preeminent practice by Chambers, Law360, Legal 500, Best Lawyers in America, and other publications, Covington’s financial institutions practice is widely recognized as one of the leading practices in the United States. For more than 50 years, Covington has advised financial services firms on all types of regulatory, enforcement, transactional, and consumer protection matters.
Covington represents a broad range of clients in the financial services industry, including depository institutions and their holding companies, securities firms, private equity firms, government-sponsored enterprises, investment banks, money service businesses, and major financial services trade associations, as well as clients in other industries affected by financial services laws and regulations.
We advise financial services clients on a wide range of legal and regulatory issues, including:
- Permissible structures and activities, branching, and regulatory conversions
- Regulation of foreign banking organizations
- Regulatory capital requirements
- Preemption counseling and litigation
- Anti-money laundering compliance
- Transactions with affiliates and insiders
- Recovery and resolution planning
- Compliance with the Volcker Rule restrictions on proprietary trading and investment fund affiliations
- Privacy and data security
- Electronic banking and commerce
We practice before the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state bank regulatory agencies, as well as the United States Departments of Justice, Treasury, and Homeland Security. In many instances, we have confronted long-standing obstacles facing the banking industry and have shaped novel solutions that have received regulatory approval. We frequently serve as a sounding board to financial institutions interested in developing new and innovative products.
We have been closely involved in all aspects of financial regulatory reform, leading to the enactment and ongoing implementation of the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act. A multi-disciplinary group of Covington attorneys has been closely following the implementation process and advising clients on a multitude of legal issues and best practices arising from it.
GE and Synchrony Financial in $2.95 billion initial public offering and subsequent split-off transaction
Representing General Electric and Synchrony Financial (GE Capital’s former North American retail finance business) in connection with Synchrony’s approximately $2.95 billion initial public offering and in connection with GE’s subsequent exchange offer to complete the separation of Synchrony from GE, including the Federal Reserve Board application process and approval required for the Synchrony’s separation from GE.
Foreign banking organizations in the restructuring of their U.S. operations
Representing several foreign banking organizations in the restructuring of their U.S. operations, including in the establishment of intermediate holding companies, mergers and acquisitions and regulatory filings associated with these corporate transactions.
Anti-money laundering compliance programs
Developing anti-money laundering compliance programs for banks, broker-dealers, money transmitters, providers and sellers of prepaid access, and dealers in precious metals.
Freddie Mac in connection with the establishment of the US government conservatorship
Representing Freddie Mac in connection with the establishment of the U.S. government conservatorship over the company during the financial crisis in 2008.
Wachovia Bank, N.A. before the U.S. Supreme Court in the landmark preemption case
Representing Wachovia Bank, N.A. before the U.S. Supreme Court in the landmark preemption case, Watters v. Wachovia Bank, N.A., which held that federal preemption barred Michigan State officials’ efforts to regulate a mortgage subsidiary of Wachovia Bank.
Preparation of key industry comment letters
Advising the Securities Industry and Financial Markets Association, The Clearing House Association, American Bankers Association, and Global Financial Markets Association with respect to comment letters submitted in response to proposals from the Federal Reserve Board, Financial Stability Board, and other agencies affecting large systemically important financial institutions.
ICICI Bank in a $1.7 billion structured financing
ICICI Bank Limited, India’s second largest bank, as the lender in a $1.7 billion structured financing for an affiliate of an India-based multinational company.
Indymac
Represented IndyMac’s former Chairman and CEO in defense of litigation instituted by bankruptcy trustee, the Bank’s receiver, and others arising out of IndyMac’s demise during the 2008 financial crisis. Recognized by AmLaw as a Litigation Department of the Year finalist for 2012 for representation.
Internal investigation for financial institution
Conducted an investigation for a major international financial institution with regard to possible breaches of UK and EU financial sanctions and wire transfer regulations by the client’s UK branch.
Iran sanctions advice for a financial services provider
Represented a multinational financial services provider in strategic matters relating to potential Court of Justice of the European Union (CJEU) litigation pursuant to the EU sanctions against Iran.
Jefferies Group $1 billion Senior Notes Offering
Represented Jefferies as sole book running manager to Jefferies Group, Inc. in an aggregate of $1 billion of senior notes, comprised of two tranches of notes, $600 million of 5.125% Senior Notes due 2023 and $400 million of 6.5% Senior Notes due 2043.
Leading Asset Manager in Emerging Market Fund Formation
Representation of PineBridge Investments (formerly AIG Investments) in connection with the formation of numerous private equity funds targeting investments in emerging markets, including Africa, Asia, Brazil, Central and Eastern Europe, Israel, Latin America, the Middle East and Russia.
Lehman Brothers
Represent Wilmington Trust Company, as indenture trustee for $49 billion of bonds and as Co-Chair of creditors’ committee.
JP Morgan Chase
In obtaining the dismissal of an antitrust class action alleging that a number of credit-card issuers conspired to adopt arbitration clauses in their credit card agreements. 2006 WL 2685082 (S.D.N.Y. Sept. 20, 2006).
JPMorgan Chase Credit Card Class Actions
Represented JPMorgan Chase in numerous antitrust and consumer class actions and attorney general representative actions challenging fees, disclosures, and other banking practices.
JPMorgan Chase patent litigation
Representation of JPMorgan Chase in patent litigation brought in the Eastern District of Texas by LML Patent Corp. relating to electronic transactions on credit and debit accounts.
LCIA Arbitration Against a Russian Investment Firm
Representation of a Bermuda company in a pending LCIA arbitration against a Russian investment firm arising out of investment brokerage arrangements.
Blockchain Asset Acquisition
Advising a financial services company in connection with its acquisition of blockchain assets.
Blockchain Industry Association
Providing strategic advice and support to a new blockchain industry association.
Bitcoin Regulatory Advice
We analyzed CFTC regulatory issues on behalf of digital currency wallet and platform provider, including the launch of an exchange and meetings with the CFTC Chairman, Commissioners, and staff to discuss the company and its request for no-action relief.
Portfolio Recovery Associates CFPB Investigation, Enforcement Action and Consent Order
Represent Portfolio Recovery Associates, a large debt collection firm, in a CFPB investigation and enforcement action that resulted in the negotiation and implementation of a consent order.
Consumer Financial Protection and Practices
Advise numerous financial institutions and non-bank financial services firms on unfair, deceptive, or abusive acts or practices (“UDAAPs”), fair lending, overdraft programs, credit cards, installment loans, and other consumer credit products, payments and payment systems, military lending, and managing vendor and other third-party relationships.
Trade Association Strategy and Political Advocacy
Represent industry trade associations, including the Online Lenders Alliance, Consumer Data Industry Association, and American Bankers Association, in connection with CFPB and FTC regulatory strategy and policy advocacy, preparing comment letters on CFPB rulemakings, and amicus briefs.
Fintech Financial Regulatory and Data Privacy Compliance
Advise numerous financial technology and services companies, including consumer reporting agencies, payment processors, and technology providers, on issues related to consumer credit reporting, financial privacy and data security, payment processing and payment systems, and state licensing requirements.
Blockchain Public Policy Counsel
We provide regular government affairs and public policy support and advice to a blockchain infrastructure and transaction processing company. In particular, we help them identify key stakeholders for Blockchain issues and guide them in their discussions with regulators in various jurisdictions and various industry sectors.
Corporate Counsel to Blockchain Startup
Advising a start-up blockchain company building an identity platform in connection with corporate, venture capital, privacy, and commercial licensing transactions.
$1.6 billion Acquisition Creates Mexico’s Largest Pension Fund
Represented Grupo Financiero Banorte, the Mexican financial group, and its affiliate Afore XXI Banorte in the $1.6 billion acquisition of Afore Bancomer from Banco Bilbao Vizcaya Argentaria to create Mexico’s largest pension fund.
A former managing director of an investment bank
In an ICC arbitration relating to executive compensation.
Acquisition of Bank Holding Company in Wyoming
Represented WSFS Financial Corporation in its acquisition of First Wyoming Financial Corporation.
Advising Global Service Provider on Financial Services Project
Advising a global service provider on a project that sits at the intersection of tech advisory and trade controls, including on the use of AI tools by financial services providers.
Advising Large Public Companies and Investors on Corporate Governance Matters
Represented boards in the pharmaceuticals, consumer goods, health insurance, home equipment, advertising, motor vehicles, network communications, and technology industries as well as hedge funds, public pension funds, and other investors with respect to corporate governance developments regarding board and committee composition, crisis management, cybersecurity, internal controls, shareholder proposals, proxy access, political spending, and other sensitive disclosures and similar matters.
American Express’s Divestiture of Its Global Travel Business
Representation of American Express in the divestiture of its global travel business to form a joint venture with Certares LP, which was the largest foreign investment ever in a travel management company and included Middle Eastern government-owned investors.
Automobile Association IPO on London Stock Exchange
Represented Cenkos Securities plc as sole coordinator and bookrunner in the £1.385 billion initial public offering by Automobile Association on the London Main Market.
$1 Billion in Real Estate Formations
Representation of Hampshire, a privately-owned real estate investment manager, and its affiliates in connection with the formation of multiple related funds and private REITs for U.S. and foreign institutional investors with more than $1 billion of aggregate committed capital focused on investments in U.S. commercial real estate.
$9.5 billion proposed acquisition of the New York Stock Exchange
Represented Deutsche Börse in its proposed $9.5 billion acquisition of the New York Stock Exchange. The transaction was subsequently terminated on EU antitrust grounds.
Bank of New England Corporation
Represented and procured favorable judgment through appeal for The Bank of New York Mellon Trust Company, N.A. as trustee for BNEC unsecured subordinated notes, in a subordination dispute with the trustee for BNEC senior unsecured notes.
Bankwell Financial IPO
Represented Sandler O'Neill & Partners and Keefe Bruyette & Woods, as underwriters, in the $48.6 million initial public offering by Bankwell Financial Group on Nasdaq.
Banorte Acquisition Creates Mexico’s Largest Pension Fund
Represented Grupo Financiero Banorte, the Mexican financial group, and its affiliate Afore XXI Banorte in the $1.6 billion acquisition of Afore Bancomer from Banco Bilbao Vizcaya Argentaria to create Mexico’s largest pension fund.
BBVA in Fintech Acquisition
Represented BBVA in its $114 million acquisition of Simple Technology Finance Corp.
Bernard Madoff Investment Securities LLC
Represented defendant in avoidance action brought by SIPA trustee.
Bespoke CDO Products
Represent U.S. and international investors in bespoke CDO, variable rate note, equity- and credit-linked note, and other complex structured product investments.
Advised on the £15 million Placing and Open Offer by Equals Group plc
Advised Cenkos Securities (NOMAD and Joint Broker) and Canaccord Genuity (Joint Broker) on the £15 million placing and open offer by AIM-listed Equals Group plc, a financial services technology company.
Changes to NYSE Rules for Banks and Broker-Dealers
Represented a leading global provider of investor communications and technology solutions in connection with its pursuit of specific changes to NYSE rules regarding the distribution of proxy materials on behalf of banks and brokers. Covington interacted with the SEC and NYSE staff and successfully persuaded the bodies to include the provisions advocated by our client.
Complex Customized Fund Structure for Neuberger Berman
Representation of Neuberger Berman affiliate Dyal Capital Partners in connection with the formation of private equity funds with over $3 billion of aggregate capital commitments, using a customized master-feeder structure incorporating ERISA compliant vehicles.
Collateral Manager Representations
Represent collateral managers in numerous CDO and CLO transactions.
Deep experience
We have represented clients in numerous other congressional investigations and oversight hearings, including a major internet services company in an investigation of its practices abroad, a chemical manufacturer in an investigation of the safety of its products, an insurance company in a hearing on the federal long term care insurance program, a financial services company in an investigation of credit card terms, and drug companies in investigations concerning such matters as payments to doctors, marketing practices, generic approvals, drug importation, and drug safety.
Export controls for encryption hardware and high-performance computers
Assisted global high-technology and financial sector companies with U.S. and other export controls affecting encryption items and high-performance computers.
Fidelity Bank Subordinated Debt Offering
Represented Keefe, Bruyette & Woods with FIG Partners LLC, as co-placement agent, in the $75 million offering of subordinated debt by Fidelity Bank.
Financial services investigation
We represented a major financial services company in congressional investigations concerning the documentation of residential foreclosures. Conducted by the House Committee on Financial Services and the House Committee on the Judiciary, the investigations included document requests, interrogatory responses, and an oversight hearing. A significant complicating factor was widespread private and state attorneys general litigation on the same subject matter.
First Mariner Bancorp
Represented GCP Investment Partners in connection with the acquisition and recapitalization of First Mariner Bank in the Chapter 11 case of its bank holding company parent.
GCP Investments in Community Banks
Represented GCP as an investor in the acquisition and recapitalization of 1st Mariner Bank by a newly formed interim bank and in its investment in Eastern Virginia Bankshares, Inc.
Grupo Sura in Peruvian Pension Fund Acquisition
Represented Grupo Suramericana de Inversiones, through its subsidiary AFP Integra, together with Profuturo AFP S.A., the Peruvian pension fund manager of Scotiabank, in their $516 million acquisition of AFP Horizonte, the Peruvian pension fund manager, from Banco Bilbao Vizcaya Argentaria.
Peruvian Pension Fund Acquisition
Represented Grupo Suramericana de Inversiones, through its subsidiary AFP Integra, together with Profuturo AFP S.A., the Peruvian pension fund manager of Scotiabank, in their $516 million acquisition of AFP Horizonte, the Peruvian pension fund manager, from Banco Bilbao Vizcaya Argentaria.
Plaza Bank in U.S. Justice Department’s “Operation Choke Point” Initiative
Representing Plaza Bank in the U.S. Justice Department’s “Operation Choke Point” initiative that focuses on banks doing business with third-party payment processors and pay-day lenders and alleges violations of FIRREA.
Advice on the application of the CFTC's core principles for trading platforms
Advise a derivatives trading platform on the application of the CFTC’s core principles for swap execution facilities and designated contract markets.
Advise a coalition of foreign currency intermediaries
Advise a coalition of foreign currency intermediaries regarding the CFTC’s external business conduct regulations in the context of foreign currency prime brokerage arrangements, including a successful request for no-action relief to the CFTC.
Advise a custody bank on customer collateral requirements
Provide advice to a major custody bank related to the CFTC requirements for customer collateral, including rules related to the interactions with futures commission merchants and clearinghouses.
Advise U.S. investment bank with international offices on the regulatory treatment of derivatives
Advise a U.S. investment bank with international offices on the regulatory treatment of derivatives, including the CFTC’s guidance on the cross-border application of Dodd-Frank and the related structure of the investment bank’s operations.
Advised on Complex Bond Exchange
Provided tax and commercial advice relating to the structuring and execution of a complex bond exchange in connection with the wind-down of a business to optimize tier 1 capital. Provided follow-on advice relating to potential audit and transactions to maximize regulatory benefit of deferred tax assets.
Advised on the Restructuring of a Foreign Currency Hedging Program
Provided tax and commercial advice on the restructuring of a foreign currency hedging program to optimize the ability of client to utilize economic losses efficiently. Provide follow-on advice to prepare for potential audit and transactions to maximize regulatory benefit of deferred tax assets.
Advised one of the Largest Mutual Fund Families in the U.S.
Advised one of the largest mutual fund families in the U.S. on financial products issues affecting their funds and investors in their funds. In the past year we have advised on numerous specific products in which the funds have invested and on structuring issues related to a new type of actively managed exchange-traded fund.
Amending the Dodd-Frank Act
We worked with a major financial trade association in a successful effort to amend a provision of the Dodd-Frank Act.
AMEX in U.S. District Court for the Northern District of California
Representation of American Express in the United States District Court for the Northern District of California against claims by Visa that Advanta, in conjunction with American Express, used Visa marks beyond the scope of a trademark license and contrary to the Lanham Act.
Amendment on housing legislation
We represented two major financial trade associations in drafting and presenting to Congress amendments to proposed legislation to revamp the housing finance system.
Bank One and JP Morgan Chase
In securing a stay of antitrust and related class-action claims in deference to arbitration clauses in credit-card agreements. 361 F.Supp. 2d 237 (S.D.N.Y. 2005).
BBVA in Acquisition of Simple
Representation of Banco Bilbao Vizcaya Argentaria, an international financial group based in Spain, in its acquisition of financial technology company Simple. The $117 million acquisition is part of BBVA's strategy to lead the technology-driven change that is transforming the financial services industry. According to Francisco González, Chairman and CEO of BBVA, Simple will reinforce BBVA’s “global digital transformation while BBVA will provide the means to help Simple maximize its outstanding growth potential.”
CFTC regulations compliance
Advise multiple derivatives market participants on compliance with CFTC regulations, including the development of policies and procedures related to futures and swaps trading to demonstrate compliance with CFTC rules and regulations.
Citibank, N.A., and Citigroup in connection with OCC and Federal Reserve Consent Orders
Representing Citibank, N.A., and Citigroup in connection with negotiation of OCC and Federal Reserve consent and civil money penalty orders related to Citibank, N.A.’s foreign exchange (FX) trading business.
Cole Taylor Bank in Federal Reserve Board Investigation
Representing Cole Taylor Bank, now part of MB Financial, in Federal Reserve Board (and Illinois banking department) investigation and consent cease and desist/civil money penalty order alleging violations of consumer protection laws with respect to deposit products provided by the bank through a third party that offered financial aid refund disbursement services to higher education students.
Comment letter on behalf of SIFMA AMG
Prepare comment letter on behalf of SIFMA AMG related to a Joint Audit Committee policy on margining of accounts held by the same beneficial owner.
Comment letters related to the Basel III leverage ratio
Prepare multiple comment letters on behalf of several trade associations related to the treatment of segregated margin for cleared derivatives under the Basel III leverage ratio.
Community Bank Acquisitions by Simmons First National
Represented Simmons First National Corporation in a number of transactions, including in its $206.9 million acquisition of Liberty Bancshares, $243.4 million acquisition of Community First Bancshares, Inc., and $66 million acquisition of Delta Trust & Bank Corporation.
Cook v UBS Financial Services Inc CA No PJM 06 803 D Md 2006
Successful defense of putative nationwide class action for race discrimination on behalf of financial advisors.
Credit Suisse AG in connection with Federal Reserve Board Investigation and Consent Order
Representing Credit Suisse AG in connection with Federal Reserve Board investigation and Federal Reserve Board Consent Order to Cease and Desist and Assessment of Civil Money Penalty with respect to allegations that Credit Suisse assisted U.S. taxpayers with opening of foreign accounts to avoid required U.S. tax reporting and related matters—and in connection with implementation of requirements of the Order.
Dodd Frank whistleblower rulemaking proceeding
Represented a leading industry coalition in the rulemaking proceeding on the whistleblower provisions of the Dodd-Frank Act.
Employment Class Action
Representation of UBS Financial Services in an employment discrimination class action brought on behalf of minority financial advisers.
Fair Credit Reporting Act (FCRA)
Advising several of the largest bank holding companies in the U.S. on compliance with the FCRA. Advising major consumer reporting agencies and trade associations on the requirement of the FCRA. Successfully representing numerous consumer reporting agencies and financial services providers in CFPB and FTC supervisory and enforcement actions relating to FCRA. Representing numerous firms in connection with the acquisition of FCRA-regulated businesses, including due diligence and preparation of merger and acquisition documents.
Fifth Third Bancorp v. Dudenhoeffer
In a unanimous decision, the Supreme Court vacated a ruling that had gone against our client Fifth Third Bancorp in an ERISA case concerning Employee Stock Ownership Plans (ESOPs). The Court held that ESOPs are subject to rules designed to weed out meritless stock-drop cases at an early stage of the litigation.
Financial Benchmarks Antitrust Class Actions
Represented a global bank in class actions involving antitrust, commodities fraud, and RICO claims relating to alleged manipulation of financial benchmarks, including the London Interbank Offering Rate (LIBOR), foreign currency exchange benchmarks, and ISDAFIX®
Former CEO of IndyMac Bancorp in Litigation
Representing the former CEO of IndyMac Bancorp in matters arising out of the failure of IndyMac Bank, including knocking out all but one claim in SEC’s once wide-ranging securities enforcement case and settling the last remaining claim, without admitting or denying liability, as a negligence-based claim for $80,000 and a commitment to comply with the securities laws; successfully resolving an FDIC lawsuit; and defending against and/or successfully resolving several securities class action lawsuits, mortgage-backed securities cases, and purported ERISA class action lawsuits.
Gramm-Leach-Bliley Act (GLBA) and State Financial Privacy Laws
We have advised the largest and most sophisticated banks, consumer reporting agencies, and financial services companies on the collection, use and disclosure of nonpublic personal information under GLBA, that California Financial Information Privacy Act, and similar laws, including the development and implementation of privacy notices.
IndyMac Bank Securities Class Actions
Represented the former CEO of IndyMac Bank in multiple securities and ERISA class actions.
IndyMac SEC securities fraud case
Defended the former CEO of IndyMac in an SEC securities fraud case and FDIC lawsuit involving one of the most high-profile bank failures of the recent financial crisis.
IndyMac SEC civil claims
Defended civil claims brought by the SEC and FDIC against the former CEO of IndyMac BankCorp, Michael Perry, in connection with the bank’s failure in 2008. The cases were ultimately settled on very favorable terms. Relatedly, we represented Mr. Perry on insurance coverage issues concerning his defense.
Internal investigation for a major U.S. financial institution
A cross-office team conducting an internal investigation for a major U.S. financial institution of allegations that the bank assisted Argentine nationals evade taxes and launder money. We are also coordinating the bank's global defense strategy, which includes leading strategy meetings with local Argentine defense counsel, and interfacing with key U.S. officials in the U.S. and in Argentina.
International assignment for U.S. bank
Advised a New York-headquartered investment bank on an international assignment from the UK to China.
MF Global
Represented Chapter 11 trustee and represent Plan Administrator in insurance coverage matters.
Leading Secondary Market Practice
Representation of leading secondary market participants for the last ten years in transactions totaling in excess of $10 billion.
Liquidity Alternative for Auction Rate Securities
Represented a major U.S. investment bank in developing and structuring a liquidity alternative for auction rate securities investors.
MidFirst Bank Acquisitions
Represented MidFirst Bank in its acquisition of Steele Street Bank and Trust from Steele Street Bank Corporation and in its acquisition of Presidential Financial Corporation.
Money Centers of America, Inc.
Represent the Chapter 11 trustee for this financial services company and its wholly-owned subsidiary, Check Holdings LLC in these Chapter 11 cases and related adversary proceedings.
National Commerce Corporation IPO
Represented Keefe, Bruyette & Woods, as underwriters, in the $38.12 million initial public offering by National Commerce Corporation on Nasdaq.
Novel Lending Platform in First-of-its-Kind Transaction
Represent Prosper Marketplace in a variety of securities advisory and transactional matters, including in a first-of-its-kind registration of $500 million of borrower dependent notes and restructuring into a bankruptcy remote vehicle, several rounds of venture financings, as well as ongoing disclosure, SEC reporting and SEC regulatory matters.
Obtaining Relief from Dodd-Frank Derivatives Requirements
We represented a coalition of Foreign Exchange Intermediaries in obtaining and implementing CFTC relief under Dodd-Frank provisions relating to derivatives, permitting continuation of their business operations.
Octavian Advisors in Sale of Fund Stakes
Represented Octavian Advisors, Octavian Global Partners, and its affiliates in the sale of a significant stake in several of its funds to TPS Special Situations Partners.
Octavian Global Partners Fund Reorganization
Representation of the investment manager and general partner of Octavian Special Master Fund, L.P., and its onshore and offshore feeder funds in connection with a complex reorganization, including: an investment in the funds by a TPG affiliate; a concurrent offer to existing fund investors to have their interests in the funds repurchased; and the takeover by TPG affiliates of the investment management and general partner responsibilities for such funds.
OFAC advisory and enforcement matters
Represented major U.S. and European financial institutions in advisory and enforcement matters before the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on the impact of U.S. asset-blocking measures.
PanEuropean Accounts Receivable Securitization
Represented a Fortune 500 company in a €400 million pan-European account receivable securitization funded through a commercial paper conduit.
Patriot Financial Partners in Financial Services Industry Investments
Represented Patriot Financial Partners in its investments in in BNC Bancorp and Palmetto Bancshares.
Peer-to-Peer Lending Company in its Acquisition of Healthcare Lending Platform
Advised Prosper Marketplace, Inc. in its acquisition of American Healthcare Lending, LLC and merger with Prosper’s wholly owned subsidiary, Prosper Healthcare Lending, LLC.
Pepco on $6.6 billion in securities offerings
Represented Pepco Holdings, Inc. and its subsidiaries as corporate and securities counsel for over 25 years, including representation in over $6.6 billion of securities offerings since 2002.
Peer-to-Peer Lending Company in Six Rounds of Funding
Advised Prosper Marketplace in its last six rounds of financing, including its most recent $165M Series D financing.
Representation of AIFMD Covered Funds
Representation of an international fund sponsor in connection with the launch of a fully AIFMD compliant fund targeting €500 million of capital commitments.
Representation of Emerging Markets Funds
Representation of an international fund sponsor in connection with a $825 million India focused private equity fund focusing on stressed companies, distressed companies and special credit opportunities in India using a multi-vehicle platform.
Representation of KKR on various investments
Represent Kohlberg Kravis & Roberts (KKR) on various matters involving potential foreign investor partners.
Responding to Large Cyber-based Financial Crimes
We have handled multiple large cyber-based financial crimes, including, among others, assisting in the response to one of the largest criminal organization ATM cash drawdowns in U.S. history.
Sanctions advice for a major non-U.S. financial institution regarding the processing of U.S. dollar payments
We are representing a non-U.S. financial institution in connection with an investigation by federal and state civil and criminal enforcement authorities into the bank's processing to or through the United States of U.S. dollar payments involving U.S.-sanctioned parties.
Sanctions investigation of financial services firm
Assisted financial services client in investigation of potential sanctions compliance issues in UK affiliate; represented client before UK Financial Conduct Authority (the matter was ultimately resolved with the authorities taking no enforcement action).
Securities Counsel to Numerous Fortune 500 companies
Represent numerous Fortune 500 companies in the pharmaceuticals, consumer goods, health insurance, home equipment, advertising, motor vehicles, network communications, and technology industries with respect to the resolution of shareholder proposals concerning executive compensation, majority voting, proxy access, the right to call special meetings, political spending and lobbying disclosures, and a host of other topics.
Simmons First National Acquisitions
Represented Simmons First National Corporation in a number of transactions, including in its $206.9 million acquisition of Liberty Bancshares, $243.4 million acquisition of Community First Bancshares, Inc., and $66 million acquisition of Delta Trust & Bank Corporation.
Supporting overseas military banking services
Provide ongoing support to a major banking contractor by challenging cost disallowances by the U.S. government that could interfere with the bank’s ability to provide critical banking services to military members stationed around the world.
Synchrony Financial IPO on NYSE
Represented Synchrony Financial as bank regulatory counsel in its $2.875 billion initial public offering on NYSE.
Temasek Holdings acquisitions
Represented Temasek Holdings in various matters, including its investment in Merrill Lynch.
Tricadia Capital Management in Recapitalizations
Represented Tricadia Capital Management as lead investor in the recapitalizations of Highlands Union Bank, a subsidiary of Highlands Bankshares, and Bank of Virginia, a subsidiary of Cordia Bancorp.
Trusted Advisor to Fortune 100 Companies
Represent Fortune 100 companies in the consumer goods, health insurance, and technology industries with respect to sensitive, ongoing securities disclosure, and compliance matters.
UBS Auction Rate Securities Rights
We represented UBS in the SEC registration of $21 billion of Auction Rate Securities Rights offered to clients of UBS as part of its entry into a settlement agreement with the SEC and other securities regulators relating to auction-rate securities.
UBS Commodities Index Services Agreement with Bloomberg
Represented UBS in the negotiation of a new long-term services agreement with Bloomberg for the calculation and administration of commodities indices.
WSFS Acquisition in Wyoming
Represented WSFS Financial Corporation in its acquisition of First Wyoming Financial Corporation.
Data Breach Response and Compliance
We have counseled clients on all aspects of data breach response globally, including incidents involving more than 100,000 impacted employees, payment card incidents involving millions of consumers, and breaches of other personal information impacting more than 50 million consumers.
Prosper in Acquisition of BillGuard
Representation of Prosper in its acquisition of BillGuard, a personal finance analytics company.
New EU Legislation for the Fintech Sector
Advising a number of firms on the provisions of the new Payment Services Directive 2 and how to implement the changes.
Prosper in Acquisition of American Healthcare Lending
Representation of Prosper Marketplace, Inc. in its acquisition of a healthcare lending platform, American Healthcare Lending, LLC, and merger with Prosper’s wholly owned subsidiary, Prosper Healthcare Lending, LLC.
Public Capital Raising by Fintech Issuer
Representation of Cenkos Securities, plc as nominated adviser, broker and bookrunner in relation to an IPO on AIM and two follow-on offerings by FAIRFX GROUP plc, an international payment services provider.
Strategic Alliance and Outsourcing
Representation of a company in the fintech sector in a complex strategic alliance and outsourcing transaction to create an innovative post-financial trade processing and technology service for large banks in Europe and Asia.
Innovative New Product for Global Communications Firm
Advising a global network that enables institutions to send and receive information about financial transactions on an innovative new communications technology platform.
Prosper in Six Rounds of Funding
Representation of Prosper Marketplace in its last six rounds of financing, including its most recent $165M Series D financing.
JD.Com in Investment in and Joint Venture with ZestFinance, Inc.
Representation of JD.com in connection with its investment in and joint venture with ZestFinance, Inc.
Prosper in First-of-its-Kind Transaction
Representation of Prosper Marketplace in a variety of securities advisory and transactional matters, including in a first-of-its-kind registration of $500 million of borrower dependent notes and restructuring into a bankruptcy remote vehicle, several rounds of venture financings, as well as ongoing disclosure, SEC reporting and SEC regulatory matters.
Legg Mason Investment in Precidian Investments LLC
Representation of Legg Mason, Inc. in its investment in Precidian Investments LLC, a leader in the creation of innovative financial technology products, specializing in exchange-traded fund and mutual fund development, and associated trading and pricing technologies.
WSFS Bank in Strategic Investment and partnership with ZenBanx
WSFS Bank in its strategic investment and partnership with ZenBanx Holdings, which offers a mobile, multi-currency account that will allow consumers to hold balances denominated in up to five currencies in a single account.
Federal Trade Commission CID Investigation
Lead counsel for PayPal in an FTC investigation of its Venmo product. Covington successfully reached a settlement with the FTC, allowing for Venmo to continue to grow and offer their cutting-edge payment services.
OCC Special Purpose Bank Charters
Several online lending and payments platforms regarding the Office of the Comptroller of the Currency’s special purpose national bank charter for fintech companies and other regulatory matters.
Bitcoin Technology in Transfer of Currency from Currency-Controlled Jurisdiction
A multinational company regarding a transaction to use Bitcoin and related blockchain technologies to transfer currency from a currency-controlled jurisdiction to the United States and European Union.
Class Action Cases Challenging "True Lender" Status
Representing Celtic Bank, a leading provider of SBA loans, in two class action lawsuits challenging the bank's "true lender" status.
Secured dismissal of ERISA claims against BNY Mellon
Persuaded plaintiffs to dismiss voluntarily ERISA “stock drop” claims against our client, the independent fiduciary of BNY Mellon Corp.’s employer stock fund, by filing motion to dismiss. In re Bank of New York Mellon Corp. Foreign Exch. Trans. MDL (Sansano v. Fiduciary Counselors) (S.D.N.Y. 2012).
Supreme Court Victory for Harris Trust
Won a Supreme Court victory for our client Harris Trust and secured ruling that ERISA permitted a fiduciary to sue a non-fiduciary party in interest that had participated in a prohibited transaction. Harris Trust and Sav. Bank v. Salomon Smith Barney, Inc., 530 U.S. 238 (2000).
GE Capital Retail Bank CFPB Investigation and DOJ Consent Order
Represent the former GE Capital Retail Bank (now Synchrony Financial) in a CFPB investigation, enforcement action, and consent order related to allegations of deceptive marketing of credit card add-on products and discrimination against Spanish-speaking customers related to certain offers to settle outstanding credit card balances and a Department of Justice enforcement action and consent order regarding the same allegations of discrimination.
General representation of financial institutions
On an ongoing basis, we provide government relations advice to several large and mid-size financial institutions.
Global compliance
Serving as global privacy and data security counsel to a global e-commerce business, including advising on financial services privacy and information security-related aspects of certain mobile payments and mobile wallet services and international data transfers
Global financial services firms
In numerous securities arbitrations arising from alleged securities frauds and other wrongs.
Argentinian Payments Company on Sale with Enterprise Value of $1.42B
Represented Prisma Medios de Pago, Argentina’s leading payments company, in the sale of a controlling stake to Advent International. Prisma’s existing shareholders will retain a 49 percent stake in the company. The transaction values 100 percent of Prisma at $1.42 billion.
Blockchain Technology Advice
Advising a Fortune 100 company in connection with its evaluation of a blockchain-based technology service for cross-border payments.
MasterCard in Trademark Litigation in the U.S. District Court for the District of Utah
Representation of MasterCard in trademark litigation in the United States District Court for the District of Utah against a bank that was using a MASTER CARD mark for various banking services offered to account holders.
Morgan Stanley insurance coverage dispute
Representing Morgan Stanley in a New York lawsuit filed by Lloyd’s disputing coverage under a financial institutions professional liability insurance policy.
Online Lenders Alliance in CFPB Rulemaking
Representation of leading industry trade association of online lenders in responding to CFPB small dollar rulemaking.
Outside Tax Counsel to U.S. Securities Markets Coalition
Act as outside tax counsel to U.S. Securities Markets Coalition, which consists of all U.S. options exchanges and related entities. Our representation includes advising the coalition and its members on developments that affect the taxation of options and other financial products and advocating on behalf of the options industry before Congress, Treasury and the IRS. In the past year we have been actively engaged on behalf of the Coalition with respect to proposed tax legislation that would require all exchange-traded options to be marked to market (treated as sold) at year-end, and with respect to proposed regulations that would treat certain equity options as giving rise to deemed dividends subject to U.S. withholding tax.
Private Equity Firms and Other Financial Investors in Broadcast Interests
Representation of private equity firms and other financial investors in connection with their broadcast media interests.
Race and national origin discrimination jury trial win
Won a jury trial for a major credit card firm, defending claims based on race and national origin discrimination; and he obtained an award of $265,000 in attorneys' fees against the law firm of plaintiff's counsel.
Regulatory requirements for domestic and international derivatives activities
Advise multiple derivatives market participants, including energy company end-users, regarding the regulatory requirements for domestic and international derivatives activities, specifically the analysis of whether financial products are “swaps” under Dodd-Frank, the analysis of whether a market participant satisfies the CFTC’s swap dealer registration requirements and the application of the CFTC’s guidance on the cross-border application of Dodd-Frank on the market participant’s derivatives activities.
Representation of Citigroup in Multiple Divestments in Mexico and Central America
Represented Citigroup in connection with the disposition of its 16% ownership stake in Grupo Aeroméxico SAB and in the sale of its controlling interest in AFP Confía, a pension management company in El Salvador, to Inversiones Atlántida, S.A., a financial holding company in Honduras. We also advised Citigroup and its Mexican affiliate, Grupo Financiero Banamex, in the sale to an affiliate of EVO Payments International of Banamex’s merchant acquiring business. All three transactions were completed in 2015.
Representation of JPMorgan Chase in CBM Proceedings
Representation of JPMorgan Chase as petitioner in four CBM proceedings for patents owned by Maxim Integrated Products relating to secure electronic transactions, which were terminated by settlement of the co-pending litigation.
Represented a company in DOJ investigation of employee recruiting
Represented company in DOJ investigation of employee recruiting practices.
Represented major financial services company in FTC investigation
Represented a major financial services company in an investigation by the FTC of alleged exclusionary conduct with no action being taken against our client.
Responding to a Congressional Inquiry
We represented a regional bank in responding to a congressional inquiry relating to a data breach.
Review of futures and swaps trading activity
Conduct real-time reviews of futures and swaps trading activity to verify compliance with internal hedging policies and CFTC regulations; prepare related response to the CFTC’s Division of Market Oversight special call request.
Special reports related to the European Securities and Markets Authority consultation process
Prepare special reports for FIA and FIA Europe related to the European Securities and Markets Authority consultation process for the implementation of Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation.
SG Cowen Securities and Société Générale
In persuading the courts to compel arbitration of claims relating to alleged wrongs by a brokerage firm. 394 F.3d 444 (6th Cir. 2005).
Tax Counsel to OCC
Act as tax counsel to OCC, the clearing corporation for all of the U.S. options exchanges as well as for certain futures exchanges. OCC is the largest derivatives clearing organization in the world. We advise OCC on relevant tax developments, such as legislative and regulatory developments that affect the taxation of its member firms.
Advising on Financial and Energy Sector on U.S. and EU Sanctions
Counseling a major U.S. company on the operations of its Russian subsidiary in the wake of U.S. and EU sanctions, including advising it on the application of financial and energy sector sanctions to a range of ongoing and future projects.
Watters v. Wachovia Bank, N.A.
Covington successfully represented Wachovia Bank in a National Bank Act preemption case. In ruling for Wachovia, the Supreme Court held that the state law at issue was preempted because national bank operating subsidiaries are supervised exclusively by the federal Office of the Comptroller of the Currency.
Wells Fargo Bank Consumer Class Actions
Represented Wells Fargo Bank in consumer class actions under the laws of multiple states challenging fees, disclosures, and other banking practices.
Wells Fargo Bank in Numerous Consumer Class Actions
Representation of Wells Fargo Bank in numerous consumer class actions brought in state and federal courts in California invoking the state’s false advertising statutes with respect to the bank’s sales of products and services.
Wells Fargo in Connection with Federal Reserve Board Investigation
Represent Wells Fargo & Co. and Wells Fargo Financial, Inc. in connection with a Federal Reserve Board investigation, enforcement action involving allegations of customer income alteration and customer steering by Wells Fargo Financial sales personnel in originating nonprime mortgage loans—and with implementation of the resulting consent order.
Fintech Regulatory and Transactional Counsel
We advise on a range of fintech matters, including financial services compliance and licensing requirements applicable to new financial technologies, acquisition of financial technology providers, and financial services applications of new technologies.
Whitepaper on Cybersecurity Advantages of Blockchain Technologies
Advising Microsoft and the Chamber of Digital Commerce in the development of a whitepaper exploring the cybersecurity advantages of blockchain technologies.
Genworth Financial's proposed acquisition by China Oceanwide
We represented Genworth Financial in securing the CFIUS approval of its pending $2.7 billion acquisition by China Oceanwide, the largest Chinese investment approved by the Trump Administration.
February 2021
As the legal, regulatory, and commercial implications of coronavirus COVID-19 continue to evolve, our lawyers and advisors are helping clients navigate the complex considerations that companies around the world are facing and develop plans and strategies in response. Reach out to our COVID-19 task force at COVID19@cov.com. Below is a compendium of resources ...
Brexit Task Force
February 2021
Since the beginning of the Brexit process in 2016, Covington’s Brexit Task Force–comprised of over 40 lawyers and former senior diplomats and policymakers, in London, Brussels, Frankfurt, Dublin, and Washington–has advised clients in a wide range of industries on the challenges and opportunities created by this historic event. While the EU-UK negotiations have ...
February 26, 2021, Covington Alert
Despite the challenges faced in 2020 and notwithstanding the difficulties of working from home, the UK Courts continued to operate with trials conducted remotely, with a number of significant judgments handed down in the last year. This alert considers some of the key decisions in the financial services sector from the past year, and considers what we might ...
February 18, 2021, Covington Alert
Financial institutions are consistently targets of congressional oversight interest.In the last Congress, House and Senate committees held hearings with, demanded documents from, requested interviews with, and hosted briefings from a number of bank and non-bank financial institutions regarding a variety of issues.In this client alert, we look at the recent ...
February 17, 2021, Cov Financial Services
A. Overview On 20 October 2020, Regulation (EU) 2020/1503 of 7 October 2020 on European crowdfunding service providers for business (“Crowdfunding Regulation”), which applies from 10 November 2021, was published in the Official Journal of the European Union. This is the first regulation of crowdfunding services on a European level. Up to now, crowdfunding ...
February 4, 2021, Cov Financial Services
On 25 January, the UK Treasury launched a wide-ranging Consultation on how to make the UK a more attractive location to set up, manage and administer funds. The objective being to create a destination which will support a wider range of more efficient investments, better suited to investors’ needs. The consultation has a deadline for...… Continue Reading
February 4, 2021, Cov Financial Services
As a reminder, the UK Treasury (HMT) published its Consultation on the Second Phase of the Future Regulatory Framework Review (FRFR) in October 2020. The Consultation is open for input until 19 February 2021. The FRFR aims to set out how the UK’s financial services regulatory framework should change in light of the UK’s exit...… Continue Reading
January 29, 2021, Cov Financial Services
On January 19, 2021, the Federal Reserve Board, FDIC, OCC, FinCEN, and NCUA (collectively, the “federal agencies”) issued answers to frequently asked questions (“FAQs”) regarding suspicious activity reports (“SARs”) and other anti-money laundering (“AML”) considerations for financial institutions subject to SAR requirements in response to recent recommendations ...
January 27, 2021, Cov Financial Services
On January 19, 2021, several major federal financial regulators finalized rules clarifying the legal status of supervisory guidance. As we described in a client alert late last year, a number of federal financial regulatory agencies—the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve, the Office of the Comptroller of the Currency (“OCC”), ...
January 26, 2021, Cov Financial Services
On January 19, 2021, the FDIC’s Board of Directors approved revised Guidelines for Appeals of Material Supervisory Determinations (the “Guidelines”), which are applicable to insured depository institutions (“IDIs”) the FDIC supervises as well as other IDIs for which the FDIC makes material supervisory determinations. The FDIC stated that the amendments are ...
January 25, 2021, Cov Financial Services
On January 21, 2021, CFTC Chairman Heath Tarbert stepped down as Chairman of the agency and, for the time being, stepped into a Commissioner role. The CFTC was very active during Chairman Tarbert’s tenure as it implemented his regulatory and enforcement priorities. In particular, the Division of Enforcement saw the highest volume of enforcement actions...… ...
January 21, 2021, Covington Alert
On January 18, 2021, then President-Elect Joseph Biden confirmed earlier reports that he would nominate Rohit Chopra to serve as Director of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”). Chopra is currently a Commissioner at the Federal Trade Commission (“FTC”) and previously served as a CFPB Assistant Director and Student Loan Ombudsman. ...
January 14, 2021, Cov Financial Services
On January 1, 2021, the United States Congress enacted the Anti-Money Laundering Act of 2020 (the “AMLA”), as part of the National Defense Authorization Act (the “Act”). The AMLA includes extensive and fundamental reforms to anti-money laundering (“AML”) laws in the United States, including the Bank Secrecy Act (“BSA”). In a previous client alert, we...… ...
January 13, 2021, Covington Alert
On January 1, 2021, the United States Congress enacted the Anti-Money Laundering Act of 2020 (the “AMLA”), as part of the National Defense Authorization Act (the “Act”). The AMLA includes extensive and fundamental reforms to anti-money laundering (“AML”) laws in the United States, including the Bank Secrecy Act (“BSA”). We described the principal reforms — ...
January 11, 2021, Cov Financial Services
On December 18, 2020, the OCC released a new interpretation of the statutory standards and requirements for federal preemption of state consumer financial laws that were enacted as part of the Dodd-Frank Act. Section 1044 of Dodd-Frank, codified at 12 U.S.C. § 25b, contains both substantive and procedural preemption provisions. The OCC’s Interpretive Letter ...
January 8, 2021, Cov Financial Services
On January 4, 2021, the OCC issued a proposed rule codifying standards governing a national bank’s or federal savings association’s investment in real estate used, or to be used, as bank premises. Specifically, the proposed rule would revise 12 C.F.R. § 7.1024 in order to create a more transparent and consistent set of principles for...… Continue Reading
January 2021, Covington Guide
The EU-UK Trade and Cooperation Agreement (EUTCA) reached on December 24th is a wide-ranging and complex agreement. Our Brexit Task Force offers these "bite-sized" recordings to give a snapshot of what you need to know in each area. Though the EUTCA provides the overall architecture of the future relationship in a number of areas, much of the detail must still ...
5 Litigation Areas For Banks To Watch In 2021
January 3, 2021, Law360
Jean Veta spoke with Law360 about the fallout from the Paycheck Protection Program fraud. Ms. Veta says 2021 could be the year that the federal government broadens its pursuit of PPP fraudsters to include the banks and other lenders that served them. Although the program did not require financial institutions to rigorously vet PPP loan applicants. Some banks ...
December 18, 2020, Covington Alert
On December 18, 2020, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation issued a notice of proposed rulemaking requiring a banking organization to notify its primary federal regulator within 36 hours of a significant cybersecurity incident and requiring a bank service ...
December 16, 2020, Covington Alert
On December 15, 2020, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) voted 3–1 to approve a final rule that significantly revises and clarifies the regulatory framework applicable to brokered deposits, under which less-than-well-capitalized insured depository institutions (“IDIs”) are generally prohibited from accepting funds ...
December 11, 2020, Covington Alert
On December 8, 2020, the House passed the National Defense Authorization Act (the “NDAA” or “Act”), which includes over 200 pages of significant reforms to the Bank Secrecy Act (“BSA”) and other anti-money laundering (“AML”) laws that have been working their way through Congress for several years. Despite some remaining objections from President Trump and ...
December 3, 2020, Covington Alert
On November 23, 2020, the Office of the Comptroller of the Currency (“OCC”) issued a final rule amending its regulations under 12 C.F.R. Part 7 relating to the activities and operations of national banks and federal savings associations. The final rule, which becomes effective on April 1, 2021, governs a range of topics, including permissible derivatives ...
Covington Again Named Law360 Firm of the Year
December 1, 2020
WASHINGTON —Law360 named Covington as one of its Firms of the Year for the third consecutive year. The firm won eight Practice Group of the Year awards, tied for the most of any law firm. The recognition highlights the firm's depth and breadth of practice across its corporate, litigation, and regulatory practices, as well as key industry sectors like life ...
November 24, 2020, Covington Alert
On November 20th, the Commons’ Treasury Select Committee launched an Inquiry looking at the future of financial services regulation in the UK after departure from the European Union. In this alert we set out the scope of the Inquiry and how companies can contribute evidence that may influence the Committee’s findings. The Committee is appointed by the House of ...
November 20, 2020, The Banker
John Ahern appeared on The Banker Podcast to discuss how banks can best prepare for a no-deal Brexit, as well as the fallout from the Wirecard scandal in terms of regulators’ views on the fintech community.
November 16, 2020
WASHINGTON—Global Banking Regulation Review has named Covington partner Michael Nonaka to its “45 Under 45,” a list of the leading, next-generation banking regulation specialists. Mr. Nonaka is co-chair of the Financial Services Group and advises banks, financial services providers, and non-bank companies on a broad range of compliance, enforcement, ...
November 3, 2020, Covington Alert
Presidential elections, whatever their outcome, often serve as a natural inflection point in the regulatory cycle, marking a shift in regulatory priorities and agendas. This is particularly true in bank regulation, where higher-profile regulatory changes are often accompanied by lower-profile but equally important changes in supervisory approaches and practices. ...
November 2, 2020, Covington Alert
On September 11, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued a final rule amending its statistical disclosure requirements for bank holding companies, banks, savings and loan holding companies, and savings and loan associations (“banking registrants”) in registration statements and other disclosure documents. The final rule replaces Guide 3, ...
October 22, 2020, Covington Alert
On October 20, 2020, the federal banking agencies adopted a final rule to implement the net stable funding ratio (“NSFR”), a standardized liquidity requirement that the agencies proposed in May 2016. Once effective on July 1, 2021, the final rule will require certain larger banking institutions to maintain a minimum level of stable funding as measured over a ...
October 21, 2020, Covington Alert
On Tuesday, October 20, 2020, the Federal Deposit Insurance Corporation issued a proposed rule that would supersede and codify, with certain changes described below, a 2018 Interagency Statement Clarifying the Role of Supervisory Guidance (the “2018 Statement”). Like the 2018 Statement, the proposed rule would be adopted on an interagency basis with the Board of ...
October 12, 2020
WASHINGTON—Covington represented TriState Capital Holdings, Inc., which entered into a definitive agreement with funds managed by Stone Point Capital LLC to raise $105 million in new capital to finance the continued execution of the company’s high-growth strategy for its TriState Capital Bank and Chartwell Investment Partners businesses. TriState Capital is a ...
October 6, 2020, Covington Alert
On September 21, the Federal Reserve released an advance notice of proposed rulemaking ("ANPR") to solicit views on potential changes to the agency's Community Reinvestment Act regulations. The Board’s issuance of the ANPR follows the May 2020 release of a final rule by the OCC that substantially reforms the OCC’s CRA regulations. The ANPR's unusual level of ...
October 2, 2020, Global Risk Regulator
John Ahern and Francis Maude are quoted in Global Risk Regulator regarding trade deals that will significantly impact the city of London. Mr. Ahern spoke about a UK-Japan trade deal that will improve financial services access. He says, “It is good the UK reached an agreement with Japan, it gives confidence that deals can be concluded elsewhere, but Japan is not ...
October 2, 2020, Global Risk Regulator
John Ahern and Francis Maude are quoted in Global Risk Regulator regarding the European Union’s pursuit to compete with the UK in financial services. Mr. Maude says, “One of the criticisms of the EU generally is that it tends to focus on competition within the EU. The UK focuses on competitiveness globally and the balance is not on lower levels of regulation. ...
September 21, 2020, Covington Alert
On September 16, 2020, the Financial Crimes Enforcement Network (“FinCEN”) issued an Advance Notice of Proposed Rulemaking (the “ANPR”) seeking public comment on significant potential amendments to anti-money laundering (“AML”) regulations under the Bank Secrecy Act (“BSA”). The ANPR proposes three principal changes to the current BSA/AML regime — in ...
September 21, 2020, Covington Alert
On September 15, 2020, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) released an Outline of Proposals under Consideration and Alternatives Considered for the small business data collection rulemaking mandated by Section 1071 of the Dodd-Frank Act and a High-Level Summary of Outline of Proposals under Consideration for SBREFA: Small Business ...
Covington Represents CFBanc in Merger Creating Largest Black-Led Minority Depository Institution in U.S.
August 26, 2020
WASHINGTON—Covington represented CFBanc Corporation (“City First”) in its transformational merger of equals with Broadway Financial Corporation (“Broadway”) to create the largest Black-led Minority Depository Institution (MDI) in the nation with more than $1 billion in combined assets under management and approximately $850 million in total depository ...
August 14, 2020, Covington Alert
On August 13, 2020 the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (the Agencies) issued joint guidance to clarify and update their policies with respect to the enforcement of the Bank Secrecy Act’s (BSA’s) anti-money laundering (AML) program requirement.[1] ...
August 3, 2020, The Review of Securities & Commodities Regulation
July 21, 2020, Covington Alert
On July 20, 2020, the Office of the Comptroller of the Currency (OCC) released a proposed rule intended to establish a bright-line test to identify the “true lender” in lending partnerships between national banks and federal savings associations, and third parties. Uncertainty in this area has caused confusion because the identity of the lender determines which ...
Rising Star: Covington's Ashley Simonsen
July 10, 2020, Law360
Ashley Simonsen has been named a Law360 Rising Star in Banking.
July 6, 2020
WASHINGTON— Law360 has named Covington partners Sean Akins, Dustin Cho, Adrian Perry, Jennifer Saperstein, Kayleigh Scalzo, Ashley Simonsen, and William Woolston among its “Rising Stars.” Covington’s seven “Rising Stars” were the most of any firm this year. This annual recognition honors top lawyers under 40 “whose legal accomplishments transcend their age.” ...
FinCEN Releases Guidance Regarding Due Diligence under the BSA for Hemp-Related Business Customers
July 6, 2020, Covington Alert
On June 29, 2020, the Financial Crimes Enforcement Network (“FinCEN”) released guidance regarding financial institutions’ Bank Secrecy Act (“BSA”) and anti-money laundering (“AML”) risk considerations with respect to hemp-related businesses.[1] The guidance is intended to enhance the access of lawful hemp-related businesses to financial services and ...
June 29, 2020, Covington Alert
On June 25, 2020, five federal financial regulators jointly issued a final rule that modifies existing regulations implementing the Volcker Rule’s general prohibition on banking entities investing in, sponsoring, or having certain relationships with hedge funds or private equity funds (collectively, “covered funds”). The substance of the final rule is largely ...
June 22, 2020, Covington Alert
In response to the COVID-19 pandemic, state and local lawmakers have implemented measures requiring financial institutions to provide relief to consumers, such as forbearance on loan payments or waiving fees. The OCC has released a bulletin reminding stakeholders that federally-chartered institutions generally are governed primarily by uniform federal standards ...
June 16, 2020, Risk
Jeremy Newell is quoted in Risk regarding the secured overnight financing rate (SOFR) and its effort to replace LIBOR, the long-standing benchmark rate used around the world. amid the pandemic. Mr. Newell says, “It’s a perfect microcosm of exactly how this debate between Libor and SOFR has gone. They attempted to stick to the script and insist on SOFR for ...
OCC Initiates Push To Reassess Banking Innovation Rules
June 4, 2020, Law360
Karen Solomon spoke with Law360 about the Office of the Comptroller of the Currency’s push to speed up the digital transformation in banking. Ms. Solomon says, “Acting Comptroller Brooks has been a strong advocate for the use of technology in banking. This ANPR clearly places technology and innovation at the top of his agenda for the OCC.” The agency’s request ...
June 3, 2020, Covington Alert
On May 27, 2020, the Federal Reserve Bank of Boston ("FRBB") posted a number of documents that provide important additional details about its Main Street Lending Program ("MSLP"), including updated FAQs, new required agreements and forms, and new lender and borrower guides. The following summary highlights key FAQ changes and summarizes each of the new MSLP ...
June 1, 2020
LONDON —John Ahern has joined Covington’s Financial Services Industry Group in London as a partner. With more than 30 years of experience in UK, European, and Asian financial markets, Mr. Ahern helps banks, multilateral trading facilities, broker-dealers, asset managers, and investment advisors solve their regulatory challenges. He offers clients deep knowledge ...
May 26, 2020, Covington Alert
On May 20, 2020, the Office of the Comptroller of the Currency (the “OCC”) issued a final rule overhauling its regulations implementing the Community Reinvestment Act (the “CRA”). The CRA, enacted in 1977, incentivizes banks to meet the credit needs of their entire communities, including low- and moderate-income (“LMI”) neighborhoods. The final rule makes the ...
May 22, 2020, Covington Alert
Today, May 22, the Consumer Financial Protection Bureau (“CFPB”) issued an important no-action letter template in response to an application by the Bank Policy Institute (“BPI”), which could serve as the basis for no-action letter applications by BPI members and other deposit-taking institutions that wish to offer a standardized, small-dollar credit product as ...
May 21, 2020, Covington Alert
On May 20, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, the “agencies”) issued interagency principles (the “Lending Principles”) to encourage supervised banks, savings associations, and credit unions ...
OCC Finalizes Overhaul Of Community Lending Rules
May 20, 2020, Law360
Randy Benjenk spoke with Law360 about the Office of the Comptroller of the Currency’s overhaul of bank regulations of lending to low-income and underserved communities. The rulemaking document still leaves some open questions, including what specific numerical thresholds and benchmarks banks will be judged against under the revised grading methodology. Mr. ...
OCC Goes It Alone on Anti-Redlining Rule Rewrite
May 20, 2020, Bloomberg Law
Randy Benjenk is quoted in Bloomberg Law regarding new anti-redlining rules from the Office of the Comptroller of the Currency. Mr. Benjenk says the OCC’s plans to assess new data as banks are still complying with existing CRA rules is going to create problems for the industry and the agency’s examiners. He adds, “CRA personnel are going to have to be doing many ...
Is Fed taking too long on middle-market loan relief?
May 11, 2020, American Banker
Jeremy Newell is quoted in the American Banker regarding the Federal Reserve’s management of middle-market loan relief. Mr. Newell says the Main Street Lending Program is “just fundamentally different than anything the Fed has ever undertaken in its other emergency liquidity facilities” and likely requires more time to make sure all processes are in place. He ...
May 4, 2020, Covington Alert
On May 4, 2020, the Federal Reserve Bank of New York (the “FRBNY”) released an updated series of Frequently Asked Questions (“FAQs”) regarding two of the Federal Reserve’s liquidity facilities established to provide financial assistance to businesses impacted by the COVID-19 pandemic: the Primary Market Corporate Credit Facility (“PMCCF”) and the Secondary ...
May 1, 2020, Covington Alert
Yesterday, April 30, 2020, the Board of Governors of the Federal Reserve System announced important changes to the Main Street Lending Program (the “Program”) that it had introduced on April 9, 2020. The changes reflect further information and clarification with respect to the terms and conditions of the Program and address, at least in part, feedback that the ...
May 1, 2020, American Banker
Karen Solomon is quoted in the American Banker regarding the potential emergence of fully remote bank exams. Ms. Solomon says, “The agencies can’t just pick up where the old schedule left off by the time the pandemic winds down. It’s going to take some time to catch up. This is uncharted territory."
April 23, 2020, Covington Alert
As the Paycheck Protection Program (“PPP”) is about to re-open following passage of a bill that will provide additional $310 billion in funds to the program (including funds reserved for loans by certain small and mid-sized lenders), the rules of the Small Business Administration (“SBA”) that prohibit or restrict loans to the small business ventures of bank ...
Lawyers pick holes in Libor statutory fix
April 17, 2020, Risk
Bruce Bennett spoke with Risk about legislation designed to switch financial contracts referencing U.S. dollar Libor to a replacement benchmark, which aims to provide immunity from litigation for contracts that are forcibly shunted on to the preferred alternative benchmark, the secured overnight financing rate (SOFR), plus a fixed spread to make up the ...
April 15, 2020, The Deal
Sergio Urias and Amy Wollensack are quoted in The Deal regarding the rapidly moving economy’s effect on private equity firms to complete M&A activities and capital investments, as the COVID-19 pandemic persists. Mr. Urias says, “I don’t think we’ve ever been called by our private equity clients to react so quickly to daily — and in some cases hourly — changes in ...
April 14, 2020, Covington Alert
The CARES Act established a $349 billion Paycheck Protection Program (“PPP”) that authorizes participating lenders to make federally-guaranteed loans to small businesses as part of Congress’s COVID-19 relief effort. Just days after lenders began accepting PPP applications, lawsuits were already being filed challenging how lenders administer the PPP. In Profiles, ...
April 9, 2020, Covington Alert
Today, the Board of Governors of the Federal Reserve announced the creation of four new liquidity facilities and the expansion of three previously announced liquidity facilities to provide credit to borrowers impacted by the COVID-19 pandemic. Whereas the previously announced programs primarily targeted certain financial markets and their participants (such as ...
April 6, 2020, Covington Alert
On March 24, 2020, the CFTC unanimously voted to adopt final interpretive guidance on when “actual delivery” of retail commodity transactions in virtual currencies occurs within the meaning of Section 2(c)(2)(D) of the Commodities Exchange Act, making them eligible to meet the exception from regulation as a futures contract. The CFTC previously published ...
March 30, 2020, Covington Alert
Since the last financial crisis, the commercial real estate industry has accumulated vast amounts of debt. By one account, there is currently more than $3.6 trillion in mortgage debt secured by commercial and multi-family residential properties. Much of this debt is held by real estate investment trusts (“REITs”), in the form of commercial mortgage-backed ...
CECL Down but Not Out
March 27, 2020, American Banker
Jeremy Newell spoke with the American Banker to discuss the new coronavirus stimulus package that includes language allowing lenders that have already implemented the Current Expected Credit Losses to delay compliance until the end of the national emergency. According to Mr. Newell, while two and a half years seems like a long time, their impending conversion ...
Startups Face Uncharted Waters As Funding Dries Up
March 27, 2020, Law360
Brian Rosenzweig is quoted in Law360 regarding the effects of coronavirus on startup business funding. Mr. Rosenzweig says, "There will still be [funding] opportunities, but it will be more competitive.”
March 25, 2020, Covington Alert
The U.S. Congress appears close to finalizing the scale and scope of stimulus legislation to address the economic crisis caused by the COVID-19 pandemic. Although its final shape remains uncertain, it is highly likely to provide for one or more lending programs, loan guaranty programs, and other financing programs administered by the federal government to direct ...
March 24, 2020, Covington Alert
The past several days have seen a flurry of activity among the federal banking agencies to take both proactive and responsive steps to address the impacts of COVID-19 on the banking industry and support continued lending to the real economy as the crisis unfolds. In case you missed it, here’s a quick recap of recent federal banking agency actions, along with ...
March 24, 2020, Covington Alert
On March 23, the Board of Governors of the Federal Reserve System (the “FRB”) announced the latest in a series of extraordinary actions intended to help mitigate the impacts of the COVID-19 pandemic on the U.S. economy. Unlike the measures announced last week – which mostly involved re-establishing emergency programs that were used during the 2008–09 financial ...
Democrats Want to Prevent Coronavirus Credit Report Harm
March 19, 2020, Bloomberg
David Stein spoke with Bloomberg about legislation from Senate Democrats to shield U.S. citizens from negative credit reporting for the duration of the new coronavirus crisis. Three senators are looking to throw out a rule where credit bureaus are required under the Fair Credit Reporting Act to collect negative information. Mr. Stein says, “To the extent that ...
March 19, 2020, Covington Alert
Yesterday, on March 18, 2020, the Board of Governors of the Federal Reserve System (“Board”) announced the creation of a Money Market Mutual Fund Liquidity Facility (“MMLF”) to provide liquidity support to money market mutual funds (“MMMFs”) by facilitating their sale of certain assets in order to meet redemption requests. Under the MMLF, the Federal Reserve ...
The FDIC's Proposed Rule for Industrial Banks and Industrial Loan Companies: Five Things to Know
March 19, 2020, Covington Alert
On March 17, 2020, the Federal Deposit Insurance Corporation issued a notice of proposed rulemaking that would codify the FDIC’s existing supervisory processes and policies that apply to industrial banks and industrial loan companies (collectively, “ILCs”) and their parent companies. The FDIC issued the Proposal to formalize its ILC supervisory framework and to ...
Square Gets FDIC's Approval To Launch A Bank In 2021
March 18, 2020, Law360
Michael Nonaka is quoted in Law360 regarding Square Inc.’s approval from the FDIC to form a bank. The article also mentions that, Nelnet, a federal student loans company, received an approval to create a digital-only ILC. Mr. Nonaka says, “The FDIC Board’s approval of the Square and Nelnet applications shows that the ILC charter is compatible with different ...
March 18, 2020, Covington Alert
Yesterday, on March 17, 2020, the Board of Governors of the Federal Reserve System (“FRB”) announced the creation of a Primary Dealer Credit Facility (“PDCF”) to provide a liquidity backstop to primary dealers of the Federal Reserve Bank of New York (“FRBNY”), which include the nation’s largest broker-dealers. The PDCF will provide short-term loans to primary ...
March 17, 2020, Covington Alert
Today, on March 17, 2020, the Federal Reserve provided a backstop of commercial paper ("CP") in the form of a Commercial Paper Funding Facility (“CPFF”) that establishes a special purpose vehicle (“SPV”) to acquire eligible CP directly from eligible issuers. The CPFF will provide liquidity to CP issuers that may otherwise face issues rolling over their CP in ...
Federal Reserve Takes Extraordinary Actions Supporting Financial Markets to Mitigate COVID-19 Impact
March 16, 2020, Covington Alert
Yesterday, on Sunday, March 15, 2020, in response to the COVID-19 pandemic’s impact on U.S. and global economic activity, the Federal Reserve’s Federal Open Market Committee (“FOMC”) cut the target range of the federal funds rate to 0 to 1/4 percent until such time as the FOMC is “confident that the economy has weathered recent events and is on track to achieve ...
March 12, 2020, Covington Alert
The Tax Cuts and Jobs Act (“TCJA”) made significant changes to the tax code, a number of which can have unexpected effects when a company loses money in the United States or abroad. While the immediate concerns around the spread of COVID-19 are rightfully focused on public health and welfare, given the current economic fallout arising from COVID-19, companies ...
Spring 2020, The Business Lawyer
February 18, 2020, Covington Alert
We take a look at the development of regulation and its impact on syndicated lending in Africa, with particular reference to the Loan Market Association’s (LMA's) suite of Africa and developing markets loan documentation.
February 2020
Covington's class action practice is pleased to launch a multi-part video series with insights on recent class action developments and trends. In our Navigating Class Actions series, partners Sonya Winner, Andrew Ruffino, Emily Henn, Henry Liu, Andrew Soukup, Ashley Simonsen, and Louise Freeman address: Class certifications Emerging issues and privacy ...
CFTC's Plan To End Position Limits Saga Faces Big Test
February 5, 2020, Law360
Anne Termine is quoted in Law360 regarding the U.S. Commodity Futures Trading Commission’s effort to impose position limits meant to curb speculators’ ability to distort prices. The new plan allows users to seek exemptions not set forth in the rule proposal by applying directly to their relevant exchanges. The CFTC would have 10 days to review that decision or ...
February 4, 2020, Covington Alert
On January 30, 2020, five federal financial regulators jointly issued a proposed rule that would modify existing regulations implementing the Volcker Rule’s general prohibition on banking entities investing in, sponsoring, or having certain relationships with hedge funds or private equity funds (collectively, “covered funds”). The proposal, which follows a 2019 ...
February 3, 2020, Covington Alert
At an open meeting on January 30, 2020, the Commodity Futures Trading Commission (“CFTC”) voted 3–2 to approve a proposed rule that would impose federal position limits on derivatives. The proposed rule, if finalized, would prevent excessive speculation while allowing bona fide hedgers in agricultural, energy, metals, and other commodities markets to hedge risk ...
January 31, 2020, Covington Alert
On January 30, 2020, the Board of Governors of the Federal Reserve System (“Board”) unanimously approved a final rule that establishes a comprehensive framework for determining whether a company (“investor”) controls another company (“investee”) for purposes of the Bank Holding Company Act (“BHCA”) and Home Owners’ Loan Act (“HOLA”), and clarifies certain ...
Preemption of state interest rate limitations: current challenges involving bank partnership models
January 2020, The Review of Banking & Financial Service
Ashley Simonsen published an article on the statutory and regulatory background of preemption and “true lender” challenges to bank partnership models in The Review of Banking & Financial Services. "In recent years, state regulators and private plaintiffs have sought to attack bank partnership models, including marketplace lending arrangements, by arguing that ...
CFPB Tightens Approach To Abusiveness With New Policy
January 24, 2020, Law360
Eric Mogilnicki is quoted in Law360 regarding the CFPB’s new policy of restraint in bringing enforcement actions against financial services providers for abusive acts and practices. Mr. Mogilnicki says, “It is a helpful guide for how the bureau will enforce the abusiveness prohibition. However, this guide is not rooted in the language of the statute, which means ...
January 9, 2020, WatersTechnology
Michael Nonaka spoke with WatersTechnology about the impact of the California Consumer Privacy Act on financial institutions. Mr. Nonaka says, “There are exemptions [in the CCPA] for information that is covered by the GLBA. This is consumer information used by FIs, including broker-dealers. But there is not a broad exemption that just takes out the entirety of ...
January 1, 2020, Law360
Eric Mogilnicki is quoted in Law360 regarding the constitutionality of the Consumer Financial Protection Bureau (CFPB), in Seila Law v. CFPB, a case that will be heard before the Supreme Court in 2020. Mr. Mogilnicki says, “The irony is that Republican resistance to former CFPB Director Richard Cordray” — who was nominated by former President Barack Obama — ...
SEC And CFTC Regulatory Priorities To Watch In 2020
January 1, 2020, Law360
Anne Termine is quoted in Law360 regarding CFTC’s proposal to regulate cross-border swaps and govern when cross-border swaps should be registered with the agency. Ms. Termine says, “The commission is trying to thread the needle of registration that is not over-reaching beyond our borders, yet sufficiently protects the interests of the U.S. and U.S. markets. This ...
Fintech Litigation To Watch In 2020
January 1, 2020, Law360
Mike Nonaka is quoted in Law360 regarding the New York Department of Financial Services and the Conference of State Bank Supervisors’ fintech charter, which is being challenged for its validity in the Southern District of New York. Mr. Nonaka says, “The [fintech charter case] is important litigation, because many of the companies that could be interested in the ...
January 2020, The Banking Law Journal
Are states gaining upper hand in fintech charter battle?
December 30, 2019, American Banker
Mike Nonaka spoke with American Banker about fintech companies’ struggle to gain banking charters in 2019 and the prospect for better results in 2020. Mr. Nonaka says, “States are looking at how difficult the federal landscape can be, and based on their current laws, they're looking for ways to attract companies — either through their current regulations or even ...
December 16, 2019, Covington Alert
On December 12, 2019, the Office of the Comptroller of the Currency (“OCC”) and Federal Deposit Insurance Corporation (“FDIC”) released a notice of proposed rulemaking to overhaul the agencies’ regulatory framework for evaluating banks’ Community Reinvestment Act (“CRA”) performance. The proposal follows a 2018 advance notice of proposed rulemaking by the OCC, ...
Reactions to CRA plan signal long fight ahead
December 15, 2019, American Banker
Karen Solomon is quoted in American Banker regarding bank regulators’ push to reform the Community Reinvestment Act and its reception from the OCC, FDIC, and Federal Reserve. Ms. Solomon says, “[I]t looks to me on first read like there are multiple elements of the determination of the CRA rating. Some of it appears to be at the assessment level, some of it at ...
UK Election Brings Certainty but Concerns Continue
December 13, 2019, International Financial Law Review
Francis Maude is quoted in the International Financial Law Review regarding the UK election results and its effect on the future of Brexit. Lord Maude says, “It is too early to say for definite what will come next, though I feel that London will continue to be the financial center of Europe. It is where the critical means of capability is. I’m confident that the ...
December 13, 2019
On December 12, 2019, the Federal Deposit Insurance Corporation ("FDIC") proposed significant changes to its regulatory framework for brokered deposits for insured depository institutions ("IDIs"). The Notice of Proposed Rulemaking (the "NPR"), which follows the FDIC's December 2018 Advanced Notice of Proposed Rulemaking, would modernize key aspects of the ...
November 27, 2019, Bloomberg Law
Eric Mogilnicki spoke with Bloomberg Law about the Supreme Court’s scheduling of arguments in Seila Law LLC v. CFPB, a case which will determine the Consumer Financial Protection Bureau’s constitutionality. Mr. Mogilnicki commented on a potential CFPB challenge involving All American Check Cashing Inc., saying regardless of whether the Supreme Court takes All ...
European Countries Reluctant To Challenge FATCA
November 27, 2019, Law360
Atli Stannard is quoted in Law360 regarding the U.S. Department of the Treasury’s claims of European Union banks violating privacy and anti-discrimination laws when they share customer information with the IRS. EU countries may negotiate with the Treasury Department, but only if they receive larger cross-border effort against tax avoidance. Mr. Stannard says, ...
Bank Regulators' Madden Fixes May Not Be Quick Ones
November 22, 2019, Law360
Karen Solomon is quoted in Law360 regarding the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation’s draft regulations to curb uncertainty in the consumer credit and securitization markets in the wake of the controversial Madden v. Midland Funding decision. This court decision upset long-standing industry expectations that the ...
November 20, 2019, Law360
Mike Nonaka is quoted in Law360 regarding the legality of the Office of the Comptroller of the Currency's fintech charter and the Conference of State Bank Supervisors' model payments. Both the OCC and CSBS have taken the concerns of industry to heart, and each initiative, while potentially overlapping in their goals of reducing regulatory burdens, may very well ...
November 20, 2019, Covington Alert
On November 18 and 19, 2019, the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) provided long-awaited regulatory affirmation that a bank loan’s rate of interest retains its non-usurious character when acquired by a third-party. The agencies each issued proposed rules that seek, as the OCC put it, to “codify what ...
November 19, 2019, Covington Alert
In a recent Interpretive Letter, the Office of the Comptroller of the Currency (OCC) addressed a proposal from an OCC-regulated bank to automate its process for filing suspicious activity reports (SARs) under the Bank Secrecy Act (BSA).
November 3, 2019, Journal of Investment Compliance
October 18, 2019, Covington Alert
On October 10, 2019, the Board of Governors of the Federal Reserve System (“Board”) released two final rules to tailor and modify the applicability of enhanced prudential standards for bank holding companies (“BHCs”), savings and loan holding companies that are not substantially engaged in insurance underwriting or commercial activities (“Covered SLHCs”), ...
October 17, 2019, Covington Alert
On September 10, 2019, the Consumer Financial Protection Bureau issued a No-Action Letter Policy, along with a Compliance Assistance Sandbox Policy and Trial Disclosure Program Policy, to promote innovation and facilitate compliance in consumer financial services. Covington & Burling LLP is pleased to provide this Model No-Action Letter Application as a ...
October 14, 2019, Journal of Investment Compliance
October 10, 2019
WASHINGTON—The National Law Journal has named Covington's Rusty Conner to its inaugural list of "Finance, Banking, & Capital Markets Trailblazers." This list profiles 35 lawyers who are agents of change in their respective practice areas. Mr. Conner’s practice is focused on mergers and acquisitions, corporate finance, corporate governance, and related strategic ...
August 27, 2019, Covington Alert
On August 20, 2019, the Board of Directors of the Federal Deposit Insurance Corporation (the “FDIC”) approved a final rule (the “final rule”)1 that will significantly revise existing regulations implementing the Volcker Rule – a statutory provision that generally prohibits banking entities from engaging in proprietary trading or taking an ownership interest in, ...
Fintech Adoption Poised For Growth In US Despite Lag
August 20, 2019, Law360
Michael Nonaka is quoted in Law360 regarding Madden v. Midland Funding, a case that called into question the validity of interest rates on bank-originated debt that is later transferred to nonbank partners, such as fintech firms. The decision largely rejected the "valid-when-made" doctrine stating that a loan's interest rate remains legal as long as it was legal ...
Exchange Rules Spark Conflict
August 14, 2019, The Information
Anne Termine spoke with The Information about the issues cryptocurrency exchange companies face with U.S. regulation. Some exchange companies have resulted to forbidding U.S. customers from using their services. Ms. Termine said that to avoid regulatory scrutiny and possible fines, crypto exchanges should make a “reasonable effort” to prevent U.S. residents from ...
August 4, 2019, CoinTelegraph
Michael Nonaka spoke with CoinTelegraph to discuss cryptocurrency regulation in the U.S. Mr. Nonaka says, "The U.S. Financial Crimes Enforcement Network issued its first guidance addressing cryptocurrency companies in 2013, and since then regulatory action for digital assets has been slow to develop but has picked up in the past few years as an increasing ...
Prominent Financial Services Lawyer Joining Covington
July 1, 2019
WASHINGTON—Jeremy Newell has joined Covington's Financial Services Group as a partner in Washington. Mr. Newell's arrival follows the recent addition of Karen Solomon, who joined Covington after serving as the acting Chief Counsel of the Office of the Comptroller of the Currency. Mr. Newell was formerly Executive Vice President, General Counsel & Chief ...
June 25, 2019, Law360
Eric Mogilnicki’s comments from a recent financial services conference are mentioned in Law360. At the conference, panelist lawyers said the Consumer Financial Protection Bureau should not wait to provide a definition of what counts as an "abusive" act or practice under the Dodd-Frank Act. Mr. Mogilnicki says, “It would not be a bad start for the Bureau to ...
June 21, 2019, The Wall Street Journal
Michael Nonaka is quoted in The Wall Street Journal regarding the Financial Act Task Force’s request to virtual currency firms to develop procedures for sharing customer information with other financial institutions. Mr. Nonaka says that some crypto companies have invested heavily in compliance, others have a long way to go to build the systems necessary for ...
States' Model Payments Law May Ease Entry For Fintechs
June 14, 2019, Law360
Karen Solomon is quoted in Law360 regarding the Conference of State Banking Supervisors’ push to knock down barriers to entry for small fintech companies. Ms. Solomon says, “CSBS, for example, has released a series of recommendations aimed at streamlining and simplifying the multiple state requirements that apply when nonbank firms conduct business across state ...
Feds Send Clear Message With Flurry Of Fintech Cases
June 7, 2019, Law360
Anne Termine is quoted in Law360 regarding the SEC’s enforcement on fintech and cryptocurrency matters. Ms. Termine says, “From my perspective, having a no-fine case is a pretty big deal. And I think the SEC wanted to make pretty clear that it was a big deal that this was a self-report and that [the company was] recognizing the SEC jurisdiction, that they were ...
Inside The Legal Battle For The Future Of Fintech
June 3, 2019, Law360
Michael Nonaka is quoted in Law360 regarding the OCC and New York Department of Financial Services’ legal battle over how the fintech industry will be regulated. Mr. Nonaka says, “The litigation challenging the OCC's authority to issue a special purpose fintech charter certainly has delayed the process for nondepository fintech firms to apply and receive ...
June 2019, The Banking Law Journal
May 20, 2019, Bloomberg Law
Randy Benjenk is quoted in Bloomberg Law regarding the Federal Reserve’s proposed rule to create room for investors to own more stock and occupy more board seats at banks. The rule could lead to an increase in stakeholder activism. According to Mr. Benjenk, the Fed can step in if an activist investor is going in a direction that regulators think poses a risk to ...
May 8, 2019, Covington Alert
CNBC Europe - U.K. National
May 7, 2019, CNBC
Francis Maude appeared on CNBC to speak about Brexit’s effect on British markets and the upcoming election.
May 3, 2019, Covington Alert
On April 29, 2019, the Office of the Comptroller of the Currency (OCC) issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comment on expansion of the term “fiduciary capacity” in part 9 and part 150 of the OCC’s regulations to include certain trust-related roles authorized under state law, potentially including roles that do not involve investment ...
May 2019, The Banking Law Journal
April 18, 2019, Covington Alert
On April 8, 2019, the Board of Governors of the Federal Reserve System (the “Board”) approved a notice of proposed rulemaking (the “Resolution Plan Proposal” or the “Proposal”), issued jointly with the Federal Deposit Insurance Corporation (the “FDIC,” and together with the Board, the “Agencies”), that would revise the Agencies’ jointly issued resolution ...
April 17, 2019, Covington Alert
On April 8, 2019, the Board of Governors of the Federal Reserve System (“Board”) released two proposals to tailor and modify the applicability of enhanced prudential standards for foreign banking organizations (“FBOs”) and their U.S. intermediate holding companies (“IHCs”).
March 28, 2019
BRUSSELS—Sebastian Vos, partner and co-chair of Covington’s Public Policy Practice, has been named co-chair of the Global Blockchain Business Council’s Legal and Regulatory Working Group. The Global Blockchain Business Council (GBBC) is the leading trade association for the blockchain technology ecosystem and brings together innovative organizations and thought ...
March 13, 2019, Covington Alert
On March 6, 2019, the Financial Stability Oversight Council (“FSOC”) voted unanimously to issue proposed interpretive guidance (“Proposed Guidance”) that would significantly change its approach to designating nonbank financial companies that pose a risk to the financial stability of the United States (“nonbank SIFIs”) for supervision and prudential regulation by ...
February 11, 2019, Law360
Rusty Conner spoke with Law360 about the BB&T-SunTrust merger. He says, “It is a more favorable regulatory environment in which two institutions of that size could obtain regulatory approval to merge, but it’s the underlying business reasons for doing the transaction that I’m certain drove the CEOs to get together and the boards to approve the deal. You don’t do ...
February 7, 2019
NEW YORK—Latinvex has named Covington partners Nicole Duclos, Rubén Kraiem, Miguel López Forastier, and Gabriel Mesa among “Latin America’s Top 100 Lawyers” in 2019. Ms. Duclos represents clients in international commercial and investment arbitration, as well as transnational litigation. Clients interviewed by Latinvex praised Ms. Duclos’ extensive arbitration ...
Covington Advises Argentinian Payments Company on Sale with Enterprise Value of $1.42B
January 22, 2019
NEW YORK—Covington advised Prisma Medios de Pago, Argentina’s leading payments company, in the sale of a controlling stake to Advent International. Prisma’s existing shareholders will retain a 49% stake in the company. The transaction values 100 percent of Prisma at $1.42 billion. Prisma is an Argentinian company established in 2014 through the merger of Visa ...
Crypto Exchanges Left Hanging as Shutdown Sidelines CFTC
January 15, 2019, Bloomberg Law
Anne Termine is quoted in Bloomberg Law regarding the Commodity Futures Trading Commission’s enforcement of cryptocurrency coming to a halt with the government shutdown. Ms. Termine says, “It’s an agency working at 10,000 feet right now.” She adds that an extended shutdown could impact the agency’s preparation for oral arguments. “In litigation, March is around ...
January 9, 2019
WASHINGTON—Karen Solomon has joined Covington's Financial Services Group in Washington. Before joining Covington, Ms. Solomon served as the Acting Senior Deputy Comptroller and Chief Counsel at the Office of the Comptroller of the Currency (OCC). In that role and in her prior role as Deputy Chief Counsel, Ms. Solomon’s work included developing and drafting ...
December 21, 2018
LONDON—Covington’s Project Development and Finance practice has been recognized at the PFI Awards 2018 for the team’s work on the Al Ezzel and Sakaka transactions, which won “Middle East and Africa Refinancing Deal of the Year” and “Middle East and Africa Power Deal of the Year” respectively. The $243 million new financing facility for Al Ezzel Power Company, a ...
December 20, 2018, Covington Alert
On December 18, 2018, the Federal Deposit Insurance Corporation (FDIC) issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comment on the regulatory approach to brokered deposits and the interest rate caps applicable to banks that are less than well capitalized. The FDIC for some time has been exploring the extent to which the current regulatory ...
December 2018, Covington Alert
FinTech refers to the use of new and emerging technologies in the financial services industry to improve the delivery of financial services to customers, and includes innovations such as cryptocurrencies and open banking. Recent years have ushered in the use of several key technologies in the FinTech landscape, including artificial intelligence, data analytics, ...
December 1, 2018, Practical Law
This chapter provides a comprehensive overview on fintech regulation in the United States as part of a global fintech guide published by Thomson Reuters. Reproduced from Practical Law with the permission of the publishers. For further information, visit www.practicallaw.com.
November 30, 2018, Global Data Review
Trisha Anderson is quoted in Global Data Review regarding cyber and ransomware attacks. Ms. Anderson said that while the use of technologies like Tor and Bitcoin pose challenges to law enforcement by “raising the level of investigative effort and sophistication required to identify and locate cyber criminals,” the indictment in the SamSam Ransomware cyberattacks ...
November 29, 2018, American Banker
Michael Nonaka is quoted in the American Banker regarding how banks focused on improving their technology have shown a propensity to quickly enter into fintech partnerships. Mr. Nonaka says, “One of the most interesting developments is now small and large banks have gotten to the point where these partnerships are just business as usual. There is a lot more ...
Dem AG Gains May Spur State Financial Services Action
November 16, 2018, Law360
Jean Veta is quoted in Law360 regarding state Attorney General election results and the impact on investigations and enforcement activity on banks. Ms. Veta says, “While banks may feel some effects of the blue wave, I don’t look for banks to be swamped by that wave.” But in the current strong economic environment, she said she doesn’t see comparable scope for ...
Fintech Charter Interest Could Be Shaped By Litigation
October 5, 2018, Law360
Randy Benjenk is quoted in Law360 regarding the uncertainty surrounding how many fintech firms will apply for special-purpose charters from the OCC. Mr. Benjenk says, “The question is whether the benefits of the charter will outweigh its burdens and the risks involved. I think you’ll see some fintechs conclude that, if they’re going to be regulated like a bank, ...
September 28, 2018
WASHINGTON—The National Law Journal has named Covington's Michael Nonaka to its inaugural list of "Cryptocurrency, Blockchain, & Fintech Trailblazers." This list profiles 50 lawyers who have "moved the needle" and are making great strides as finance and technology grow more entwined. Mr. Nonaka is co-chair of the firm’s Financial Services Group and advises ...
September 5, 2018, Covington Alert
This client alert summarizes recent regulatory developments relating to fintech and discusses the implications of these developments.
August 8, 2018
WASHINGTON—Covington advised Wilmington, Delaware-based WSFS Financial Corporation in its acquisition of Philadelphia-based Beneficial Bancorp, Inc., in a transaction valued at approximately $1.5 billion. This is the second bank M&A deal in two weeks where Covington is representing the acquiring institution. Covington is also representing Dallas-based Veritex ...
August 8, 2018, Covington Alert
The UK Payment Systems Regulator (PSR) announced on 24 July 2018 its intention to carry out a market review into the supply of card-acquiring services.
August 7, 2018, Global Data Review
David Stein is quoted in Global Data Review regarding the U.S. Department of Treasury’s recommendation to introduce data protection regulations in the fintech industry. Mr. Stein suggested that such a law may have to be modeled on existing state-level legislation. He says, “There likely would be pressure to enhance existing federal data security laws that apply ...
August 1, 2018, Bloomberg Law
Michael Nonaka is quoted in Bloomberg Law on the fintech industry’s enthusiasm regarding the Treasury Department’s recommendation that Congress support the “valid when made” doctrine. Mr. Nonaka adds, “The [recommendation] shows that these issues are not going away and that the uncertainty created from a growing body of inconsistent court opinions isn't a stable ...
OCC Will Accept Fintech Charter Applications
July 31, 2018, Law360
Michael Nonaka is quoted in Law360 regarding the Office of the Comptroller of the Currency accepting applications for special-purpose national bank charters from financial technology companies. Mr. Nonaka says it will be a while before any fintech firms operate as national banks, and they may ultimately decide the special purpose charter does not suit their ...
Sarah Crowder Named to GIR's "Women in Investigations"
July 17, 2018
LONDON—Global Investigations Review has named Covington’s Sarah Crowder to the second edition of “Women in Investigations,” highlighting 100 female practitioners from across the globe. Nancy Kestenbaum and Mythili Raman were selected to the list’s first edition in 2015. The survey highlights a variety of women not previously recognized by the magazine—from ...
Branching out: foreign banks seek shelter from Fed rules
July 17, 2018, Risk
Randy Benjenk is quoted in a Risk article regarding U.S.-based branches of foreign banks experiencing a rise in total branch assets because they are exempt from the Federal Reserve's enhanced prudential standards for foreign banking organizations, such as requirements to set up intermediate holding companies (IHC), the Fed's annual stress test--the Comprehensive ...
Fed plans reform of US bank ownership rules
June 21, 2018, Risk
Randy Benjenk is quoted in a Risk article regarding the Federal Reserve's plan to reform bank holding company (BHC) rules. According to Benjenk, the most common case of ambiguity around control determinations is whether investors such as private equity firms “can make a capital infusion into a bank without becoming a BHC or requiring approval from a federal ...
June 14, 2018, Covington Alert
This week has brought three significant developments in Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) regulation and legislation.
Q&A | THE LITIGATOR
June 8, 2018, Washington Business Journal
Jean Veta was recognized by the Washington Business Journal as an "LGBTQ Business Leader" at the inaugural Business of Pride event. Ms. Veta's profile can be found here.
May 29, 2018, Bloomberg Law
Michael Nonaka is quoted in a Bloomberg Law article regarding guidance from the Office of the Comptroller of the Currency on small-dollar installment loans. The OCC was likely making an observation and statements of fact “rather than trying to write into the policy any discouragement of any bank-fintech partnership," says Nonaka. But the provision “does stick ...
May 16, 2018, Covingon Alert
Notwithstanding the venerable status of the attorney-client privilege and the important purposes it serves, the federal bank regulators and the Consumer Financial Protection Bureau have taken the position that they have the legal authority to override the privilege and compel supervised institutions to produce information protected by the privilege.
May 9, 2018
LOS ANGELES—Covington partners Carolyn Kubota, Robyn Polashuk, and Sonya Winner have been named to the Daily Journal’s 2018 “Top 100 Women Lawyers” list, recognizing the “top women lawyers in California.” Based in the firm’s Los Angeles office, Ms. Kubota is a member of the American College of Trial Lawyers and has served as lead counsel on high-profile ...
April 27, 2018, Reuters
Randy Benjenk is quoted in a Reuters article regarding the push by banks to revise rules they say are "outdated, costly, and hurt economic growth." According to Benjenk, consumer advocate groups may claim that changes to the Community Reinvestment Act rules could lead to discrimination of some groups of borrowers or create “banking deserts” where consumers do ...
April 25, 2018, Bloomberg Law
Michael Nonaka is quoted in a Bloomberg Law article regarding Rep. Patrick McHenry's statements at a recent conference stressing that a proposal to modify how banks comply with investment requirements in local communities must take account of new technologies such as mobile banking. According to Nonaka, the Treasury's report, which included recommendations for ...
Eric Mogilnicki Quoted in Bloomberg Law Article
April 23, 2018, Bloomberg Law
Eric Mogilnicki is quoted in a Bloomberg Law article regarding the CFPB leadership dispute between Mick Mulvaney and Leandra English. According to Mogilnicki, even if Trump's choice of Mulvaney to lead the CFPB is taken out by the D.C. Circuit, the president is going to get another shot to name both acting and permanent directors at the bureau. “It seems to me ...
April 20, 2018
WASHINGTON—The Washington Business Journal has honored Covington partner D. Jean Veta with the 2018 LGBTQ Business Leader Award. This award is given to 20 business leaders in the Washington area who are “blazing the trail for diversity and inclusion in the corporate world.” Ms. Veta, Covington’s first openly gay partner and a member of the firm’s Financial ...
Federal Reserve and OCC Propose Revisions to Capital Framework for Large Banking Organizations
April 20, 2018, Covington Alert
On April 10, 2018, the Federal Reserve issued a notice of proposed rulemaking to implement a stress capital buffer ("SCB") into its capital requirements; revise its capital planning rule for bank holding companies with $50 billion or more in total consolidated assets and U.S. intermediate holding companies of foreign banking organizations established pursuant to ...
April 19, 2018
WASHINGTON—The BTI Consulting Group has named Covington lawyers Andrew Smith, Jonathan Sperling, and Allan Topol to its 2018 “Client Service All-Stars” list, which recognizes “the leaders in superior client service.” Mr. Smith, based in Washington, advises clients on retail financial services, credit reporting, privacy, technology, and e-commerce issues. He ...
Quarles: Fed would recalibrate eSLR if Crapo bill passes
April 18, 2018, Risk Magazine
Randy Benjenk is quoted in a Risk Magazine article regarding Randal Quarles' indication that the Federal Reserve will need to revisit its plans to recalibrate the enhanced supplementary leverage ratio for the largest banks if changes to the eSLR also become law. According to Benjenk, the agencies’ attempt to front-run the Crapo bill now looks too little, too ...
April 18, 2018, Thomson Reuters Regulatory Intelligence
April 12, 2018, The Recorder
The Recorder highlights the arrival of Suzanne Bell to Covington's Technology Transactions practice. Bell says she was attracted to the firm's strong regulatory practice given the increased intersection between the technology sector and government regulations. Bell adds that she is looking forward to using her experience in technology transactions to assist ...
April 10, 2018, Risk Magazine
Michael Nonaka is quoted in a Risk Magazine article regarding U.S. Treasury's proposed reform to the bankruptcy code known as Chapter 14, intended to be the first resort ahead of orderly liquidation authority (OLA). According to Nonaka, “You want there to be different tools in the toolkit in the event of a crisis. That doesn’t mean you have to use Title II, but ...
Law Firms Hitch a Ride on the Blockchain Wagon
April 3, 2018, Washington Lawyer
Michael Nonaka is quoted in a Washington Lawyer article regarding legal opportunities surrounding blockchain. While some lawyers might eventually become blockchain-specialty attorneys, blockchain is looking “more like a technology you have to know about if you’re in certain industries,” says Nonaka. For instance, highly regulated industries such as energy and ...
March 20, 2018
WASHINGTON—DCA Live has named Covington’s Adam Studner to its “2018 Rising Stars of Law 40 Under 40” list. Mr. Studner’s practice focuses on white collar criminal matters, internal corporate investigations, and compliance counseling. He regularly represents clients in Foreign Corrupt Practices Act and corruption-related internal investigations and risk ...
Five questions for CFPB nominee to replace Mulvaney
March 12, 2018, American Banker
Jean Veta is quoted in an American Banker article regarding President Trump's eventual pick to replace current acting CFPB Director Mick Mulvaney. According to Veta, "The nominee is going to have to walk a fine line to make it through the confirmation process." She adds, "I think the biggest challenge is that Republicans and Democrats hold diametrically opposed ...
March 2018, Microsoft
March 2018, Futures and Derivatives Law Report, Volume 38, Issue 3
March 2018, The Banking Law Journal
Investors Are Paying $1,300 Per Hour for ‘Expert’ Chats
February 28, 2018, Bloomberg
Arlo Devlin-Brown is quoted in a Bloomberg article examining the uptick in European investors' using expert networks. “There’s no question that expert-networking firms can be misused by securities traders to obtain material non-public information from company insiders,” says Devlin-Brown. In Europe, “the securities industry would be well advised to use ...
February/March 2018, Bankruptcy Law Journal
February 26, 2018, Risk
Randy Benjenk is quoted in a Risk article discussing how a potential cut in U.S. supplementary leverage ratio being considered by the Federal Reserve might not be sufficient to restore the economics of client clearing and avoid more firms exiting the business. According to Benjenk, HR 4569 has a good chance of becoming law if it gets to the Senate, as it is “the ...
February 24, 2018, The Hill
February 22, 2018
NEW YORK—Latinvex has named Covington partners Nicole Duclos and Gabriel Mesa among “Latin America’s Top 100 Lawyers” in 2018. Ms. Duclos represents clients in international commercial and investment arbitration, as well as transnational litigation. Clients interviewed by Latinvex praised Ms. Duclos’ extensive arbitration experience, noting that she is “ready to ...
David Luttinger Joins Covington’s Insurance Practice
February 21, 2018
NEW YORK—David Luttinger has joined Covington as a partner in the firm’s Insurance Recovery practice in New York. Mr. Luttinger has more than 20 years of experience representing clients in the insurance coverage field, including extensive trial work in judicial and arbitral forums across the country. His experience in the coverage area includes disputes over ...
February 15, 2018, Bloomberg Law
Anne Termine is quoted in a Bloomberg Law article regarding the settlement reached with AMP Global Clearing LLC following charges from the CFTC stating that AMP's failure to diligently supervise a cybersecurity vendor resulted in a data breach. According to Termine, cybersecurity is “an area of increasing concern and scrutiny for the CFTC as it goes directly to ...
What's Next for the CFPB?
February 14, 2018, Credit Union Times
Eric Mogilnicki is quoted in a Credit Union Times article regarding what's next for the CFPB following a federal appeals court decision in late January upholding the lawfulness of the Bureau's structure. According to Mogilnicki, "The combination of that opinion and Acting Director Mulvaney's recent statement that the Bureau would stop 'pushing the envelope' on ...
February 7, 2018, Bloomberg Law
Eric Mogilnicki is quoted in a Bloomberg Law article regarding potential constitutional challenges faced by the CFPB following the U.S. Court of Appeals ruling on January 31. According to Mogilnicki, plenty of questions are still up in the air. The CFPB could settle some cases that otherwise would keep working through the constitutional question, while other ...
February 2, 2018, Covington Alert
On Wednesday, January 31, 2017, the D.C. Circuit, sitting en banc, issued its long awaited decision in PHH v. CFPB, holding that the Bureau’s structure is constitutional and overruling an earlier decision that would have permitted the President to replace the Bureau’s Director at will.
What CFPB gained, lost in appeals court ruling
January 31, 2018, American Banker
Eric Mogilnicki is quoted in an American Banker article regarding a federal appeals court decision upholding the constitutionality of the CFPB’s single-director structure. "It's a victory for the CFPB in the long-long run, but the Democrats may have to wait two or three years to replace a Trump nominee," says Mogilnicki. "I do think that the win on independence ...
January 31, 2018, The National Law Journal
Eric Mogilnicki is quoted by The National Law Journal in an article regarding the significance of a federal appeals court ruling upholding the lawfulness of the CFPB’s single-director structure. “The combination of that opinion and Acting Director Mulvaney’s recent statement that the bureau would stop ‘pushing the envelope’ on enforcement matters will provide ...
January 31, 2018, Politico
Eric Mogilnicki is quoted in a Politico article regarding the federal appeals court ruling upholding the constitutionality of the CFPB’s structure. According to Mogilnicki, it's “quite likely” PHH would prevail in its argument against the penalty following today’s decision, and that an appeal from the administration would be unlikely due to political ...
CFPB Constitutional Fight Faces Tough Supreme Court Path
January 31, 2018, Law360
Eric Mogilnicki is quoted in a Law360 article regarding the D.C. Circuit’s ruling that the CFPB's single-director structure is not a violation of the president’s powers under Article II of the Constitution. According to Mogilnicki, because of the for-cause protection in place for any Senate-confirmed director, a Democrat president may be prevented from putting ...
Covington's Andrew Smith Testifies Before House Subcommittee on Financial Institutions and Consumer Credit
January 30, 2018
WASHINGTON—Covington partner Andrew Smith testified on Tuesday before the United States House of Representatives Subcommittee on Financial Institutions and Consumer Credit at a hearing entitled, “Examining Opportunities and Challenges in the Financial Technology (“Fintech”) Marketplace.” Mr. Smith’s testimony addressed the opportunities and challenges posed by ...
January 30, 2018, American Banker
Andrew Smith testified before the House of Representatives Subcommittee on Financial Institutions and Consumer Credit and is quoted in an American Banker article regarding fintech policy. According to Smith, “Conservatively, it would take two years and a couple million dollars to get to license and build a platform through the state-by-state licensing system.”
FCA's anti-competitive scrutiny is here to stay
January 25, 2018, Behavox
Louise Freeman is quoted in a Behavox article regarding the UK Financial Conduct Authority's (FCA) statement of objections to four asset management firms, signifying the first time the FCA has used its competition enforcement powers. According to Freeman, firms should expect further scrutiny, and to prepare accordingly. “They started with a very wide asset ...
January 17, 2018, The National Law Journal
Eric Mogilnicki is quoted by The National Law Journal in an article regarding the CFPB's investigative demands. Commenting on the time crunch, Mogilnicki says, “That timetable is too fast, especially when the [civil investigative demand] includes a laundry list of requests that require detailed investigation to determine what documents are available.” He adds, ...
Consumer Finance Lawyers Prep Wish Lists as CFPB Retools
January 9, 2018, Bloomberg BNA
Eric Mogilnicki spoke at an American Bar Association meeting and is quoted in a Bloomberg BNA article regarding potential changes at the Consumer Financial Protection Bureau (CFPB). According to Mogilnicki, “There’s going to be as much change coming in with the new Administration as when CFPB was created."
2018 Should See Trump’s Bank Rule Rollback Gain Steam
January 1, 2018, Law360
Michael Nonaka is quoted in a Law360 article providing a look ahead at bank regulations in 2018. According to Nonaka, leadership changes should mean that banks will see a shift in their operating environment that they had been expecting for some time to come over the course of 2018. “The people will be in place, the will will be there, so I think there will be ...
Attys Eye Cases Impacting SEC Enforcement Powers In 2018
January 1, 2018, Law360
David Kornblau is quoted in a Law360 article regarding upcoming Supreme Court cases that could impact how the SEC regulates the financial industry. Commenting on the Digital Realty litigation, which could lead to a ruling on the broader issue of the Chevron doctrine, Kornblau says, “If the court goes down that road, it might call into question all kinds of ...
Treasury Report Takes Middle-Ground on SIFI Designation
November 28, 2017, Compliance Reporter
Randy Benjenk is quoted in a Compliance Reporter article regarding a memo released by the Department of Treasury in response to a request from the President for review of the Financial Stability Oversight Council's financial institution designation process. According to Benjenk, the Treasury suggested improvements to FSOC’s processes, but stopped short of ...
Whistleblower Case Could Widen Into A Chevron Challenge
November 27, 2017, Law360
David Kornblau is quoted in a Law360 article regarding the upcoming Supreme Court case focusing on the reach of whistleblower protections under the Dodd-Frank Act. According to Kornblau, if the high court expands the scope of the case to include a review of the Chevron doctrine it could have important ramifications for all federal regulatory agencies in terms of ...
Basel concession strengthens U.S. opposition to NSFR
November 27, 2017, Risk Magazine
Randy Benjenk is quoted by Risk Magazine in an article regarding the Basel Committee's concession that would allow national authorities to soften the treatment of derivatives liabilities in the net stable funding ratio (NSFR). “Gross derivatives liabilities is not a very good proxy for a bank’s potential future funding needs for its derivatives portfolio,” says ...
SEC enforcement ebbs in 2017
November 20, 2017, Compliance Reporter
David Kornblau is quoted in a Compliance Reporter article regarding the SEC's annual enforcement report for 2017. According to Kornblau, the report showed a decrease in enforcement actions compared to the prior year, as the industry expects a downshift in regulation by the agency under new SEC Chair Jay Clayton. “My sense is that the overall level of new ...
November 9, 2017, Covington Alert
On October 31, 2017, the Office of the Comptroller Currency (“OCC”) released OCC Bulletin 2017-48, Updated Guidance: Bank Enforcement Actions and Related Matters, updating its internal policies and procedures regarding bank enforcement actions and related matters.
November 2, 2017, Law360
Michael Nonaka is quoted in a Law360 article regarding President Trump's selection of Jerome Powell to chair the Federal Reserve. According to Nonaka, Powell will bring a level of stability that should temper any radical moves, particularly on regulation and supervision of big banks. “He has experience being on the board, so he understands how large bank ...
October 5, 2017, Risk
Anne Termine is quoted in a Risk article examining recent cases that have restricted the extraterritorial application of the Commodity Exchange Act. “I don’t think the Brent case ruling will deter any enforcement programme by the CFTC on an extraterritoriality basis,” says Termine. “However, it does give pause because some parts of the language are incorrect ...
October 4, 2017
SAN FRANCISCO—The Recorder has named Covington partner Ingrid Rechtin to its list of “2017 Women Leaders in Tech Law.” This annual recognition commemorates “recent outstanding work by California-based lawyers whose practices focus on technology companies and issues.” In its profile of Ms. Rechtin, the publication highlights her representation of Sanofi in ...
October 2, 2017, The Recorder
The Recorder named Ingrid Rechtin one of its "2017 Women Leaders in Tech Law." In her profile, Ms. Rechtin provides advice to young lawyers in tech. She says, "Be flexible and open to new opportunities. The tech space evolves quickly and as a lawyer you can provide more value to your clients if you have a broader view—across industries, companies of all sizes, ...
October 2017, The Banking Law Journal
September 21, 2017, Covington Alert
On September 14, 2017, the Financial Conduct Authority (FCA) confirmed that it was making a Market Investigation Reference (MIR) to the Competition and Markets Authority (CMA) in relation to services for investment consultancy and fiduciary management. This is the first time the FCA, which has significant numbers of competition lawyers within its ranks, has ...
August 30, 2017
NEW YORK—Covington advised Howard Bancorp, Inc., the bank holding company for Howard Bank, in its acquisition of First Mariner Bank, a community bank headquartered in Baltimore, Maryland. The transaction value is approximately $163.4 million. The Covington team consisted of Michael Reed, Rusty Conner, Chris DeCresce, Matt Wood, and Nora Diamond-Jones(corporate); ...
August 28, 2017, Covington Alert
The U.S. Commodity Futures Trading Commission (the “CFTC” or the “Commission”) has been very active since the beginning of this year, despite the change in Presidential Administration, the lack (until recently) of appointed Commissioners, and the turnover of leadership at both the Commission and Division level. Notably, the Commission has announced over 20 ...
August 21, 2017, Covington Alert
The Payment Strategy Forum (“PSF”) has published a public Consultation Paper (the “Consultation”) entitled “Blueprint for the Future of UK Payments.” The PSF observes that whilst payment systems in UK are some of the best in the world, they are no longer fit for purpose, given their age and complexity. The PSF has therefore developed a New Payments Architecture, ...
7th Circ. Spoofing Decision Buoys Gov't Crackdown
August 8, 2017, Law360
Anne Termine is quoted in a Law360 article regarding the Seventh Circuit's decision to uphold the conviction of Michael Coscia for "spoofing." According to Termine, “The short takeaway is that it was a complete win for the government." She adds, “There wasn’t a single portion of Coscia’s argument that the court accepted.”
If OCC Charter Case Is Dismissed, State Regulators Will Likely Sue Again, Say Fintech Attorneys
August 3, 2017, Corporate Counsel Magazine
Michael Nonaka is quoted in a Corporate Counsel Magazine article regarding the Office of the Comptroller's argument that it cannot be sued over its plans for a special purpose national bank charter. According to Nonaka, "it's a fair assumption" the Conference of State Bank Supervisors would continue to pursue litigation against the OCC if the case is thrown out, ...
SEC Warns on Initial Coin Offerings--Update
July 25, 2017, The Wall Street Journal
David Martin is quoted by The Wall Street Journal in an article regarding the SEC's warning on initial coin offerings. The SEC's report will likely "chill the waters a bit for these offerings," says Martin.
July 10, 2017, Covington Alert
Today the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) published a final rule substantially curtailing the ability of financial services providers and consumers to enter into pre-dispute arbitration clauses. The final rule, like the proposed rule that preceded it, would: prevent financial services providers from including arbitration ...
June 29, 2017, Reuters Regulatory Intelligence
Randy Benjenk is quoted in a Reuters Regulatory Intelligence article regarding the completion of the Federal Reserve Board's review of capital planning practices. According to Benjenk, “An issue that will be closely watched is whether the Federal Reserve now takes the next step and exempts the largest institutions from the qualitative assessment next year, as it ...
June 21, 2017, Law360
Randy Benjenk is quoted in a Law360 article regarding how a change in the way the Federal Reserve evaluates a bank's ability to withstand financial shock could provide some relief to the stress testing process. According to Benjenk, “The quantitative results of [the Dodd-Frank Act Stress Tests] this year will be a better indicator of whether the regional banks ...
June 20, 2017, Covington Alert
On June 12, 2017, the U.S. Department of the Treasury released the first of a series of reports recommending changes to the financial system in a manner consistent with a set of Core Principles set forth in President Trump’s Executive Order No. 13,772 of February 3, 2017 (the “Report”). The Report focuses on the depository system, including banks, savings ...
June 16, 2017
LONDON—Euromoney Legal Media Group has selected three Covington lawyers for its annual “Europe Women in Business Law Awards.” The awards honor women in the legal sector across Europe. The Covington lawyers recognized are: Louise Nash, Best in Mergers & Acquisitions. Ms. Nash focuses on M&A and other transactional matters for clients in the consumer brands, ...
American Regulators Playing FinTech Catch-Up
June 15, 2017, Law360
Michael Nonaka is quoted in a Law360 article examining how U.S. regulators are fostering fintech innovation. According to Nonaka, the CFTC and FINRA initiatives are important steps to get the agencies up to speed on fintech issues. “It’s certainly a step forward, it’s a step in the right direction for the regulators to be able to do new initiatives that will ...
June 12, 2017, Law360
Anne Termine is quoted in a Law360 article regarding the Commodity Futures Trading Commission's reaction to a recent internal watchdog review of the agency's oversight of the National Futures Association. According to Termine, it appeared the CFTC's Division of Swap Dealer and Intermediary Oversight was saying that it has a core mission and a core duty and that ...
June 9, 2017, The Wall Street Journal
Ian Hargreaves is quoted by The Wall Street Journal in an article regarding the future of the UK's Serious Fraud Office following the general election. "Folding the SFO into the [National Crime Agency] is neither necessary nor good for the prevention of serious fraud and other matters," says Hargreaves. "I would hope this gets pushed into the long grass and [Ms. ...
Is CFPB being stretched thin by litigation?
June 7, 2017, American Banker
Eric Mogilnicki is quoted in an American Banker article regarding the impact of legal challenges on the Consumer Financial Protection Bureau. According to Mogilnicki, "Obviously, litigation soaks up resources that could be used to begin and proceed with investigations."
May 31, 2017, The National Law Journal
Michael Nonaka is quoted by The National Law Journal in an article regarding the likelihood that the U.S. will introduce a regulatory sandbox for fintech companies to test new products and business models without regulatory consequences. According to Nonaka, there is "great value" in a sandbox for entrepreneurs, but "in order for a sandbox to work, you have to ...
The CFPB Is Fighting for Its Life. Here's What to Know.
May 23, 2017, The National Law Journal
Eric Mogilnicki is quoted by The National Law Journal in an article regarding the future of the Consumer Financial Protection Bureau ahead of the D.C. Circuit's ruling on the constitutionality of the agency's single-director structure. According to Mogilnicki, “The bureau was designed to be largely immune from politics, and has governed accordingly. The court’s ...
DC Circ. Could Punt On CFPB Constitutionality Question
May 22, 2017, Law360
Eric Mogilnicki is quoted in a Law360 article regarding the upcoming rehearing of a case challenging the constitutionality of the single-director leadership structure of the Consumer Financial Protection Bureau. According to Mogilnicki, “I think the threshold issue, if that gets the most attention, it will suggest that the court is likely to pull back rather ...
May 18, 2017, Covington Alert
On May 18, 2017, newly confirmed U.S. Trade Representative Robert Lighthizer formally notified Congress that President Trump intends to renegotiate the North American Free Trade Agreement (NAFTA). The Trump Administration has indicated that it will request public input on the “direction, focus, and content” of these negotiations, and will publish notice in the ...
CFTC Announces Innovation Lab for Fintechs
May 17, 2017, The National Law Journal
Anne Termine is quoted by The National Law Journal in an article regarding the U.S. Commodity Futures Trading Commission's new initiative, LabCFTC, designed to engage innovators in the financial technology industry. “As progressive as this effort might be for the CFTC, it is not the same as a regulatory sandbox, as other regulators around the world have ...
Proposed Restrictions on Mexican Remittances Could Hinder Fintechs, Probably Not Banks
May 11, 2017, Forbes
Michael Nonaka is quoted in a Forbes article regarding the prospect of President Trump's taxing remittances for a Mexico border wall, and the possibility of an increase in the use of digital currencies as a result. In discussing banks and payment companies' experience in this field, Nonaka indicates that these institutions have taken the proposed rules in ...
May 10, 2017, Silicon Valley Business Journal
Emily Henn was profiled by Silicon Valley Business Journal as a part of the publication's "Women of Influence" feature, honoring 100 of the most influential business women in Silicon Valley.
April 26, 2017
SILICON VALLEY—Silicon Valley Business Journal has named Covington partner Emily Henn to its annual “Women of Influence” list, honoring “100 of the most influential business women in Silicon Valley.” Ms. Henn serves as co-chair of the firm’s Class Action Litigation Practice, specializing in defending antitrust, consumer, and other types of class actions. Ms. ...
April 24, 2017, Covington Alert
On April 19, 2017, the House Financial Services Committee (the “Committee”) released a new “discussion draft” of the Financial CHOICE Act, its comprehensive regulatory reform bill (“CHOICE Act 2.0”). The Committee released the first version of the bill (“CHOICE Act 1.0”) in June 2016.
April 21, 2017, Covington Alert
On April 20, 2017, President Trump issued a memorandum announcing that the Secretary of Commerce had initiated an investigation to determine the effects of imported steel on national security. The investigation was initiated under Section 232 of the Trade Expansion Act of 1962, as amended. While it remains to be seen what actions the Administration might ...
April 17, 2017, Covington Alert
On April 7, 2017, the SEC’s Division of Corporation Finance (the “Division”) issued a statement indicating that it will not recommend enforcement action to the SEC if companies subject to the SEC’s conflict minerals reporting rule only file disclosure under the provisions of paragraphs (a) and (b) of Item 1.01 of Form SD, and not under paragraph (c) of Item ...
Lawmaker Tries To Unshroud Furtive Economic-Crime Review
April 12, 2017, Law360
Ian Hargreaves is quoted in a Law360 article regarding the UK government’s secretive review into economic crimes. According to Hargreaves, "As with the Proceeds of Crime Act, the UK Bribery Act and several other pieces of legislation, the UK really is leading the charge on introducing (if not enforcing) the toughest global laws on financial crime.”
April 11, 2017, Covington Alert
The U.S. Securities and Exchange Commission (“SEC”) has adopted amendments to its rules and forms that will require companies filing registration statements and reports subject to the exhibit requirements of Item 601 of Regulation S-K to include an active hyperlink to each exhibit listed in the exhibit index, whether or not the exhibit is incorporated by ...
April 8, 2017
WASHINGTON—Covington partner Eric Mogilnicki has been named a Fellow of the American College of Consumer Financial Services Lawyers. Mr. Mogilnicki is the third Covington lawyer to be named a Fellow, joining Andrew Smith and David Stein. Mr. Mogilnicki focuses his practice on assisting clients with investigations, examinations, and enforcement actions by the ...
Spring 2017, The Business Lawyer
Tesco DPA shifts landscape for shareholder redress
March 29, 2017, Commercial Dispute Resolution
Ian Hargreaves is quoted in a Commercial Dispute Resolution article regarding the UK Serious Fraud Office’s deferred prosecution agreement with Tesco PLC for false accounting practices. According to Hargreaves, the FCA compensation scheme is of particular interest. “Although we are not privy to the details of the compensation package offered to shareholders and ...
The Morning Risk Report: Pondering Compliance With Potential Economic Crime Law in U.K.
March 29, 2017, The Wall Street Journal
Ian Hargreaves is quoted in The Wall Street Journal’s “Morning Risk Report” regarding the UK Ministry of Justice’s consultation on whether to create new legislation to cover failure to prevent economic crime. According to Hargreaves, “To be required to introduce further systems and controls covering a wide ranging area of economic or financial crime, in addition ...
SFO Marches On With Another DPA As US Parallels Emerge
March 28, 2017, Law360
Ian Hargreaves is quoted in a Law360 article regarding the UK Serious Fraud Office’s $161 million deferred prosecution agreement with Tesco PLC for skewing the prices of its shares and bonds with false accounting. “The arrangement with the [Financial Conduct Authority] is of particular interest,” says Hargreaves. “Although we are not privy to the details of the ...
March 13, 2017, The Street
Arlo Devlin-Brown is quoted by The Street in an article regarding the removal of Preet Bharara from his position as U.S. Attorney General of the Southern District of New York by the Trump Administration and its effect on the future of financial enforcement prosecutions. According to Devlin-Brown, "Historically, U.S. attorneys for the Southern District of New ...
Will SDNY's Independent Streak Falter Without Bharara?
March 13, 2017, Law360
Arlo Devlin-Brown is quoted in a Law360 article regarding the effect of the removal of Preet Bharara from his position as U.S. Attorney General of the Southern District of New York on the independence of the Office. "[Bharara] wasn’t afraid of losing, and I think that made a big difference and inspired confidence in the prosecutors who worked for him," says ...
March 6, 2017, Covington Alert
Following up on the Consumer Financial Protection Bureau’s (the “Bureau,” or “CFPB”) monthly complaint report highlighting credit reporting issues (and particularly issues with accuracy and disputes), on March 2, 2017, the CFPB issued a special edition of its Supervisory Highlights bulletin focusing on consumer reporting issues, highlighting those same concerns. ...
Shrunken Chickens, Neck Flanges, Pill Mills & Bacteria: New Twists on Perennially Difficult Issues in Products-Related Coverage
March 4, 2017, ABA Insurance Coverage Litigation Committee CLE Seminar
February 27, 2017
NEW YORK—Latinvex has named Covington partners Gabriel Mesa and Nicole Duclos among “Latin America’s Top 100 Lawyers” in 2017. Mr. Mesa counsels corporations in joint ventures and private mergers and acquisitions in Latin America and other emerging markets, as well as in the United States. A client described Mr. Mesa as "an excellent lawyer,” noting that his ...
Trump Unlikely To Ease AML Burden, Say Experts
February 22, 2017, Payments Compliance
Michael Nonaka is quoted in a Payments Compliance article regarding financial crime regulation under President Trump amid Dodd-Frank reforms. According to Nonaka, “The conversation around deregulation hasn’t touched on anti-money laundering and terrorist financing compliance and enforcement.” The “strong nexus with law enforcement and border protection,” is why ...
February 21, 2017
In September 2016, the Office of the Comptroller of the Currency issued final guidance for recovery planning, requiring OCC-regulated banking organizations with average total consolidated assets of $50 billion or more to develop recovery plans. Covered banks with at least $750 billion in assets are required to comply by July 1, 2017; covered banks with at least ...
February 20, 2017, Law360
Ian Hargreaves is quoted in a Law360 article regarding the use of deferred prosecution agreements by the Serious Fraud Office to push deeper into enforcement in financial services. According to Hargreaves, financial firms have lived in the era of self-disclosure to the Financial Conduct Authority for so long they fully understand the consequences — and leave ...
Court May Not Rule on CFPB Structure
February 17, 2017, The Wall Street Journal
Eric Mogilnicki is quoted by The Wall Street Journal in an article regarding the recent decision by the U.S. Court of Appeals ordering a rehearing of an earlier ruling that the CFPB’s single-director structure was unconstitutional. However, as Mogilnicki points out, the court may not even rule on the question of constitutionality: “The court could resolve the ...
February 13, 2017, BNA’s Banking Report
Covington Adds Ex-Deputy Assistant AG To Appellate Group
February 6, 2017, Law360
Beth Brinkmann is quoted in a Law360 article regarding her recent arrival to Covington’s Appellate and Supreme Court Practice Group. According to Brinkmann, “The teamwork and collaboration at Covington is incredible and the strength of its appellate practice attracted me to the firm.”
February 6, 2017, Harvard Law School Forum on Corporate Governance and Financial Regulation
February 3, 2017, Law360
Bruce Bennett is quoted in a Law360 article providing tips for British banks under the Trump Administration’s approach to financial reform. Commenting on the full repeal of Dodd-Frank, Bennett says, “[it] would be very difficult for a variety of reasons.” He adds, “Our sense is, in the overall hierarchy of priorities the new president has, this isn’t at the ...
February 3, 2017, Global Investigations Review
Ian Hargreaves and David Lorello are quoted in a Global Investigations Review article regarding Hargreaves’ recent arrival to Covington. According to Hargreaves, the firm’s “pre-eminence in dispute resolution, and its immense strength and global recognition as a market-leader in white-collar crime matters and investigations” fueled his decision. Lorello says, ...
February 3, 2017, Covington Alert
Throughout his campaign, President Donald Trump promised to curtail financial regulations, particularly those promulgated under the Dodd-Frank Act. President Trump argued frequently that the regulations issued under the act have proven overly burdensome and, among other things, limited job growth. This afternoon, the President took his first formal step in ...
January sees US law firms seek lateral talent
February 2, 2017, Commercial Dispute Resolution
Beth Brinkmann and Robert Long are quoted in a Commercial Dispute Resolution article regarding Brinkmann’s arrival to Covington’s Appellate and Supreme Court Practice Group. Citing “Covington’s long history litigating important cases in the Supreme Court,” Brinkmann says she looks forward to the opportunity to help expand the appellate practice. According to ...
The Lateral Report
February 2017, The American Lawyer
Eric Mogilnicki was featured as a “Lateral All-Star” in The American Lawyer’s Lateral Report, recognizing his move to Covington as one of the “most notable and intriguing” in 2016.
Deputy Assistant Attorney General Joins Covington
January 31, 2017
WASHINGTON—Beth Brinkmann has joined Covington as a partner in the firm’s Appellate and Supreme Court Practice Group in Washington. Ms. Brinkmann served as Deputy Assistant Attorney General in the Civil Division of the U.S. Department of Justice from 2009 to 2016. She has argued 24 cases before the Supreme Court of the United States. Ms. Brinkmann is an ...
January 31, 2017
LONDON—Ian Hargreaves has joined Covington as a partner in the firm’s European Dispute Resolution practice resident in London. Mr. Hargreaves’ arrival follows that of litigation partners Craig Pollack, Greg Lascelles, Elaine Whiteford, and Louise Freeman over the past six months. Mr. Hargreaves advises on major European white collar and related civil and ...
Industry digests 2017 SEC exam priorities
January 31, 2017, Compliance Reporter
David Kornblau is quoted in a Compliance Reporter article regarding industry’s reaction to the SEC’s 2017 examination priorities. “I think everybody is waiting with bated breath to see if the priorities and philosophy of the agency will take a different direction once Clayton and other commissioners are confirmed,” says Kornblau. “We are all in a guessing game ...
Banks Face Cybercrime Wave As Tougher Regulations Loom
January 24, 2017, Law360
Mark Young and Ian Hargreaves are quoted in a Law360 article regarding the high level of cyberattacks on the financial services industry and the resulting regulatory pressures. According to Young, “The GDPR [General Data Protection Regulation] is a massive text with groundbreaking change in the data privacy area, in terms of compliance requirements and the new ...
Covington makes KWM competition hire
January 17, 2017, Global Competition Review
Louise Freeman and Johan Ysewyn are quoted in a Global Competition Review article regarding Freeman’s arrival to the firm’s European Dispute Resolution practice. According to Freeman, Covington is an exciting firm to join – especially as the firm is “expanding at a phenomenal rate.” She adds, “It’s going to be great fun educating the London market on what is ...
2 Disputes Lawyers Move To Covington Amid KWM Collapse
January 17, 2017, Law360
Jeremy Wilson is quoted in a Law360 article regarding the arrival of Craig Pollack and Louise Freeman to the firm’s European Dispute Resolution practice. According to Wilson, “The firm’s growing footprint in London is a reflection of client demand that is fueled by the increasingly challenging regulatory and compliance environment, and the fact that London is, ...
January 16, 2017
LONDON—Craig Pollack and Louise Freeman have joined Covington as partners in the firm’s European Dispute Resolution practice resident in London. Mr. Pollack will also serve as co-chair of the firm’s Global Disputes Initiative with former U.S. Attorney General Eric Holder and former U.S. Under Secretary of State Alan Larson. Mr. Pollack focuses on complex high ...
Fintech Startup, Covington To Launch Blockchain Council
January 6, 2017, Law360
Sebastian Vos is quoted in a Law360 article regarding the launch of a Global Blockchain Business Council at this year’s World Economic Forum by Covington and The Bitfury Group. “Blockchain has the potential to be the next great technological innovation, revolutionizing areas from cross-border payments, trade finance and land registries to government records,” ...
Six Covington Lawyers Named Law360 MVPs
January 3, 2017
WASHINGTON—Law360 has named six Covington lawyers as MVPs in their respective practice areas. The awards single out lawyers from across various practice areas based on their “success in high-stakes litigation, complex global matters, and record-breaking deals.” The Covington lawyers recognized as Law360 MVPs are: Shara Aranoff, International Trade. Ms. ...
January 2, 2017, Law360
Carlo Kostka is quoted in a Law360 article regarding UK financial services reforms to watch in 2017. Commenting on the 2014 Markets in Financial Instruments Directive II and Brexit, Kostka says, “There’s a host of operational reasons why you’d say you don’t want to fragment the clearing market.” He adds, “But the flip side ... is this is going to be a ...
On Trump's Hit List: The CFPB
December 29, 2016, Corporate Counsel
Eric Mogilnicki is quoted in a Corporate Counsel article regarding the anticipated spotlight on the Consumer Financial Protection Bureau in 2017 following Donald Trump’s election and an October 2016 ruling from the U.S. Court of Appeals for the D.C. Circuit. According to Mogilnicki, "The election results might speed up some work by the bureau on rules, for ...
December 11, 2016, Harvard Law School Forum on Corporate Governance and Financial Regulation
December 6, 2016, Covington Alert
Without much fanfare, the Consumer Financial Protection Bureau (the “Bureau,” or “CFPB”) recently released its Fall Unified Regulatory Agenda (“URA”), which describes the Bureau’s regulatory priorities for the next six months. The URA outlines fairly ambitious plans for the coming months, including final action on the controversial arbitration rule and the ...
December 5, 2016, Covington Alert
On December 2, 2016, Comptroller of the Currency Thomas J. Curry announced that the Office of the Comptroller of the Currency (“OCC”) would move forward with issuing special purpose national bank charters to financial technology (“fintech”) companies. The OCC released a whitepaper1 outlining its authority to issue charters to fintech companies, its approach to ...
Insurance MVP: Covington & Burling’s Marty Myers
December 1, 2016, Law360
Law360 selected Marty Myers as a 2016 Insurance MVP and profiled his work over the past year, including his representation of World Fuel Services which scored the company a $24.5 million reward for insurance coverage related to a $17 million marine cargo loss off the coast of West Africa. “Each case suggests its own strategies,” Myers says. “In part, it’s being ...
November 28, 2016, Covington Alert
On 18th November 2016, the Financial Conduct Authority (“FCA”) published its long-awaited Interim Report setting out the findings of its asset management market study (“the Report”). The Report identifies issues and concerns regarding whether the market is providing value to customers, both in the retail and institutional sectors and the FCA has found evidence ...
November 22, 2016, Bloomberg BNA
Eric Mogilnicki is quoted in a Bloomberg BNA article regarding early signals that could offer insight into the regulatory landscape for financial services under the Trump administration. Mogilnicki says, “I would watch the extent to which other senators support Sen. Elizabeth Warren’s efforts on Trump administration nominees.” He adds, “Those hearings and votes ...
Republican Lawmakers Eye Freeze on Obama Regulations
November 18, 2016, The Wall Street Journal
Eric Mogilnicki is quoted by The Wall Street Journal in an article regarding how Republican lawmakers may use the Congressional Review Act to block Obama-era regulations. According to Mogilnicki, “The CFPB has been working on an arbitration rule for several years, and was poised to issue a final rule in the next few months.” He continues, “It may now find that ...
Trump's Conflict-of-Interest Problem
November 14, 2016, The New Yorker
In a New Yorker article regarding potential conflicts of interest in President-elect Donald Trump’s administration, Arlo Devlin-Brown comments on the importance of avoiding even ‘the appearance of impropriety’ for companies doing business with the Trump Organization.
November 14, 2016, The National Law Journal
Eric Mogilnicki is quoted by The National Law Journal in an article considering the effect of Donald Trump’s presidency on financial regulations. Commenting on the potential impact of Trump on the existence of the CFPB, Mogilnicki says, "The president-elect has experience firing people, and he may seek to fire Director Cordray even if the PHH case is still ...
November 10, 2016, Bloomberg BNA
Eric Mogilnicki is quoted in a Bloomberg BNA article regarding how Donald Trump could affect the leadership and rulemaking and enforcement activities of the Consumer Financial Protection Bureau (CFPB). Commenting on the recent court decision on the constitutionality of the CFPB’s structure, Mogilnicki says, ‘‘There’s a real possibility that the en banc court ...
Regulation by Enforcement
October 27, 2016, Bank Director
Eric Mogilnicki is quoted in a Bank Director article regarding the significant impact the CFPB has had on the banking industry in its first five years of existence. According to Mogilnicki, the bureau signifies an evolution rather than a revolution in the banking industry's regulatory infrastructure. "Banks have always been concerned about compliance and ...
October 24, 2016, Covington Alert
On October 13, 2016, the Criminal Finances Bill was introduced to the UK’s House of Commons. The Bill contains provisions concerning the proceeds of crime, amendments to existing legislation concerning investigations, money laundering, civil recovery, and enforcement powers, concerning terrorist property. It also creates a new corporate offence of failure to ...
October 20, 2016, Covington Alert
On October 19, 2016, the Board of Governors of the Federal Reserve System (Federal Reserve), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) (collectively the “Agencies”) released a joint Advance Notice of Proposed Rulemaking (ANPR) requesting public comment on enhanced cybersecurity standards that would apply to ...
The Consequences of the D.C. Circuit's CFPB Smackdown
October 11, 2016, The National Law Journal
Eric Mogilnicki is quoted in a National Law Journal article regarding the D.C. Circuit’s decision limiting the authority of the Consumer Financial Protection Bureau. According to Mogilnicki, “If the court had ruled that the decisions of the bureau have to be made by a commission, that would cast more doubt than this ruling, which makes clear that Director ...
October 11, 2016, Covington Alert
The U.S. Court of Appeals for the D.C. Circuit today released its long-awaited decision in PHH Corp., et al. v. Consumer Financial Protection Bureau, No. 15-1177 (D.C. Cir., Oct. 11, 2016). The 110-page decision, which includes a concurrence and a concurrence in part and dissent in part, represents a significant blow to the CFPB.
PM May's Tough Talk On Brexit Dims Banks' Passport Hopes
October 4, 2016, Law360
Carlo Kostka is quoted in a Law360 article regarding British Prime Minister Theresa May's speech which indicated that the financial services sector should prepare to lose the passporting rights that make it easier for UK-based firms to do business across the EU. According to Kostka, "She's setting out a negotiating position that seemed harder than softer, which ...
October 3, 2016, American Banker
Ed Yingling is quoted in an American Banker article regarding the brokered-deposit legislation. According to Yingling, the bills would help community banks because it would remove limits on the amount of reciprocal deposits they can hold. He adds that several deposit-placement service providers would benefit.
Durbin Amendment Unlikely To Be Undone, Experts Say
September 22, 2016, Payments Compliance
Randy Benjenk is quoted in a Payments Compliance article regarding the unlikelihood that the Financial Choice Act becomes a law. Among other things, the reform bill would seek to repeal debit card reforms included in the Dodd-Frank Act, known as the Durbin Amendment. According to Benjenk, “Critics dispute that [the Durbin Amendment] has anything to do with ...
British Clout Over EU Banking Rules Already Fading
September 19, 2016, Law360
Carlo Kostka is quoted in a Law360 article regarding the UK’s diminishing influence over EU banking regulation following the Brexit vote. According to Kostka, "There's a broad concern that the expertise of the UK has been very positive to the EU's financial rulemaking in general.” He continues, “So to the extent that that's taken away by definition because the ...
Covington recruits in London
September 12, 2016, Global Arbitration Review
Greg Lascelles is quoted in a Global Arbitration Review article regarding Lascelles’ recent arrival to Covington. “I am very excited to join this growing team,” says Lascelles.
September 5, 2016
LONDON—Greg Lascelles has joined Covington as a partner in the European Dispute Resolution practice resident in the firm’s London office. Mr. Lascelles has a broad litigation and arbitration practice covering a variety of industry sectors, with a particular focus on financial services. He advises hedge funds, private equity houses, asset managers, investment ...
September 2016, The Banking Law Journal
August 30, 2016, Covington Alert
As election season enters full swing, with political candidates at all levels actively soliciting campaign donations from individuals and companies, it is an ideal time for all companies to review the policies and procedures in place for political donations. While the SEC’s pay-to-play rules governing registered investment advisers and their “covered associates” ...
U.S. Watchdog Seeks Revival Of Prepaid AML Rules
August 25, 2016, PaymentsCompliance
Michael Nonaka is quoted in a PaymentsCompliance article regarding FinCEN’s renewed efforts to reissue anti-laundering (AML) controls on prepaid cards after abandoning original proposals two years earlier. According to Nonaka, “There are all these controls and existing tracking mechanisms that apply to cross-border movements of cash, but these aren't in place ...
July 28, 2016, Covington Alert
Today, the Consumer Financial Protection Bureau (“CFPB”) issued its outline of proposals under consideration for a debt collection rulemaking that would govern third-party debt collection activities of debt collection agencies, debt buyers, collection law firms, and loan servicers. Release of this outline of proposals signals the start of the Small Business ...
July 28, 2016, Covington Alert
The UK is currently the largest financial centre in the European Union (“EU”). A large number of global financial institutions have a presence in the UK, both in order to participate in the UK financial market and also as a hub to access clients and markets across the EU. Whatever form Brexit takes, it will have an enormous impact on the financial services ...
June 30, 2016, American Banker
Eric Mogilnicki is quoted in an American Banker article regarding the ways banks, credit card companies, and other financial firms may react to a CFPB proposal to limit the use of arbitration clauses. Mogilnicki, who expects transition issues as companies try to preserve old clauses, says, “There may be a flood of arbitration clauses added to contracts just ...
UK Votes to Leave the EU
June 24, 2016, Covington Alert
The UK has voted to leave the European Union in an advisory referendum. 52% leave - 48% remain. Were the UK to leave the EU, this would have significant implications for the UK and for international businesses operating in the UK. The longer term impact of the decision on the regulatory framework for the UK will depend, in part, on the relationship that the UK ...
Arbitration a Hot Topic at ACS Convention
June 10, 2016, The National Law Journal
Eric Mogilnicki participated in a panel discussion at the American Constitution Society’s annual convention and is quoted in this National Law Journal article regarding arbitration and the future of class actions. According to Mogilnicki, federal agencies such as the Consumer Financial Protection Bureau should take a bigger role in pursuing cases, arguing that ...
Covington Receives Top Rankings from Chambers USA
June 7, 2016
WASHINGTON—Covington has again received top rankings from Chambers USA, with 60 practice rankings and 120 individual rankings for lawyers in the publication’s 2016 edition. The legal guide identifies leading lawyers and law firm practices based on interviews conducted by Chambers’ researchers with thousands of lawyers and their clients. The firm was ranked in ...
June 6, 2016
BRUSSELS—Ambassador Péter Balás, the former Deputy Director-General of DG Trade at the European Commission between 2005 and 2014, has joined Covington as a Senior Policy Advisor. Recently Ambassador Balás also held the position of Head of the Support Group for Ukraine at the European Commission. He was previously Ambassador and Permanent Representative of ...
June 3, 2016
NEW YORK—Covington advised Beltone Financial Holding, a leading Egyptian investment bank, in its acquisition of 51 percent of Auerbach Grayson & Company, a New York brokerage firm specializing in global trade execution and research on developed, frontier, and emerging markets for U.S. institutional investors. This acquisition marks Beltone Financial’s entry into ...
May 19, 2016
BRUSSELS — Carl Bildt, the former Prime Minister of Sweden, has joined Covington as a Senior Policy Advisor in the firm’s global Public Policy and Government Affairs practice. Most recently, Mr. Bildt served as Sweden’s Minister for Foreign Affairs between 2006 and 2014. As Prime Minister of Sweden, Mr. Bildt led the government that negotiated and signed ...
Are Troubled Banks and Fintech a Perfect Fit?
May 13, 2016, American Banker
Christopher DeCresce is quoted in this American Banker article exploring whether more fintech companies will seek bank charters. According to DeCresce, one sector in fintech that may soon be forced to look at the option is marketplace lenders. "They have to register in every state they want to do business in, and that can be a cumbersome process," he says. "A ...
May 10, 2016, Covington Alert
On May 5, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued its long-awaited final rule on beneficial ownership with respect to customer due diligence requirements. The final rule requires covered financial institutions to adopt due diligence procedures to identify and verify a legal entity customer’s beneficial owner(s) at the time a new account ...
May 5, 2016, Covington Alert
Today, the Consumer Financial Protection Bureau published a proposed rule substantially curtailing the ability of financial services firms and consumers to enter into voluntary pre-dispute arbitration clauses. The proposed rule would prevent financial services providers from including arbitration clauses in consumer contracts unless those arbitration clauses ...
April 27, 2016, Covington Alert
In late April 2016, federal financial regulators began the process of re-proposing rules (the “Proposal”) to implement restrictions on incentive-based compensation required by Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). Section 956 directs a number of federal regulators (the “Agencies”) to jointly issue ...
David Pinsky Named Law360 'Rising Star'
April 21, 2016
New York — Law360 has named Covington international arbitration partner David Pinsky a “Rising Star.” This annual recognition honors top attorneys under the age of 40 “whose legal accomplishments belie their age.” Law360 recognized how Mr. Pinsky, who leads Covington’s arbitration group’s Russia and Eurasia initiative, helped develop the firm’s Russia-focused ...
Former DG COMP State Aid Official Sophie Bertin Joins Forces With Covington's EU Competition Practice
April 20, 2016
BRUSSELS — Sophie Bertin, a former senior official who served as Head of Unit in the “Financial Crisis” Task Force within the Directorate-General for Competition at the European Commission, has joined forces with Covington’s global antitrust and competition practice. Ms. Bertin will be working with the firm’s Brussels and London offices. At DG COMP, Ms. Bertin ...
April 1, 2016, Covington Alert
Yesterday, the Office of the Comptroller of the Currency issued a whitepaper, Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective, that introduces the agency’s principles for facilitating and regulating “responsible innovation” in the federal banking system, particularly in financial technology or “fintech.” The whitepaper ...
April 2016, Data Protection Law & Policy
March 17, 2016, Covington Alert
Rules Requiring UK Financial Institutions to Appoint “Whistleblower Champions” Enter Into Force
March 9, 2016, Covington Alert
March 7, 2016, Covington Alert
March 7, 2016
LONDON — Carlo Kostka has joined Covington’s global financial institutions practice resident in the firm’s London office. Most recently Mr. Kostka served as co-head of UniCredit's legal department, where he was responsible for international legal operations, including all legal matters related to the corporate and investment banking division, significant ...
March 2, 2016, Covington Alert
Chinese Deal-Making Draws Scrutiny in Washington
February 18, 2016, The Wall Street Journal
Mark Plotkin is quoted in this Wall Street Journal article discussing the scrutiny that Chinese acquisitions will receive from U.S. regulators. According to Plotkin, "Given the amount of state ownership of Chinese companies, together with the history of espionage between our countries and U.S. concerns about the potential appropriation and proliferation of ...
February 8, 2016
BRUSSELS — Erika Mann, a former Member of the European Parliament and policymaker with over 20 years of experience, has joined Covington in its Brussels office as a senior European policy advisor in the firm’s global Public Policy and Government Affairs practice. Most recently, Ms. Mann served as Managing Director of Public Policy for Facebook in Brussels from ...
February 8, 2016, BNA's Banking Daily
February 2, 2016, Covington Alert
January 29, 2016, Covington Alert
Leading Financial Services Lawyer Joins Covington
January 5, 2016
WASHINGTON, DC, January 5, 2016 - Covington announced that Eric Mogilnicki has joined the firm as a partner in its Washington office and will co-chair the firm’s new Consumer Financial Services practice. Andrew Smith, who served as a senior financial services lawyer at the Federal Trade Commission prior to joining the firm, will also lead the newly formed ...
December 1, 2015, Harvard Law School Forum on Corporate Governance and Financial Regulation
November 12, 2015, Covington Alert
MAR Moves Closer - FCA Releases Consultation Paper on Policy Proposals and Changes to Its Handbook
November 11, 2015, Covington Alert
October 12, 2015, Covington Alert
October 6, 2015
NEW YORK, October 6, 2015 - Covington partner C. William Phillips has been named a Fellow of the American College of Trial Lawyers, one of the premier legal associations in North America. Mr. Phillips is the seventh Covington lawyer among the current Fellows, joining Lanny Breuer, Robert Haslam, James McKay, John Nields, George Pappas, and Robert Sayler. Mr. ...
September 30, 2015, Covington Alert
May 26, 2015
WASHINGTON, DC, May 26, 2015 — Leading consumer financial services lawyer David Stein has joined Covington’s financial institutions group in the firm’s Washington office. Mr. Stein will advise financial services industry clients on regulatory and compliance matters, focusing on consumer protection and consumer financial services issues. Mr. Stein brings ...
May 11, 2015, Covington E-Alert
FCA Seeks Input on How to Implement Conduct of Business and Organisational Requirements for MiFID II
April 1, 2015, Covington E-Alert
January 20, 2015, Covington E-Alert
December 11, 2014, Covington E-Alert
December 2014, World Securities Law Report
S.E.C. Commissioner Rebukes His Colleagues
August 29, 2014, The New York Times
Covington's David Martin is quoted in this article regarding Luis Aguilar, a commissioner at the S.E.C., stating that he was concerned that the agency’s stance on cases involving executives who put misleading and fraudulent numbers into their financial filings might be weakening. "Mr. Aguilar’s missive goes to the heart of one of the S.E.C.’s main jobs – ...
Covington Snags Insurance Pro From Jones Day
May 14, 2014, Law360
Covington partner Marty Myers is featured in this article about his recent move to the firm.
Business of Law
May 12, 2014, Bloomberg
Marty Myers is mentioned in Bloomberg regarding his recent move to Covington: "Covington & Burling LLP said Martin H. Myers joined its insurance recovery practice, representing corporate policyholders in complex coverage disputes with insurers. Myers, who joins the firm as a partner in San Francisco, was previously at Jones Day."
February 2014, Covington E-Alert
February 2014, Covington E-Alert
February 24, 2014, Covington E-Alert
February 5, 2014, Covington E-Alert
January 2014, Covington E-Alert
January 2014, Covington E-Alert
Institutional Investor Names Covington’s Shea as Leader in Shaping Nation’s Retirement System
11/21/2013
WASHINGTON, DC, November 21, 2013 — Institutional Investor has named Covington & Burling partner Richard Shea as one of the 40 people with the greatest influence in shaping the future of the nation’s retirement system. Just one other lawyer in private practice was named to the list—David Boies for his defense of changes to Rhode Island’s state pension plan. ...
September 2013, Listed Private Equity Brief
August 5, 2013, Covington E-Alert
July 29, 2013, Covington Advisory
July 10, 2013, Covington E-Alert
Toro and Winner Named Top Women Lawyers in California
5/9/2013
SAN FRANCISCO, May 9, 2013 — Covington & Burling partners Amy Toro and Sonya Winner have been named to the Daily Journal’s annual list of “Top Women Lawyers” in California. The list, which includes 75 litigators and 25 corporate practitioners, recognizes “excellent lawyering and leadership skills among women attorneys.” Ms. Toro was recognized for her work ...
April 5, 2013, Covington E-Alert
February 14, 2013, Covington Advisory
January 2, 2013, Covington E-Alert
January 2013, The Clearing House
Jean Veta Named Am Law’s 'Litigator of the Week'
December 21, 2012
WASHINGTON, DC, December 21, 2012 — Am Law Litigation Daily named Covington & Burling’s D. Jean Veta as “Litigator of the Week” for leading the defense of former IndyMac CEO Michael Perry, who was sued by both the SEC and the FDIC as a result of one of the largest bank failures in the nation’s history. Last week, Perry reached a $12 million settlement with the ...
11/7/2012
WASHINGTON, DC, November 7, 2012 — Covington & Burling received 97 first-tier practice rankings in the 2013 “Best Law Firms” survey by U.S. News-Best Lawyers, placing Covington among the top 10 firms nationwide. Covington was also named “Law Firm of the Year” in both FDA Law and Corporate Compliance Law. The honor is presented to one law firm in each of the ...
Lynn Neils Joins Covington’s White Collar Practice
10/2/12
NEW YORK, October 2, 2012 — Former federal prosecutor Lynn Neils joins Covington & Burling’s litigation group as a partner, strengthening the firm’s highly regarded white collar practice. She will be resident in Covington’s New York office. A prosecutor in the U.S. Attorney’s Offices for the Southern District of New York and the District of New Jersey for more ...
August 27, 2012
WASHINGTON, DC, August 27, 2012 — Covington & Burling LLP lawyers received 196 individual mentions in 57 areas of law in the 2013 edition of The Best Lawyers in America. This annual compilation of top U.S. lawyers is based on peer-review surveys and is used as a referral guide in the legal profession. The Covington lawyers recognized are as ...
July 27, 2012, Covington E-Alert
July 12, 2012, Covington Advisory
April 5, 2012, Covington E-Alert
1/17/2012
BRUSSELS, 17 January, 2012 — Covington & Burling LLP is pleased to announce that Jean De Ruyt has joined the firm’s government affairs group as a senior European policy advisor in Brussels. Ambassador Jean De Ruyt is among the most experienced diplomats in Europe. Most recently, he served as the Permanent Representative of Belgium to the European Union and was ...
January 5, 2012, Covington Advisory
2012, Regulation of Foreign Banks and Affiliates in the United States
2012, Regulation of Foreign Banks and Affiliates in the United States
December 22, 2011, Covington Advisory
December 2011, Financier Worldwide
November 30, 2011
WASHINGTON, DC, November 30, 2011 — Washingtonian magazine has named 34 Covington & Burling attorneys as “Best Lawyers” in its December issue. The biennial list, compiled by the magazine’s editorial staff, identifies leading lawyers in the Washington area. Of the approximately 800 “Best Lawyers” identified in the issue, Washingtonian included profiles of 31 ...
U.S. News-Best Lawyers Awards Covington ‘Law Firm of the Year’ in FDA Law and 82 First-Tier Practice Rankings
November 1, 2011
WASHINGTON, DC, November 1, 2011 — For the second consecutive year, U.S. News-Best Lawyers awarded Covington & Burling the most first-tier practice rankings for Washington, DC in the “Best Law Firms” survey. The 2011-12 survey also awarded the firm 82 first-tier practice rankings, placing Covington among the top 20 firms nationwide. Additionally, U.S. ...
June 27, 2011, Covington E-Alert
June 20, 2011, Covington E-Alert
April 26, 2011, Covington E-Alert
December 7, 2010
WASHINGTON, DC, December 7, 2010 — Covington & Burling LLP is pleased to announce that Edward Yingling, President and CEO of the American Bankers Association (ABA), will be joining the firm as a partner. His practice will focus on advising financial institutions on regulatory, transactional, enforcement, and legislative matters, with particular emphasis on ...
Congressional Investigations: Bank of America and Recent Developments in Attorney-Client Privilege
December 6, 2010, Bloomberg Law Reports
October 6, 2010
LONDON, 6 October, 2010 — Covington & Burling LLP is pleased to announce the appointment of Christopher Walter as a partner in the European employment practice. He will be joined by special counsel Chris Bracebridge and associate Helena Laughrin. They will significantly enhance Covington's capabilities to meet the needs of the firm's growing European corporate ...
August 9, 2010
REDWOOD SHORES, CA, August 9, 2010 — Covington & Burling LLP is pleased to announce that three partners from its Washington, D.C. office, Kurt Calia, Emily Henn, and Emily Leonard, have relocated to the Silicon Valley office. Their move will strengthen the link to the firm’s deep regulatory roots as well as further enhance the firm’s transactional and litigation ...
July 21, 2010, Covington Advisory
Dodd-Frank Act: Systemic Risk Regulation and Orderly Liquidation of Systemically Important Firms
July 21, 2010, Covington Advisory
June 2, 2010, Covington E-Alert
May 27, 2010, Covington E-Alert
Financial Regulatory Reform Legislation - Senate Passes Consumer Financial Protection Legislation
May 26, 2010, Covington E-Alert
May 25, 2010, Covington E-Alert
Financial Regulatory Reform Legislation - Registration of Advisers to Private Investment Funds
May 24, 2010, Covington E-Alert
May 21, 2010, Covington E-Alert
March 19, 2010, Covington E-Alert
March 12, 2010, Covington E-Alert
June 17, 2009, Covington E-Alert
11/21/2008
NEW YORK, NY, November 21, 2008 — Trustmark Corporation announced today that it completed the issuance and sale of $215 million of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, and a Warrant to purchase approximately 1.65 million shares of Trustmark common stock to the U.S. Treasury as part of the government’s Capital Purchase Program. The Capital ...
September 23, 2008, Covington E-Alert
September 6, 2007
WASHINGTON, DC, September 6, 2007 — Covington & Burling LLP received 115 individual mentions in 38 areas of law in the 2008 edition of The Best Lawyers in America. This annual compilation of top US lawyers is based on peer-review surveys and is used as a referral guide in the legal profession. The recipients are as follows: Administrative: E. Edward Bruce and ...
June 18, 2007
WASHINGTON, DC, June 18, 2007 — Covington & Burling LLP received 44 practice mentions and 74 individual mentions in the newly released 2007 Chambers USA guidebook. The 2007 edition of Chambers USA attempts to identify the most skilled legal practitioners throughout the country based on the qualities most valued by clients. Covington attorneys have been ...
May 8, 2007
LONDON, 8 May, 2007 — Covington & Burling LLP today announced its role in advising ICICI Bank Limited, India’s 2nd largest bank, and Standard Chartered Bank, India’s largest international bank, as joint lead arrangers for an aggregate of US$925m in project financings supporting two separate projects being undertaken separately by Reliance Ports and Terminals ...
June 29, 2000
June 29, 2000 — Washington, DC — Earlier this week, the Supreme Court ruled in favor of Covington client Mobil Oil in Mobil Oil Exploration & Producing Southeast, Inc. v. United States. In addition to this win, Covington earned two other Supreme Court victories this term in Harris Trust & Savings Bank v. Salomon, Brothers, Inc. and Food & Drug Administration ...
1993, 48 Business Lawyer 1499
David Stein is quoted in the American Banker regarding the push from U.S. lawmakers for a moratorium on all negative credit reporting during the COVID-19 crisis. According to Mr. Stein, lenders have one additional option to prevent damage to consumers’ credit scores. He says that lenders can stop reporting data to the credit bureaus altogether, though he ...
- Law360, Banking Group of the Year (2018)
- US News/Best Lawyers, Law Firm of the Year – Financial Services Regulation Law (2016)
- Chambers USA, Financial Services Regulation (2019)
- Banking (Compliance): Stuart Stock
- Banking (Enforcement & Investigations): D. Jean Veta
- Consumer Finance (Litigation): Eric Mogilnicki
- Financial Institutions M&A: Rusty Conner
- Chambers UK, Financial Services: Non-Contentious Regulatory (2015)
- Chambers Global, Banking and Finance: Regulatory (2020)
- Chambers USA, Securities: Regulation (2019)
- Advisory: David Martin
- Enforcement: Bruce Baird and David Kornblau
- Legal 500 US, Financial Services: Regulatory and Litigation (2017)

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