Financial Services

May 26, 2020, Cov Financial Services

On May 20, 2020, the federal financial institution regulatory agencies—the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency—issued principles for responsibly offering small-dollar loans in order to meet consumers’ growing short-term credit needs. In the ...

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 ...

May 20, 2020, Cov Financial Services

On Wednesday, May 20, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced further details on the Term Asset-Backed Securities Loan Facility (“TALF”).  The Board’s announcement contains key documents and forms, including the Master Loan and Security Agreement; updated FAQs and a blackline reflecting changes made against the version ...

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. ...

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 ...

May 19, 2020, Cov Financial Services

On May 15, 2020, the federal banking agencies issued an interim final rule to permit depository institutions to exclude from their supplementary leverage ratio (“SLR”) denominators through March 31, 2021 the balance sheet value of U.S. Treasury securities and funds on deposit at a Federal Reserve Bank, subject to restrictions on capital distributions.  The ...

May 15, 2020, Cov Financial Services

On April 3, 2020, the European Commission launched two public consultations on a new digital finance strategy for Europe and on a retail payment strategy for Europe, which will both run until July 15, 2020.  The consultations follow two other consultations on an EU framework for markets in crypto-assets and on a potential initiative on...… Continue Reading

May 14, 2020, Cov Financial Services

On May 13, 2020, the Small Business Administration (“SBA”) released two FAQs, numbers 46 and 47, regarding two safe harbors from an SBA inquiry into a borrower’s statutorily required certification of economic necessity for a loan under the Paycheck Protection Program  (“PPP”).  FAQ 46 states that the SBA will deem any borrower that, together with...… Continue ...

May 13, 2020, Cov Financial Services

On Tuesday, May 12, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced additional details regarding the Term Asset-Backed Securities Loan Facility (“TALF”).  The TALF is a financial crisis-era liquidity facility designed to help meet the credit needs of consumers and businesses by facilitating the issuance of asset-backed ...

May 12, 2020, Cov Financial Services

On May 6, the Securities and Exchange Commission (“SEC”) issued an order (“Order”) directing the registered equity exchanges and the Financial Industry Regulatory Authority (“FINRA”) (together, the “Self-Regulatory Organizations” or “SROs”) to submit to the SEC a new National Market System (“NMS”) plan to govern the public dissemination of real-time, ...

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 5, 2020, Cov Financial Services

Today, May 5, 2020, the federal banking agencies released an interim final rule to neutralize the effect of participating in the Paycheck Protection Program Liquidity Facility (“PPPLF”) and Money Market Liquidity Facility (“MMLF”) on a banking organization’s Liquidity Coverage Ratio (“LCR”). Absent relief, a banking organization’s repayments of advances of PPPLF ...

May 4, 2020, Cov Financial Services

On April 28, 19 Democratic senators sent a letter to the Bureau of Consumer Financial Protection (“Bureau”) protesting both its decision to temporarily suspend quarterly mortgage lending reporting requirements under the Home Mortgage Disclosure Act (“HMDA”) during the COVID-19 pandemic, and to permanently reduce the number of entities that must provide certain ...

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 27, 2020, Cov Financial Services

On Friday, April 24, 2020, the Office of the Comptroller of the Currency (the “OCC”) issued a short bulletin reminding federally chartered banks (i.e., national banks, federal savings associations, and federal branches and agencies of foreign banks) and other interested parties that the OCC has exclusive visitorial authority over federally chartered banks.  The ...

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 ...

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 ...

April 2020, The Banking Law Journal

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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

May 2020

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 ...

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 ...

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, Law360

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 ...

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 ...

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 15, 2020, Law360

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 — ...

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 ...

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

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, ...

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 ...

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 ...

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, ...

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, ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 2019, Bloomberg Law

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

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”).

April 16, 2019, American Banker

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 ...

February 4, 2019, American Banker

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 ...

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 ...

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 ...

October 10, 2018, Law360

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 21, 2018, Bank Director

September 5, 2018, Covington Alert

This client alert summarizes recent regulatory developments relating to fintech and discusses the implications of these developments.

August 9, 2018, Law360

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 ...

August 2018, Radar

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 ...

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 ...

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 ...

July 11, 2018, Law360

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 21, 2018, Law360

June 14, 2018, Covington Alert

This week has brought three significant developments in Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) regulation and legislation.

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 ...

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 ...

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 ...

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 ...

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 ...

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 8, 2018, Law360

March 2018, Microsoft

March 2018, The Business Lawyer

March 2018, Futures and Derivatives Law Report, Volume 38, Issue 3

March 2018, The Banking Law Journal

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 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 ...

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 ...

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.

February 1, 2018, Law360

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 ...

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 ...

January 31, 2018, Law360

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, ...

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."

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 ...

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 ...

December 6, 2017, Law360

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 ...

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 ...

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 ...

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 27, 2017, Law360

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 ...

September 6, 2017, Law360

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, ...

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.”

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, ...

July 31, 2017, Law360

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, ...

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 13, 2017, On the Road to Recovery: Phasing in Your Bank's Recovery Plan

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. ...

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 ...

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 ...

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 ...

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 ...

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 ...

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

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 ...

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 ...

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 28, 2017, The CLS Blue Sky Blog Columbia Law School's Blog on Corporations and the Capital Markets

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 ...

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. ...

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 ...

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 ...

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 17, 2017, Law360

February 13, 2017, BNA’s Banking Report

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 ...

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 ...

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. 

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 ...

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, 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 ...

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 ...

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 ...

January 17, 2017, Law360

Alex Leitch and Jeremy Wilson are quoted in a Law360 article regarding the arrival of Craig Pollack and Louise Freeman to the firm’s European Dispute Resolution practice. According to Leitch and 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, ...

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 ...

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,” ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

October 14, 2016, Law360

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.

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.

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 ...

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 ...

September 12, 2016, Global Arbitration Review

Greg Lascelles and Alex Leitch are quoted in a Global Arbitration Review article regarding Lascelles’ recent arrival to Covington. “I am very excited to join this growing team,” says Lascelles.  According to Leitch, the financial services sector attracts significant client demand and Lascelles’ arrival is a “welcome addition” to the practice.  

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” ...

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 ...

July 13, 2016, Legal Week

Alex Leitch is quoted in a Legal Week article regarding the upcoming arrival of Greg Lascelles as a partner in the firm’s European Dispute Resolution practice. “Greg’s arrival will be another welcome addition to an already vibrant practice,” Leitch says. According to Leitch, “Financial services remains an active sector that attracts a lot of demand from our ...

July 13, 2016, Legal Business

Alex Leitch is quoted in a Legal Business article regarding Greg Lascelles’ upcoming arrival to Covington as a partner in the firm’s European Dispute Resolution practice. According to Leitch, “Financial services remains an active sector that attracts a lot of demand from our clients across a variety of disciplines, including antitrust litigation, commercial ...

February 2020

Since the beginning of the Brexit process more than three years ago, Covington’s Brexit Task Force–comprised of over 40 lawyers and former senior diplomats and policymakers, in London, Brussels, Frankfurt, Dublin, and Washington–has been advising clients in a wide range of industries on the challenges and opportunities created by this historic event. While a ...

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 ...

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 ...

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 ...

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 ...

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 ...

May 3, 2016, Law360

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 ...

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 ...

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

March 9, 2016, Covington Alert

March 8, 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

March 2016, E-Commerce Law and Policy

February 26, 2016, Covington Alert

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 4, 2016, Covington Alert

February 2, 2016, Covington Alert

January 29, 2016, Covington Alert

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 2, 2015, Covington Alert

December 1, 2015, Harvard Law School Forum on Corporate Governance and Financial Regulation

November 12, 2015, Covington Alert

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 14, 2015, Covington E-Alert

May 11, 2015, Covington E-Alert

April 1, 2015, Covington E-Alert

March 24, 2015, Covington E-Alert

March 18, 2015, Covington E-Alert

January 20, 2015, Covington E-Alert

December 11, 2014, Covington E-Alert

December 2014, World Securities Law Report

September 22, 2014, BankDirector.com

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 – ...

May 14, 2014, Law360

Covington partner Marty Myers is featured in this article about his recent move to the firm.

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 18, 2014, Covington E-Alert

February 5, 2014, Covington E-Alert

January 16, 2014, Covington E-Alert

January 2014, Covington E-Alert

January 2014, Covington E-Alert

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. ...

November 2013, Covington E-Alert

September 30, 2013, Law360

September 2013, Listed Private Equity Brief

August 5, 2013, Covington E-Alert

July 29, 2013, Covington Advisory

July 10, 2013, Covington E-Alert

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

March 2013

February 21, 2013, Law360

February 14, 2013, Covington E-Alert

February 14, 2013, Covington Advisory

January 2, 2013, Covington E-Alert

January 2013, The Clearing House

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 ...

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

May 23, 2012, Covington E-Alert

May 7, 2012, Covington Advisory

April 5, 2012, Covington E-Alert

April 2012, International Financial Law Review

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 ...

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 ...

December 6, 2010, Bloomberg Law Reports

December 2, 2010, Covington Advisory

October 7, 2010, Covington Advisory

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

July 21, 2010, Covington Advisory

July 21, 2010, Covington Advisory

July 21, 2010, Covington Advisory

July 21, 2010, Covington Advisory

July 21, 2010, Covington Advisory

June 2, 2010, Covington E-Alert

May 27, 2010, Covington E-Alert

May 26, 2010, Covington E-Alert

May 25, 2010, Covington E-Alert

May 24, 2010, Covington E-Alert

May 21, 2010, Covington E-Alert

March 19, 2010, Covington E-Alert

March 16, 2010, Covington Advisory

March 12, 2010, Covington E-Alert

October 29, 2009, Covington E-Alert

August 12, 2009, Covington Advisory

July 16, 2009, Covington E-Alert

June 17, 2009, Covington E-Alert

April 17, 2009, Covington E-Alert

April 17, 2009, Covington E-Alert

March 27, 2009, Covington E-Alert

February 10, 2009, Covington E-Alert

December 19, 2008, 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

American Banker

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 ...