Financial Services

Brian McCormally is a partner in Arnold & Porter LLP's financial services practice group. Mr. McCormally has over 20 years of experience in senior legal positions in the enforcement and regulatory compliance areas at two federal banking agencies: the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS). He has an extensive knowledge and routinely counsels financial services clients in the areas of bank and thrift operations, corporate structures and activities, lending and marketing practices, regulatory compliance, and corporate governance issues.

Immediately prior to joining the firm, Mr. McCormally served as Director and Assistant Director of the Enforcement and Compliance Division at the OCC for 10 years. Prior to joining the OCC, Mr. McCormally held a variety of senior legal positions at the OTS and its predecessor, the Federal Home Loan Bank, for 10 years.

Mr. McCormally frequently represents diversified financial holding companies, financial institutions, and nonbank service providers in regulatory compliance matters, and in enforcement actions and investigations by federal and state agencies. He has led the firm's representation of clients in matters relating to regulatory approval of significant recapitalizations of troubled banks, and the resolution of over $2.5 billion in bankruptcy claims; enforcement actions alleging unfair or deceptive lending or marketing practices; Bank Secrecy Act and anti-money laundering non-compliance; consumer disclosures and lending practices violations; conservatorship and receivership issues; and general safety and soundness criticisms.

Financial Services Representative Matters

• Represented the two multi-billion dollar bank subsidiaries of Lehman Brothers in all matters relating to the banks' federal and state banking regulators, including regulatory and bankruptcy court approval of the recapitalization of the banks, and the successful resolution of over $2.5 billion in bank claims in the Lehman Brothers' bankruptcies.
• Represented the Federal Housing Finance Agency in connection with the imposition of the conservatorships of Fannie Mae and Freddie Mac.
• Represented a multi-billion dollar community bank and an affiliated federal savings bank with respect to enforcement actions relating to alleged unfair and deceptive practices in connection with their overdraft fee programs.
• Advised a large national bank in connection with threatened agency enforcement action relating to BSA/AML compliance.
• Represented a large federal savings bank in connection with agency enforcement actions relating to subprime lending activities.
• Advised nonbank investors in connection with bank regulatory compliance, asset acquisitions, and FDIC receivership issues.
• Represented a credit card marketer and servicer in litigated enforcement actions by the FDIC and FTC for alleged deceptive marketing practices.
• Represented nonbank service providers in agency enforcement actions relating to marketing practices, safety and soundness issues, and financial stability.