Brian McCormally has more than 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 extensive knowledge and experience dealing with, and routinely counsels financial services clients and their boards on, bank and thrift operations, corporate structures and activities, lending and marketing practices, regulatory compliance, corporate governance issues, internal and external investigations, and enforcement matters.

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 several 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 conducting internal investigations and responding to government-initiated investigations;  defending against enforcement actions alleging unfair, deceptive or abusive lending practices, Bank Secrecy Act and anti-money laundering non-compliance, and general safety and soundness criticisms; and securing regulatory approvals for significant recapitalizations and restructurings of multi-billion dollar troubled financial institutions.

Experience

  • Multi-billion dollar community bank with respect to a threatened banking agency enforcement action relating to alleged non-compliance with the Bank Secrecy Act and anti-money laundering laws, resulting in no formal enforcement action being taken.
  • Multi-billion dollar community bank with respect to threatened banking agency enforcement actions for alleged unfair or deceptive practices in a military personnel lending program resulting in no formal enforcement action and no civil penalties being assessed.
  • 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 the two institutions’ overdraft fee programs.
  • Large community bank in connection with a DOJ matter alleging criminal violations of the Bank Secrecy Act and anti-money laundering laws, resulting in a favorable outcome for the client. 
  • Nonbank lender and servicer in an FDIC enforcement action for alleged unfair or deceptive lending and servicing practices, resulting in a favorable outcome for the client.

  • Credit card marketer and servicer in litigated enforcement actions by the FDIC and FTC for alleged deceptive marketing and lending practices, resulting in a favorable resolution for the client.
  • Nonbank service providers in agency enforcement actions relating to marketing practices, safety and soundness issues, and financial stability.
  • Large national bank in connection with threatened agency enforcement action relating to BSA/AML compliance, resulting in no enforcement action being taken.

Recognition

The Legal 500 US
Financial Services: Regulatory (2011, 2016-2018)
Chambers USA
Financial Services Regulation: Banking – Enforcement & Investigations (Nationwide) (2007-2018)
Washington, DC Super Lawyers
Banking (2015-2018)
More

Credentials

Education
  • JD, University of Kansas School of Law, 1982
  • BS, Emporia State University, 1979, cum laude
Admissions
  • District of Columbia
  • Kansas
Government and Military Service
  • Director, Enforcement and Compliance Division, Office of the Comptroller of the Currency
  • Assistant Director of Enforcement, Office of the Comptroller of the Currency
  • Senior Legal Positions, Office of Thrift Supervision and Its Predecessor, Federal Home Loan Bank Board
Overview

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