Kevin Toomey represents banks and nonbank financial services companies, along with their boards of directors, executives, and senior management, in a wide range of enforcement, regulatory, compliance, and governance matters before the federal and state banking agencies, Department of Justice, CFPB, FinCEN, and OFAC. Mr. Toomey regularly represents clients in investigative proceedings, including navigating internal and government investigations, and advises clients on issues relating to the Bank Secrecy Act and anti-money laundering requirements, consumer protection, and state and federal banking laws and regulations.

Mr. Toomey also has significant experience counseling financial institutions on an array of corporate, securities, and transactional matters, including mergers and acquisitions, public and private securities offerings, and corporate reorganizations.

Prior to joining to firm, Mr. Toomey worked in the Enforcement Section of the FDIC, the Executive Office for US Attorneys at DOJ, and the US Attorney's Office for the District of Columbia.

Experience

  • Multiple lenders in investigations by DOJ and SBA-OIG relating to the Small Business Administration’s Paycheck Protection Program (PPP).
  • Multiple financial institutions in investigations relating to suspected bank fraud, money laundering, and potential noncompliance with BSA/AML regulations.
  • Member of senior management in investigation conducted by the OCC, resulting in no enforcement action being taken.
  • Former bank executive in successfully modifying an order of prohibition issued by the FDIC.
  • Multiple executives in enforcement proceedings arising out of allegations of improper sales practices, resulting in favorable outcomes for the clients.
  • Individual in Panama Papers investigation conducted by SDNY and MLARS.
  • National bank in an investigation under the Bank Secrecy Act brought by the OCC, FinCEN, and DOJ, resulting in a favorable outcome for the client.
  • Special Committee of large nonbank financial institution in internal and government investigations (DOJ, SEC and FDIC) relating to alleged violations of securities laws.
  • Multiple nonbank financial institutions in internal investigations relating to BSA/AML requirements.
  • Board of directors on corporate governance matters and enforcement proceedings brought by the New York State Department of Financial Services and NCUA.
  • Outside directors of a state-member bank's board of directors in enforcement proceeding brought by the FDIC relating to BSA/AML matters, resulting in favorable resolutions for the clients.
  • Major retailer in connection with internal investigations of revenue recognition practices and potential diversion and structuring activities by company employees.

Perspectives

New HUD Rulemaking May Mark Increased Use of Disparate Impact Test in Analysis of Discrimination Under the Fair Housing Act
Advisory
New DOJ COVID-19 Fraud Enforcement Task Force Promises to Augment the Detection and Disruption of Pandemic-Related Fraud
Enforcement Edge: Shining Light on Government Enforcement
SEC Fine Highlights AML Reporting As Enforcement Priority
Asset Management Law360, Banking Law360, Benefits Law360, Compliance Law360, Corporate Law360, Cybersecurity & Privacy Law360 New York Law360, Securities Law360, White Collar Law360
SEC Settles Charges Against Broker-Dealer for SAR-Related Deficiencies
Advisory
CFPB Issues Reports on COVID-19 Challenges for Mortgage Borrowers
Advisory
More

Recognition

Washington, DC Super Lawyers
"Rising Star"–Banking (2017-2021)

Credentials

Education
  • JD, Syracuse University College of Law, 2012
  • BA, Colgate University, 2007
Admissions
  • District of Columbia
  • Maryland
Government & Military Service
  • Enforcement Section, Federal Deposit Insurance Corporation
Activities
  • Vice Chair, Bank Secrecy Act and Anti-Money Laundering Subcommittee of the ABA Banking Law Committee
  • Member, ABA Consumer Financial Services Committee
  • Instructor, BSA/AML/OFAC Compliance Training Series, Institute for International Bankers
  • Editorial Board, FinTech Law Report
  • Board of Directors, MinBanc Foundation, a nonprofit that awards educational grants to banking professionals employed by women- and minority-owned financial institutions
Overview

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