Financial Services

Reputation is a treasured asset for financial services organizations—which is why the industry's global, regional, mid-sized and community banks, broker-dealers, and specialty finance and Fintech firms trust Arnold & Porter to support their businesses. Our widely recognized Financial Services Regulatory team combines renowned regulatory, litigation and transactional capabilities with pragmatic problem-solving and results-driven determination to optimize our clients' options. We develop innovative structures and novel solutions to regulatory issues that allow clients to optimize their business strategy. To date, these efforts have led to favorable changes to agency rules and novel legal interpretations that have enabled our clients to offer new products and services, structure operations and expand the scope of their operations in an efficient manner, consistent with their business objectives.

Recognized Regulatory Excellence: Deep knowledge of all applicable financial services regulatory laws of the US as well as the views of the Basel Committee on Banking Supervision and the Financial Stability Board.

Comprehensive Coverage for Complex Issues: Counseling on structure and charter choices; governance; investigations and enforcement actions; financial products and services; applying agency guidance and statements of policy; obtaining regulatory approvals, registrations and licenses; and securing interpretations of existing statutes/rules.

Interdisciplinary Approach/Integrated Solutions: Decades of industry and sub-sector experience enhanced by insights from our market-leading corporate and finance; litigation; enforcement; public policy and legislative; antitrust/competition; tax, trusts, and estates; real estate, ERISA; employment; and IP practices.

70+: Lawyers providing financial institution clients with comprehensive regulatory, litigation, legislative, and transactional services.
Countless Connections: We have deep experience and familiarity with the views and expectations of the financial regulators.
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Experience Highlights

  • Foreign banking organization (FBO) and its New York office regarding an ongoing multiagency government investigation into the FBO’s compliance with US sanctions regulations and, relatedly, in counseling the FBO on its BSA and OFAC compliance programs and practices.
  • Foreign sovereign venture fund on compliance with US securities laws.
  • Bank in establishing a nondepository trust company, including all regulatory and corporate issues in the transaction.
  • Bank in establishing a nondepository trust company, including all aspects of all regulatory and corporate issues in the transaction.
  • Several banks regarding compliance with the New York Department of Financial Services' Part 500 cybersecurity rules.
  • State chartered bank in an internal investigation and related criminal investigations by the US Department of Justice, the Manhattan District Attorney's Office, the New York Attorney General's Office, and the New York State Department of Financial Services.
  • Major Latin American bank in US and state regulatory issues and documentation of its Yankee CD Program.
  • Multiple banking organizations in the design, documentation, offering, and operation of private investment funds for institutional and high-net-worth investors.
  • Bank holding company in several acquisitions of fintech and financial firms, as well as in general advice on bank and securities regulatory issues and corporate structures.
  • Many banks and broker-dealers regarding sweep deposits and brokered CD programs.
  • Domestic financial institution in an ongoing multiagency inquiry into potential customer fraud and the institution’s obligations under Bank Secrecy Act requirements regarding money laundering.
  • NYSE-listed holding company of a major Peruvian bank in SEC reporting and related issues.
  • Institutional brokerage firm on all aspects of operations and compliance, including registration, implementation of the "Volcker Rule" and other aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, derivatives compliance, and sales matters.
  • Financial services holding company in the regulatory aspects of its OCC filings and BHC Act prior approval requirements for converting its wholly owned nondepository trust company into a depository trust company.
  • Wealth management arms of several prominent banking organizations on strategic issues, acquisitions, employment matters, products and services documentation, customer-facing agreements, negotiation of vendor agreements, and a broad range of bank and securities regulatory compliance issues.
  • Mid-size national bank in multiple BSA/AML investigations into potential customer and employee relationships involved in money laundering and terrorist financing.
  • Multilateral development banks concerning US economic sanctions issues generally and with respect to humanitarian relief.
  • Third-party payment services provider and a prepaid debit-card program manager for numerous banks and nonbank lenders in acquiring a financial institution or chartering a de novo bank, including advising on the type of charter, assessing the application processes and determining the appropriate corporate structure for the resulting institution.
  • Financial services firms and borrowers regarding (1) new financing facilities under the COVID-19 emergency Federal Reserve and CARES Act financing facilities, including Paycheck Protection Program (PPP) requirements, documentation and processes; and (2) the enforcement and litigation considerations associated with these financing programs.
  • Multiple banking organizations in the design, documentation, formation, offering, and operation of private investment funds for institutional and high-net-worth investors.
  • Financial holding company with multiple bank subsidiaries in an investigation and voluntary disclosure to the Treasury Department's Office of Foreign Assets Control relating to potential violations of the Iranian Transactions and Sanctions Regulations.
  • Foreign central banks regarding advice on gold custody agreements.
  • Nonbank financial services company in consumer finance legal and regulatory support for its ongoing development of loan and real estate products.
  • First Republic Bank in its 2010 re-establishment as an independent institution and in (1) ongoing advice to the bank and its subsidiary broker-dealer, investment adviser and insurance agency on a broad range of regulatory and compliance issues associated with new products and product extensions, the Volcker Rule and other elements of the Dodd-Frank Act; (2) commercial matters involving negotiation and documentation of transactions and services arrangements with third parties, acquisition and creation of new business lines, and investments; and (3) legislation and rulemaking.
  • Multiple domestic and foreign banks, securities firms and other financial services firms on AML/BSA compliance, investigations and enforcement matters.
  • Federal savings bank in an investigation into alleged loan fraud and potential BSA/AML program deficiencies, including navigating enforcement proceedings with the OCC and counseling the bank about a lookback review and various other remedial measures.
  • Central Bank of Brazil regarding the management of $385 billion of international reserves, including the negotiation of global custody agreements, investment management, and ISDA and MSFTA agreements.
  • Multiple US and foreign banks on Volcker Rule, BHC Act, merchant banking rule, Investment Company Act exemptions, broker-dealer, investment adviser, and other securities law compliance issues in structuring joint ventures, investment programs and private fund products.
  • Payment solutions provider in drafting and negotiating commercial agreements with various technology solutions vendors to integrate and offer enhanced functionality on its platform.
  • Multiple banks on investments in and acquisitions of FinTech companies, finance businesses, broker-dealers, and investment advisers.
  • An Eastern European bank in conducting an investigation regarding certain public reports regarding allegations of money laundering and improper lending activities by the bank.
  • Eastern European bank in conducting an investigation regarding certain public reports regarding its alleged money laundering and improper lending activities.
  • Emerging fintech solutions provider in commercial agreements to create a white-labelled, point-of-sale lending platform that merchants can offer to customers to facilitate access to financing options at the point of services.
  • National bank regarding permissible investment and operating subsidiary issues for joint venture equity investment and debt financing of new executive office building.
  • Multiple US and foreign banks on Volcker Rule and merchant banking rule compliance in structuring joint ventures, investment programs and private fund products.
  • Multinational company in a money laundering and trade sanction investigation into the art market being conducted by the Senate Permanent Subcommittee on Investigations.
  • Several foreign banks in setting up US broker-dealers, involving licensing and various commercial issues.
  • Large, global securities firm that is affiliated with a depository institution in advice and documentation for lending and bank deposit products and programs linked to the brokerage platform and online platform, including sweeps, brokered deposits, CDs, escrows and other deposit programs, nonmargin bank lending, and margin lending programs, as well as ongoing counsel regarding compliance with consumer protection laws and regulations.
  • National bank regarding captive REIT subsidiary reorganization.
  • Piermont Bank on all aspects of forming a new state-chartered bank, including advice and processing of all regulatory applications, corporate governance advice and initial capital raise.
  • Major retailer with its country-specific anti-money laundering policies and practices.
  • National bank in its potential acquisition and entry into the US by a global financial services and technology company headquartered in Europe.
  • New York state chartered financial institution placed into conservatorship and its conservator in ongoing federal and state law regulatory, compliance, examination, and enforcement counsel.
  • Major investment bank in all aspects of regulatory compliance for a newly secured loan product, including interest rate limitations, federal and state consumer protection considerations, loan documentation, and servicing correspondence, among other things. The regulatory analysis and structuring of the loan product required addressing complicated issues of state usury laws and the exportation of interest rates under federal law.
  • Multiple banks as lenders on Paycheck Protection Program (PPP) requirements, documentation and processes.
  • State chartered commercial bank in connection with investigation of BSA/AML compliance matters, including navigating enforcement proceedings with the OCC and counseling the bank regarding a lookback review.
  • International banking and financial services company in consumer finance legal and regulatory issues regarding the bank’s international remittance program and related bank partnerships.
  • West Creek Financial Inc., a fintech consumer goods leasing company, in leveraging its existing merchant network via the establishment (with a partner bank) and phased nationwide roll-out of a new term point-of-sale loan program.
  • Piermont Bank in all aspects of forming a new state-chartered bank, including all regulatory applications (advice and processing), corporate governance advice and initial capital raise.
  • Financial services firms and borrowers regarding (1) new financing facilities under the COVID-19 emergency Federal Reserve and CARES Act financing facilities, and (2) the enforcement and litigation considerations associated with these financing programs and regulatory guidance.
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