Capabilities

Enforcement counseling

Aurora Bank, FSB
2013

In our enforcement-related representation of this multi-billion dollar federal savings bank, a wholly-owned subsidiary of Lehman Brothers Holdings, we successfully negotiated the termination of two cease and desist orders previously issued by the Federal banking agencies; negotiated the termination of a Prompt Corrective Action directive issued by the OTS; and following the successful sale of virtually all of the bank's non-cash financial and operational assets and deposit liabilities to third parties, we obtained OCC regulatory approval to convert the federal savings bank to a national bank charter, approval for termination of the bank's deposit insurance from the FDIC, and approval from the OCC to merge the national bank into a surviving non-bank affiliate. As a result, this troubled multi-billion dollar bank, operating under very restrictive enforcement actions, was relieved of the agency-imposed enforcement actions and successfully resolved without loss or cost to the FDIC or the US taxpayer, with hundreds of millions of dollars being returned to the parent company's control.

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