Financial Services Regulatory

Overview

As part of Reed Smith's Financial Industry Group's 200 lawyers strictly dedicated to clients in the financial sector, our Financial Services Regulatory Group (FSRG) offers sophisticated bank regulatory and retail finance compliance advice. We assist clients in interpreting and implementing new federal and state laws and regulations impacting consumer retail lending and deposit functions, including credit and debit cards, stored value products and electronic banking, mortgage loans, automobile finance, and other financial products. We handle bank mergers and bank and nonbank acquisitions and dispositions, regulatory investigations, and privacy and bank secrecy issues. Our large London office handles EU and other regulatory issues, as do our offices in Hong Kong, Beijing, Abu Dhabi and Dubai. Our lawyers are leaders in state, national and international banking legal and business associations, and have decades of experience in addressing bank issues in governmental agencies, in banks and in other financial institutions, and in private practice.

Reed Smith represents state and national banks, savings associations, holding companies, mortgage companies (both prime and non-prime), finance companies, retail credit card issuers, credit unions and related financial institutions. We provide strategic and operational advice to enable them to conduct their businesses when faced with the challenging compliance requirements under the laws and regulations of the U.S., the UK, and the EU governments, and other governments around the world. In the United States, we provide multi-state legal advice, including special focus on our footprint jurisdictions - California, Delaware, the District of Columbia, Illinois, New Jersey, New York, Pennsylvania and Virginia. In addition, we have a well-honed network of relationships with local counsel and regulators across all 50 states, that we tap into when appropriate to conduct multi-state projects. We also assist clients in monitoring the federal and state legislative process, and in interacting with administrative agencies responsible for interpreting and enforcing statutory requirements through implementing regulations.

Meet The Team

Experience

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Represented PTC Alliance and its affiliates in obtaining a $120 million senior secured credit facility from Credit Suisse for purposes of a recapitalization/corporate dividend. Also represented PTCA in a $75 million ABL facility with Wells Fargo.
Represented a number of European banks on their respective bank merger schemes sanctioned by the High Court to merge UK subsidiary banking businesses into UK branches under the procedure in Part VII of the Financial Services and Markets Act
Conducting security reviews for banks and providing advice on the enforcement of security
Advised on a transfer under Part VII of the Financial Services and Markets Act, part of the banking business of a US Investment bank
Represented listed Hong Kong conglomerate on disposal and refinancing of US$1billion European affiliate
Internal Investigations - On behalf of boards of directors/audit committees, conducted internal investigations of bank and savings and loan holding companies, and their subsidiary banks for alleged violations of the affiliate transactions rules, inappropriate booking of transactions, auditor intimidation, violations of the Bank Secrecy Act, insider misconduct and other issues
Bidding for Bank Assets - Representation of a hedge fund in the process of becoming a qualified bidder before the FDIC sponsored auction of assets of failed banks.
Advising a major U.S. financial institution concerning the FDIC Temporary Liquidity Guarantee Program, including advice with respect to its initial implementation and also in connection with preparing the first UKLA approved disclosure for the FDIC and the US government for use in connection with offerings under the program
Legislative and Regulatory Relations - Assisted major financial services institutions and trade associations in providing comments on pending legislation and regulations on Capitol Hill and before the federal regulatory agencies on a variety of matters
Provided advice on collateral management agreements and security documentation relating to warehouse financings in a variety of geographies
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Events

5 April 2013
American Bar Association Business Law Section Spring Meeting
"Money Laundering and Prepaid Cards"
Seminar
22 March 2013
University of North Carolina Banking Law Institute
"CFPB: A Review of Supervisory Activities"
CLE
7 March 2013
21 February 2013
7 February 2013
24 January 2013
January 2013
American Bar Association Committee on Consumer Financial Services
"Navigating Ethical Quandaries in the Social Media Age: How Do the Rules Impact a Lawyer's Favorite Social Media Activities"
Seminar
29 November 2012
November 2012
Pennsylvania Bankers Association Lending Conference
"Consumer Financial Protection Bureau Proposed Rulemaking on Qualified Mortgages & Mortgage Loan Servicing"
Seminar
October 2012
Utah Bar Association Banking Law Committee
"Mortgage Regulatory Proposals"
Seminar
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