The attorneys in Venable’s Financial Services Group combine a keen understanding of business with insight into the complex regulatory environment in which financial institutions operate.
The patchwork of federal, state and local laws, and the array of government agencies that implement and enforce them, present significant challenges to financial institutions at the best of times. These challenges have been magnified by the continuing turmoil besetting financial markets worldwide—and the steps proposed or already taken by governments and regulatory agencies in response.
ADVICE FROM ATTORNEYS WHO UNDERSTAND THE BUSINESS AND REGULATORY ENVIRONMENT
Venable has one of the country's leading financial services practices, including attorneys with experience at all of the principal federal financial regulatory agencies, including those at the forefront of the government’s response to the current financial crisis. Our team advises financial institutions on all kinds of business transactions--and the laws and regulations that can affect those transactions or their businesses. We have particular experience in counseling troubled institutions in their dealings with regulators, advising on the resolution of supervisory issues by informal or formal measures, assisting in acquisitions of failing banks and thrifts, and defending officers and directors.
Our firsthand experience with federal and state regulators enables us to provide valuable advice that anticipates and explains government actions and helps our clients prepare and respond appropriately.
Regulation of banks, savings associations, and bank and thrift holding companies.
The core of our practice consists of advising in the organization, regulation and supervision of banks, thrifts, their holding companies and affiliated companies. We advise on all aspects of state and federal banking laws, and regularly represent clients before federal and state regulatory agencies.
Examination, supervision and enforcement. Our team regularly represents financial institutions with regard to complex examination, supervision and enforcement matters, assisting in responding to supervisory criticism and implementation of compliance and remediation measures.
Mergers and acquisitions; Capital markets; Private equity. The lawyers of Venable’s Financial Services Group regularly advise bank and thrift institutions on M&A transactions involving geographic and product expansion. The Group has also assisted financial holding companies in corporate reorganization transactions to integrate newly acquired companies or rationalize existing structures. We also assist clients in tapping public and private capital markets, and advise private equity investors on investing in banking organizations.
Applications for new charters, deposit insurance, and formation of bank and thrift holding companies. The various federal and state options for chartering an insured depository institution can be bewildering, even for experienced financial services providers. We regularly advise clients on chartering new institutions and in implementing the agreed business strategy.
New products and services. Venable assists its financial institution clients in the development of products and services that comply with increasingly complex disclosure and procedural requirements. This includes analysis of federal preemption protections as well as (when they apply) state usury and other state-specific requirements applicable to retail installment contracts and seller financing, open- and closed-end consumer loan products, and assistance in developing comprehensive consumer disclosures. We also provide counsel on issues related to privacy, confidentiality and data security, as well as state foreclosure and collection requirements.
E-Commerce. Venable’s clients include one of the nation’s first and largest Internet banks, as well as other leading financial services providers that rely on the Internet or other non-traditional delivery channels. We also regularly advise clients on the laws and regulations governing electronic payments.
Corporate operations. In addition to providing advice focusing on federal and state financial regulation, members of our team assist clients by providing a full suite of corporate legal services necessary for any complex business enterprise. This includes providing advice on corporate governance; taxation; federal and state securities law; labor and employment matters; and intellectual property and trademark protection.
Compliance and Enforcement. The economic crisis has led to the enactment of a broad range of laws and regulations with which troubled financial institutions must comply. In addition, in the current environment, state and federal banking regulators have significantly increased enforcement activity against financial institutions and their officers and directors. Our team is experienced in representing banks, thrifts, directors and officers and other “institution-affiliated parties” when they are the subject of regulatory criticism or enforcement actions. We also represent financial institutions in any related securities litigation.
Federal and State Fair Lending Laws. Enforcement of fair lending statutes is certain to be a priority for the Obama Administration—and our team stands at the ready to defend you should your institution become the focus of an enforcement action. Our attorneys defend banks and other financial institutions in suits brought by the United States Department of Justice under the Fair Housing Act and Equal Credit Opportunity Act. Additionally, we negotiate on your behalf when regulatory agencies, including HUD, bring actions to enforce fair lending and fair housing laws.
Dealing with the FDIC as receiver. Whether it involves bidding on a failing institution or purchasing assets from the FDIC following a failure, our team is experienced in advising clients regarding the complexities of acquiring troubled institutions, including dealing with the FDIC in its dual capacities as receiver and corporation. We help qualify clients with the FDIC as bidders for failing institutions, prepare bid packages, negotiate purchase and assumption and loss sharing agreements, and monitor failed bank agreements and loss sharing. Our attorneys also assist with bidding on loans and other assets held by the FDIC, as well as compromising loans and other claims by borrowers.
Defending officers and directors. Should a bank or thrift fail, we represent the officers, directors and other "institution-affiliated persons" in all matters, including throughout any litigation proceedings. Our attorneys provide a thorough review of the bank's D&O insurance and coverage claims, and represent officers and directors in FDIC investigations. We also defend officers and directors against liability claims, as well as represent the institution in any related securities and holding company litigation.
Economic Stabilization Act programs. The various economic stabilization programs of the current and previous administrations have exceeded $3 trillion—a large proportion of which has been devoted to supporting the financial services industry. Venable attorneys have been involved in practically every aspect of the process, and supply advice to financial institutions regarding many components of the stabilization effort.
Our Banking and Financial Services Regulation Group is a team of attorneys with a keen understanding of the business environment and firsthand knowledge of the agencies whose decisions affect financial institutions.
Whether advising on the acquisition of a bank, assisting with compliance with the steady flow of new regulations emanating from Capitol Hill, or providing counsel with respect to other transactions, Venable attorneys are uniquely equipped to guide their clients swiftly and effectively through this changing world.