February 20, 2014 - EST

"Venable's Representation of Four Oaks Bank," Financial Services Roundtable Consumer Working Group

This event has already occurred.

Allyson Baker and Tom Gilbertsen addressed the Financial Services Roundtable Consumer Working Group on February 20 to discuss developments in the firm’s representation of Four Oaks Bank in a widely-following enforcement suit brought by the Department of Justice.

Jeff Knowles, Allyson Baker and Tom Gilbertsen have been representing Four Oaks Bank in the first enforcement action brought by federal authorities in a far-reaching and widely-followed initiative called “Operation Chokepoint.” Operation Chokepoint is a multi-agency initiative aimed at enhancing banks’ compliance and accountability for their internet merchant and third party payment processor customers, while disrupting fraudulent internet merchants’ access to the nation’s automated payments system. Last month, the United States Department of Justice, Consumer Protection Division filed a FIRREA suit against the bank in the United States District Court for the Eastern District of North Carolina, coupled with a proposed consent decree that Venable negotiated with DOJ over the past few months.

The Financial Services Roundtable Consumer Working Group is comprised of lawyers, risk management and business line executives from FSR member companies.