Covington is a leader in advising banks, thrifts, bank and thrift holding companies, and other financial services companies on a full range of legal, regulatory and compliance issues. Our clients include major regional, national, and international banking and other financial services organizations. We frequently provide bank regulatory and strategic advice, including in the M&A context, to banks and potential investors.
We advise financial institution clients on a wide range of legal and regulatory issues, including:
- Permissible structures and activities, capital, branching, insider lending, and transactions with affiliates;
- Internal investigations and regulatory enforcement matters;
- Preemption counseling and litigation;
- Privacy and data security;
- Consumer compliance and protection;
- Electronic banking and commerce; and
- International matters for foreign-based and US clients.
We practice before the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and state bank regulatory agencies, as well as the United States Departments of Justice, Treasury, and Homeland Security. In many instances, we have confronted long-standing obstacles facing the banking industry and have shaped novel solutions that have won regulatory approval.
Representative Matters
- Representing both state-chartered and federally-chartered financial institutions in connection with a variety of charter conversions and expansions, including preparation of the required regulatory applications.
- Representing numerous financial services clients in structuring noncontrolling equity investments in other companies, and numerous companies in structuring similar investments in financial institutions.
- Advising many domestic and foreign bank holding companies regarding the activities permissible under the Bank Holding Company Act and Regulation Y.
- Assisting many non-banking companies in entering the banking business, including through the acquisition of existing federally-insured depository institutions and the establishment of such institutions de novo.
- Advising clients regarding regulatory action with respect to bank concentrations in commercial real estate lending.
- Representing various financial institutions in enforcement actions and investigations regarding safety and soundness issues, fair lending, anti-money laundering and other regulatory issues.
- Representing Freddie Mac in connection with the establishment of the US government conservatorship over the company.
- Representing Wachovia Bank, N.A. before the U.S. Supreme Court in Watters v. Wachovia Bank, N.A. which held that federal preemption barred Michigan State officials’ efforts to regulate a mortgage subsidiary of Wachovia Bank.
Accolades
- Chambers USA, Financial Services Regulation (2011-2012)
- Banking (Compliance): John Dugan, Mark Plotkin, and Stuart Stock
- Banking (Enforcement & Investigations): Stuart Stock and D. Jean Veta
- Chambers USA, Securities: Regulation (2012)
- Advisory: Keir Gumbs and David Martin
- Enforcement: Bruce Baird and David Kornblau
- Best Lawyers in America (2011)
- Banking: Mark Plotkin, David Rosinus, Stuart Stock, and D. Jean Veta
- Washington D.C. Super Lawyers (2010)
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