Bank Regulatory Enforcement & Investigations

Financial Institutions    Bank Regulatory Enforcement & Investigations
 

Financial Institutions

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Covington defends banks, thrifts, their holding companies, and their officers, directors, and employees in the full array of regulatory enforcement actions and cases, including safety and soundness issues, fair lending, anti-money laundering, securities and commodities enforcementinternational trade controls, and litigation.  We represent our clients on enforcement matters brought by all of the federal bank regulators, the SEC, FinCEN, the U.S. Department of Justice, and state attorneys general.  When such regulatory investigations and enforcement actions are accompanied by parallel criminal investigations or Congressional investigations, we are well equipped to handle those as well.  We also conduct internal investigations, design corporate compliance programs, and conduct compliance training for clients ranging from the world's largest financial institutions to community banks.  We are recognized by Chambers USA (2010) as one of the nation's leading firms in the field of Financial Services Enforcement and Investigations.

Representative Matters

  • Representing Citigroup, Inc. and Citibank, NA, in connection with negotiation and implementation of OCC and Federal Reserve Board consent orders relating to consumer mortgage servicing and foreclosure activities.
  • Representing the independent consultant, Treliant Risk Advisors LLC, in conducting a required independent review of a financial firm’s mortgage foreclosure practices.
  • Representing Wells Fargo in connection with a Federal Reserve Board investigation and consent order with respect to alleged falsification of customer income and customer steering by Wells Fargo Financial sales personnel in the origination of consumer mortgage loans.
  • Representing the former CEO of IndyMac in matters arising out of the failure of IndyMac Bank, including in separate lawsuits brought by the SEC, FDIC, and holding company trustee in bankruptcy, as well as in purported securities class action lawsuits, mortgage-backed securities cases, and purported ERISA class action lawsuits.
  • Representing an SEC federal court action challenging the adequacy of a bank's financial crisis disclosures.
  • Representing former directors and officers of three affiliated failed banks in successfully resolving claims asserted by FDIC as receiver for the banks.
  • Representing financial institutions in enforcement inquiries regarding fair lending issues brought by the U.S. Department of Justice and the federal bank regulators.
  • Representing financial institutions and their officers and directors in defending against proposed and/or actual civil money penalties, prohibition orders, consent orders, and formal agreements concerning such issues as alleged call report violations, violations of fiduciary duties, consumer compliance issues, brokered deposit issues, loan loss reserves, and other safety and soundness issues.
  • Representing financial institutions in conducting internal investigations on compliance with domestic and foreign anti-money laundering laws, internal controls, and safety and soundness issues.
  • Representing Freddie Mac in connection with establishment of Federal government conservatorship, and, previously, in SEC and regulatory investigations and civil litigation related to its $5 billion restatement of earnings.
  • Representing the former Sterling Financial Corporation (now a part of The PNC Financial Services Group, Inc.) in consolidated securities class action litigation, as well as inquiries by the SEC and the U.S. Attorney's Office, concerning a massive fraud at a Sterling subsidiary that resulted in the restatement of Sterling's financial statements.
  • Representing a financial services provider in inquiries by the Federal Trade Commission and various state attorneys general regarding one of the largest data security breaches reported in recent years.

Accolades

  • Chambers USA, Financial Services Regulation (2011-2012)
    • Banking (Enforcement & Investigations): D. Jean Veta and Stuart Stock
    • Banking (Compliance): John Dugan, Mark Plotkin, and Stuart Stock
  • Chambers USA, Securities: Regulation (2012)
    • Advisory: Keir Gumbs and David Martin
    • Enforcement: Bruce Baird and David Kornblau
  • Chambers USA, Litigation/White Collar Crime & Government Investigations (2010)
    • Alan Vinegrad
  • Recognized by Legal 500 US as a leading firm in White Collar Criminal Defense (2010).
    • Bruce Baird, Michael Chertoff, and Haywood Gilliam
  • Recognized by Legal 500 US as a leading firm in Securities: Shareholder Litigation (2010).
    • William Phillips and D. Jean Veta
  • Best Lawyers in America (2011)
    • Banking: D, Jean Veta, Mark Plotkin, David Rosinus, and Stuart Stock
    • Corporate Governance and Compliance: Bruce Baird, David Bayless, Len Chazen, Philip Howard, and David Martin
    • Securities: Bruce Bennett and David Martin
    • Criminal Defense - White Collar: Stephen Anthony, Bruce Baird, Ethan Posner, and Alan Vinegrad
  • Washington D.C. Super Lawyers (2010)
    • Criminal Defense - White Collar: D. Jean Veta and Bruce Baird
    • Banking: Mark Plotkin

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Contacts

jveta@cov.com
202.662.5294

jdugan@cov.com
202.662.5051

mplotkin@cov.com
202.662.5656

sstock@cov.com
202.662.5384