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Covington routinely represents banks, thrifts, and their holding companies in bank regulatory enforcement actions, ranging from non-public memoranda of understanding (MOUs) to public consent decrees and civil money penalties. If a regulatory enforcement action cannot be avoided, we assist out clients in obtaining the least onerous enforcement document possible and in negotiating terms they can live with. We have broad experience in the full range of safety and soundness and compliance issues, including alleged call report violations, violations of fiduciary duties, consumer compliance issues, brokered deposit issues, loan loss reserves, asset quality, and concentration matters, among others.
Representative Matters
- Representing national banks in negotiating public consent orders with the Office of the Comptroller of the Currency and advising on ongoing compliance issues.
- Representing bank holding companies in negotiating formal agreements with the Federal Reserve Board.
- Representing two state non-member banks in negotiating an MOU and consent order, respectively, with the FDIC.
- Representing a senior officer of a thrift institution in negotiating a civil money penalty and consent order with the Office of Thrift Supervision.
Accolades
- Chambers USA, Financial Services Regulation (2011)
- Banking (Compliance): John Dugan, Mark Plotkin, and Stuart Stock
- Banking (Enforcement & Investigations): Stuart Stock and D. Jean Veta
- Best Lawyers in America (2011)
- Banking: Mark Plotkin, David Rosinus, Stuart Stock, and D. Jean Veta
- Washington D.C. Super Lawyers (2010)
- Criminal Defense - White Collar: Bruce Baird and D. Jean Veta
- Banking: Mark Plotkin
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