Practice Areas & Industries: Greenberg Traurig, LLP

 




Financial Institutions Return to Practice Areas & Industries

Group Profile Lawyers in this Group Offices Locations for this Group
 

Practice/Industry Group Overview

The landscape currently facing financial institutions has been dramatically impacted by unprecedented events in the global marketplace. Greenberg Traurig's National Financial Institutions Practice Group is an interdisciplinary team of attorneys, including former in-house counsels, bankers and government attorneys, with domestic and international experience in representing financial institutions of all types. Our attorneys are experienced in assisting clients as they navigate the changing business and regulatory environment facing financial institutions, including advising clients in connection with new and reformed financial services regulations, increased regulatory scrutiny, distressed purchase and sale transactions, commercial lending, workouts, restructurings and insolvencies, and financial services-related litigation matters. 

Business and Finance Transactions and Restructurings

The nature of business transactions has changed with recent developments in the market. Our team is experienced in representing financial institutions in various types of transactions, including commercial lending, workouts, restructurings and insolvencies, purchases and sales of distressed assets and debt, capital-raising transactions and mergers and acquisitions. Our breadth of experience provides us with an understanding and knowledge of rapidly changing market standards for various types of transactions. Accordingly, our team is particularly well suited to advise and assist clients in this turbulent economic environment and beyond.

Commercial Lending and Leasing

Group members represent financial service providers and their customers in all types and sizes of commercial financings, including:

  • Syndicated and bilateral loans
     
  • Acquisition financings
     
  • Asset-based loans
     
  • Factoring
     
  • Project financings
     
  • Mezzanine financings
     
  • Equipment leasing
     
  • Real estate lending, including:
    • Acquisition and development loans
       
    • Construction loans
       
    • Leasehold financings
       
    • Multi-property and multi-state financing transactions

Workouts, Restructurings and Insolvency

We advise banks, private equity and hedge funds and other financial institutions on all aspects of reorganizations, bankruptcies, restructurings, workouts and buyouts. We represent distressed debt buyers in Loan Syndications and Trading Association (LSTA) and non-LSTA transactions. Our clients also include buyers who are interested in holding the debt for investment purposes and for taking control of the underlying companies. This area requires coordination and interaction among the Financial Institutions, Business Reorganization & Financial Restructuring and Corporate & Securities Groups to accomplish the client’s goals in the most cost-efficient method.

Formation, Mergers and Acquisitions, and Divestment of Financial Institutions

The National Financial Institutions Group is experienced in the formation and licensing of financial institutions of all types, as well as their expansion, merger, acquisition and divestment before the Office of the Comptroller of the Currency (OCC), the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), the Securities and Exchange Commission (SEC), and key state supervisory authorities, including:

  • Acquisition of assets from FDIC-intervened institutions
     
  • De novo organization of banks and thrifts
     
  • Non-bank subsidiaries
     
  • U.S. branches, agencies and representative offices of non-U.S. banks
     
  • Stock and asset acquisitions and dispositions of financial institutions and holding companies
     
  • Branch acquisitions
     
  • Liquidation of existing branches and offices

Securities Offerings by Financial Institutions

We represent financial institutions, financial institution holding companies and their subsidiaries in public and private securities offerings and compliance with securities laws, including:

  • Initial and secondary public offerings
     
  • Debt and trust preferred securities
     
  • Shareholder and employee stock plans
     
  • Sarbanes-Oxley matters
     
  • Periodic SEC reporting

Swaps and Derivatives

The National Financial Institutions Group structures complex derivative products in both the conventional and municipal markets, including:

  • Interest rate, currency, equity, fixed income and commodity swaps
     
  • Caps, floors, collars and rate locks
     
  • Total return swaps
     
  • Credit default swaps
     
  • First to default swaps
     
  • Accreting basket swaps
     
  • Puts, calls, knock-in and knock-out options
     
  • Swaptions
     
  • Variance swaps
     
  • Warrants
     
  • Synthetic securities
     
  • Forward contracts, prepaid variable forwards and futures contracts
     
  • Guaranteed investment contracts
     
  • Benefit responsive investment contracts
     
  • Other Business Needs

The Changing Regulatory Landscape

A number of new and proposed regulatory reforms will impact financial institutions, directly and indirectly. Our Financial Institutions Practice, including attorneys from GT’s Governmental Affairs Practice, monitor executive and legislative branches of federal, state, and local governments, so that our attorneys are able to provide strategic planning and analysis and interpretation of legislation, amendments, administrative rules to clients as the regulatory landscape changes.

In addition, our Financial Institutions attorneys counsel clients in connection with federal and state banking laws and regulations, including:

  • Bank Holding Company Act and Regulation Y
     
  • Bank Secrecy Act, including the recent USA PATRIOT Act amendments
     
  • Change in Bank Control Act and Bank Merger Act
     
  • National Bank Act
     
  • Federal Reserve Act, including Sections 23A and 23B and Regulation O
     
  • Federal Deposit Insurance Act (including FIRREA and FDICIA)
     
  • International Banking Act, Foreign Bank Supervision Enhancement Act and Regulation K
     
  • Gramm Leach Bliley Act
     
  • Community Reinvestment Act
     
  • Consumer protection laws and regulations such as Truth in Lending, Equal Credit Opportunity
     
  • Real Estate Settlement Procedures and Fair Credit Reporting

We have represented regulated financial institutions (and their officers and directors) in connection with critical examination reports and enforcement actions relating to capital, asset quality, management, compliance and other issues. With offices in government hubs, we consult regularly with the staffs of the OCC, FDIC, Federal Reserve, OTS, SEC, HUD, U.S. Department of the Treasury, Financial Crimes Enforcement Network and state banking and securities agencies to give our clients the most practical solutions to their legal and regulatory issues.

The National Financial Institutions Group also represents consumer financial service providers in:

  • Federal and state regulation of consumer credit and other financial services
     
  • Residential mortgage lending and servicing
     
  • Defense of consumer litigation
     
  • Electronic lending
     
  • Privacy and information security
     
  • Credit, debit and stored value card system issuance, processing and operations
     
  • Automotive, boat and manufactured housing indirect lending
     
  • Product development, implementation and maintenance

Consumer Financial Protection Bureau Task Force

The  mandate of the Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, is to implement and enforce federal consumer financial law. Greenberg Traurig closely monitors the  CFPB's activities,  including  the robust discussion and  almost daily movement on multiple industry fronts the CFPB  makes as it redefines consumer finance law. An entirely new system has been and is being created for the consumer financial services industry. Once complete, the question will be, "How does our clients’ business match up?" Our GT CFPB Task Force regularly observes and analyzes the actions of the CFPB in order to advise clients in best practices for the days ahead.

CFPB's authority includes writing and issuing new rules, and interpreting virtually all federal consumer protection laws. It also has expanded reach to execute fair lending examinations and the power to prohibit "abusive actions." Its power includes subpoena and civil investigative demand (CID) authority, and the ability to file enforcement actions in U.S. District or state courts seeking relief including significant monetary fines. The CFPB is actively issuing CIDs as it continues to examine specific practices and a wide variety of industries.

Companies affected by CFPB include more than banks. Non-banks and service providers face the prospect of federal and state regulation that, until now, had not been affected. These companies will need to put in place new risk management processes and compliance procedures. Greenberg Traurig's interdisciplinary approach and expansive geographical reach enable us to offer clients the strategic insight they are looking for in this environment of increased and expanded regulation.

Our clients in the consumer finance sector who are affected by CFPB include:

  • Large Banks and their affiliates
     
  • Mortgage lenders and servicers 
     
  • Payday and consumer lenders
     
  • Electronic payment and money services businesses
     
  • Prepaid card issuers 
     
  • Private student lenders
     
  • Debt collectors
     
  • Vendors that act as "service providers" with regards to any of the covered entities that offer consumer financial products or services

Litigation

Greenberg Traurig’s Financial Services Litigation Group represents clients in all facets of financial services litigation. Our national team of experienced litigators has represented banks, consumer finance companies, debt collectors, credit card issuers, and mortgage lenders and servicers in a wide variety of individual and class action disputes involving state and federal consumer protection laws including unfair deceptive trade practices, privacy issues, consumer fraud, breach of contract, disclosure violations, loan servicing, lender liability, debt collection, and credit reporting practices. Our clients range in size from some of the nation’s largest financial institutions to small closely-held corporations.

Our Financial Services Litigation attorneys are experienced in counseling clients in connection with the following:

  • Truth in Lending Act
     
  • Fair Credit Reporting Act
     
  • Fair Debt Collection Practices Act
     
  • Real Estate Settlement Procedures Act
     
  • Lender Liability
     
  • Abusive Lending Practices
     
  • Unfair Deceptive Trade Practices
     
  • Usury
     
  • State Regulatory Law Violations
     
  • Mortgage Foreclosures
     
  • Inter-Creditor Disputes
     
  • Equal Credit Opportunity Act
     
  • Privacy and Information Security Issues

 

Services Available

 
Group Presentations
  ABA 2009 Consumer Financial Services Winter Meeting, Scottsdale, Arizona, January 11, 2009
 
Past Seminar Materials
  OffshoreAlert Financial Due Diligence Conference - 7th Annual , Miami Beach, Florida, April 26, 2009
IIB Annual Seminar: Risk Management and Regulatory Examination/Compliance Issues, New York, New York, October 21, 2008
 
 
Articles Authored by Lawyers at this office:

OCC and FDIC Issue Guidance Regarding Deposit Advance Products
Robert E. Bostrom,Peter L. Cockrell,Brett M. Kitt,Gil Rudolph,J. Scott Sheehan, November 29, 2013
On November 21st, the Office of the Comptroller of Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) separately issued guidance on deposit advance loans.4 The guidance establishes numerous expectations for institutions that offer such products. It covers matters such as consumer...

CFPB Takes Action against Mortgage Insurer for Alleged Kickbacks
Robert E. Bostrom,Peter L. Cockrell,Brett M. Kitt,Gil Rudolph,J. Scott Sheehan, November 26, 2013
On November 15th, the CFPB filed a complaint and a proposed consent order against Republic Mortgage Insurance Corporation, a private mortgage insurance company (RMIC). The complaint alleges that RMIC violated Section 8 of the Real Estate Settlement Procedures Act by paying illegal kickbacks to...

CFPB Issues Advanced Notice of Proposed Rulemaking for the Debt Collection Industry
Robert E. Bostrom,Peter L. Cockrell,Brett M. Kitt,Gil Rudolph,J. Scott Sheehan, November 15, 2013
On November 6th, the Consumer Financial Bureau (the “CFPB” or the “Bureau”) kicked off its process for issuing long-awaited rules that will govern the practices of the debt collection industry. Section 1089 of the Dodd-Frank Act amended the Fair Debt Collection Practices...

CFPB Trial Disclosure Program Now Effective
Robert E. Bostrom,Peter L. Cockrell,Brett M. Kitt,Gil Rudolph,J. Scott Sheehan, November 15, 2013
On October 29th, the CFPB’s Notice of Policy regarding its Trial Disclosure Program was published in the Federal Register, thus making the Policy effective. Section 1032(e) of the Dodd-Frank Act permits consumer financial service providers to “conduct a trial program that is limited in...

Senators Request Justification for the CFPB’s Indirect Auto Lending Bulletin
Robert E. Bostrom,Peter L. Cockrell,Brett M. Kitt,Gil Rudolph,J. Scott Sheehan, November 07, 2013
On October 30th, a bipartisan group of 22 Senators sent a letter to the CFPB challenging the basis for the Bureau’s Bulletin 2013-02 entitled “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.”

Cordray Speaks to Mortgage Bankers Association to Tout and Defend the Qualified Mortgage Rule
Robert E. Bostrom,Peter L. Cockrell,Brett M. Kitt,Gil Rudolph,J. Scott Sheehan, November 06, 2013
On October 28th, CFPB Director Richard Cordray spoke at the Mortgage Bankers Association Annual Convention in Washington, D.C. Cordray’s speech touted the CFPB’s “open, inclusive, [and] transparent decision making” in crafting its Qualified Mortgage or Ability-to-Repay rule.

Federal Financial Regulators Issue Diversity Policy Statement
Robert E. Bostrom,Peter L. Cockrell,Gil Rudolph,J. Scott Sheehan, November 05, 2013
On October 23rd, the OCC, the Federal Reserve Board, the FDIC, the NCUA, the SEC, and the CFPB issued a proposal for joint standards to assess the diversity policies and practices of their respective regulated entities. Section 342 of the Dodd-Frank Act requires each of these agencies to develop...

CFPB Deputy Director Discusses Future Plans for Supervision Office
Robert E. Bostrom,Peter L. Cockrell,Brett M. Kitt,Gil Rudolph,J. Scott Sheehan, October 31, 2013
In a wide-ranging interview with American Banker, Steven Antonakes, the CFPB’s Deputy Director, discussed the CFPB’s plans for the future of its Office of Supervision.

CFPB Issues Interim Final Rule and Bulletin Clarifying Mortgage Servicing Requirements
Robert E. Bostrom,Peter L. Cockrell,Brett M. Kitt,Gil Rudolph,J. Scott Sheehan, October 31, 2013
On October 15th, the CFPB issued an Interim Final Rule and CFPB Bulletin 2013-12. Both provide clarification regarding certain aspects of the CFPB’s recently published Mortgage Servicing Rule (MSR). The Bulletin provides guidance regarding: (1) policies and procedures for successors in...

CFPB Issues HMDA Compliance Bulletin
Robert E. Bostrom,Peter L. Cockrell,Brett M. Kitt,Gil Rudolph,J. Scott Sheehan, October 18, 2013
In conjunction with the CFPB’s HMDA actions discussed above, the CFPB issued Bulletin 2013-10 on October 9th. The Bulletin sets forth the Bureau’s expectations that lenders will implement compliance programs designed to ensure that they collect and report accurate HMDA data in a timely...

CFPB Removing Enforcement Attorneys from Supervisory Exams
Robert E. Bostrom,Peter L. Cockrell,Brett M. Kitt,Gil Rudolph,J. Scott Sheehan, October 18, 2013
On October 10th, the CFPB announced that it will discontinue its controversial practice of sending its enforcement attorneys to participate alongside supervision examiners in its examinations of supervised entities. This practice had been a major point of contention between the CFPB and the...

CFPB Takes Action against Financial Institutions for HMDA Violations
Robert E. Bostrom,Peter L. Cockrell,Brett M. Kitt,Gil Rudolph,J. Scott Sheehan, October 18, 2013
On October 9th, the CFPB ordered both a bank and nonbank mortgage lender to pay fines for violating the Home Mortgage Disclosure Act (HMDA). The CFPB entered consent orders with Mortgage Master, Inc. and Washington Federal, requiring them to pay to pay civil penalties of $425,000 and $34,000,...

CFPB Issues Report on CARD Act; Identifies Six 'Risky' Card Issuer Practices that May Warrant Scrutiny
Robert E. Bostrom,Brett M. Kitt,Gil Rudolph, October 07, 2013
On October 2, 2013, the Consumer Financial Protection Bureau (CFPB) published a report that both evaluates the impact of recent credit card legislation and identifies several “risky” card issuer practices that may draw future CFPB scrutiny.

'Skin in the Game' Credit Risk Retention Rules Re-Proposed
Robert E. Bostrom,Carl A. Fornaris,Lindsay K. Lefteroff,Mark I. Michigan,Gil Rudolph, September 16, 2013
On August 28, 2013, six federal financial services agencies issued a notice revising a proposed rule to implement Section 941 of the Dodd-Frank Act, which requires sponsors of securitization transactions to retain at least five percent credit risk in such transactions. By requiring securitizers to...

Insights from the 2013 SIFMA San Francisco Regional Conference
Scott E. Rahn,Jennifer Tomsen, August 07, 2013
After a hiatus of many years, the SIFMA Compliance and Legal Society resurrected its western regional conference, held on August 1, 2013 at the offices of Charles Schwab in San Francisco. The day-long conference was well-attended, with spirited panels on a host of topics, including recent...