Advising Financial Institutions in an Era of Heightened Regulatory Scrutiny
Responding to Government Investigations and Refining Compliance Strategies
Recording of a 90-minute CLE teleconference with Q&A
Conducted on Tuesday, October 28, 2008
Recorded event now available
Description
Due to the subprime market collapse, all financial institutions face serious new risks. Over a year after that collapse, the government has taken control of Fannie Mae and Freddie Mac. On one terrible Monday, Sept. 15, Lehman Brothers announced its bankruptcy, Merrill Lynch sold its assets to Bank of America, and AIG announced it was restructuring and seeking emergency Federal Reserve help.
Financial troubles are hitting financial institutions of every size. During the second quarter of 2008, the number of troubled U.S. banks grew by 30 percent to 117 banks, the highest level since 2003.
Federal regulators are increasingly vigilant, stepping up investigations and enforcement actions against even apparently well-managed financial institutions. The FDIC also plans to charge higher premiums for all insured financial institutions.
Listen as our panel of banking law attorneys reviews the current enforcement environment and offers best practices for banks and other financial institutions as they navigate through this highly volatile period.
Outline
- Overview of current enforcement activity
- Types of enforcement and what they mean
- Agency updates — Office of Thrift Supervision RB 37-23 — Guidance on enforcement actions (July 18, 2008)
- Recognizing the warning signs for government investigation
- Criticisms in examination reports
- Asset quality erosion
- Risk management, controls and capital
- Dealing with regulatory investigations
- Limiting the scope
- Cooperation
- Attorney/Client Privilege
- Simultaneous internal investigations by the Bank
- Independent reviews by Board Committees
- Protecting investigatory work product
- Dealing with whistleblowers
- Sharing of information with regulators
- Settlement vs. Confrontation
- Multi-agency actions and the complexity of settlement
- Terms of settlement
- Cost analyses
- Protective provisions in consent orders
- Complication caused by criminal investigations
Benefits
The panel will review these and other key questions:
- What current enforcement efforts are underway to ensure that U.S. banks are not engaging in risky lending practices?
- How should banks and financial institutions respond to the heightened scrutiny by bank regulators?
- What are some best practices banks and financial institutions should employ immediately to prevail in a government investigation?
- What ongoing compliance strategies should banks craft to reduce the future risk of failure?
Faculty
Thomas P. Vartanian,
Partner
Fried Frank, Washington, D.C.
He chairs the firm's Financial Institutions Transactions Group and advises financial services clients in compliance and enforcement actions. He is a respected writer and lecturer on financial services. He was previously General Counsel of the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation.
Ronald R. Glancz,
Partner
Venable, Washington, D.C.
He chairs the firm's Financial Services Group, representing banks and other financial institutions in matters involving bank and thrift regulation, compliance and enforcement. He is a former vice-chair of the ABA's Banking Law Committee.
John L. Douglas,
Partner
Paul Hastings, Atlanta
He concentrates in the regulation of financial institutions and in advising officers, directors and shareholders in the institutions. He is a frequent lecturer and author on matters related to financial institutions.
Ordering
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Finance Law Advisory Board
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Nixon Peabody
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Alston & Bird
Counsel
Mayer Brown
Partner
O’Melveny & Myers
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