Contact: Rick Fischer , Oliver Ireland or Barbara Mendelson
Morrison & Foerster has one of the finest financial services regulatory practices in the United States. The firm brings to
bear decades of banking experience and exceptional depth and breadth of financial services regulatory expertise.
The firm’s financial services practice is well recognized for both its size and quality. For example, in 2004, International
Financial Law Review 1000 recognized Morrison & Foerster as having “one of the largest bank regulatory practices in the U.S.”
Morrison & Foerster has numerous major financial institutions are clients, including both domestic and foreign banks, credit
card and other payment systems companies, savings associations, industrial loan companies, trust companies, mortgage bankers,
consumer and commercial finance companies and other financial services organizations, as well as their holding companies and
affiliates.
The firm’s financial services attorneys are deeply involved in both legislative and regulatory affairs on the federal and
state levels. For decades, the firm has played a major role in shaping the evolution of financial services law in the United
States. The firm is particularly experienced in the regulatory and compliance requirements for credit cards, debit cards and
other payment products. It also has an unparalleled retail banking practice, including assisting clients in the development
of a broad range of innovative banking and mortgage products and the expansion of financial activities by non-traditional
financial services companies. In the wholesale banking area, the firm is particularly well known for its depth in representing
the foreign bank community in the United States.
Morrison & Foerster’s attorneys are actively involved in representing and counseling clients on all aspects of financial services
law. For example, the firm:
- Helps clients to successfully develop and introduce a wide array of new financial products and services. In doing so, the
firm has worked with clients and regulatory officials to identify creative ways to introduce innovative products and services
that comply with existing laws and regulations. The firm also has worked extensively with government agencies to modify or
clarify existing financial services regulations to accommodate the introduction of new products and services.
- Assists clients in complying with the full range of financial services laws and regulations, including the Electronic Funds
Transfer Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Truth in Lending Act, the Real Estate Settlement
Procedures Act, the Home Mortgage Disclosure Act, as well as the Bank Holding Company Act, the International Banking Act,
the USA PATRIOT Act, and many other statutes affecting the financial services industry.
- Represents clients before Congress and regulatory agencies in the development of new laws and regulations, as well as in response
to examination and enforcement proceedings. The firm works closely with Congress, the Federal Reserve Board, the Office of
the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the Federal
Trade Commission, the Securities and Exchange Commission, and many other federal and state governmental agencies. Many of
the firm’s financial services attorneys formerly worked at these agencies. Assists a diverse group of financial services clients
in connection with mergers and acquisitions, holding company formations, charter conversions, and financial institution restructurings.
- Partners with our financial services litigators to provide our clients with state of the art advice regarding litigation matters,
including consumer class actions and regulatory enforcement proceedings on the full range of financial services issues, such
as the disclosure and imposition of credit and deposit account fees, allegations of unfair and deceptive practices, and the
preemption of state laws and regulations.
Morrison & Foerster also has unparalleled expertise in issues surrounding the privacy and security of information, and regularly
advises financial services clients regarding compliance with the full range of federal, state and international privacy laws
and regulations. The firm has been actively involved in every federal legislative and regulatory initiative involving privacy
and data security over the past 30 years, including the legislative process that resulted in the Fair and Accurate Credit
Transaction Act of 2003 (FACT Act), and the ongoing extensive rule-making process to implement this new statute.
