Financial Services
Our attorneys represent Credit Unions and other financial institutions on legal matters with regard to regulatory and corporate issues arising under state and federal laws and regulations. We serve as general and special counsel to national and state-chartered Credit Unions and CUSOs of all sizes ranging from 100 million to multi-billion dollars to in assets. We assist clients with acquisition and sales transactions, corporate and business consulting, strategic planning, CUSO formation and regulatory compliance.
Our team includes former federal and state regulatory attorneys, as well as former executives and in-house counsel at financial institutions.
Our attorneys work closely with our financial services clients and/or their in-house counsel in dealing with significant legal and business compliance issues arising from the Dodd-Frank Wall Street Reform and Consumer Protection Act. We provide insight into the regulatory language generated by Dodd-Frank and, perhaps more importantly, in the sensible implementation of those regulations into the everyday conduct of our financial services clients, who are impacted by the legislation and resulting regulations.
Regulatory Compliance
Products and Services
Our attorneys assist our Credit Union and financial services clients in the development of products and services that comply with the increasingly complex disclosure and procedural requirements. This includes analysis of UDAAP, federal preemption protections, applicable usury and other state-specific requirements governing retail installment contracts and seller financing, open-end and closed-end consumer loan products, and requisite consumer disclosures. We provide counsel regarding state foreclosure and collection requirements.
Payment Processing
We work with our clients on processing payments, including gift and rebate cards to ensure compliance with regulations related to cybersecurity and privacy laws. On behalf of our clients, we interact with federal and state financial services regulators, including Credit Union regulators, the Federal Trade Commission, the Federal Communications Commission, consumer protection and state and local attorneys general. In addition, we work with clients to ensure their compliance with anti-terrorism and anti-money laundering provisions. Finally, as more payment processors become subject to the Bank Service Corporation Act, we partner with our clients to provide the necessary insight needed to work with federal and state financial services regulators, to whose jurisdiction the payment processors become subject.
Privacy and Data Security
We advise clients on issues related to privacy, confidentiality and data security under applicable laws (including the Gramm-Leach-Bliley Act, CFPB Regulation P and SEC Regulation S-P) and the privacy and security guidance issued by state and federal regulators. We assist with conducting risk assessments using the FFIEC Cybersecurity Assessment Tool and NIST. We assist in formulating privacy and information security policies as well as vendor oversight.
Mergers and Acquisitions
We advise Credit Unions and other financial services clients on M&A transactions involving geographic and business line expansion and divestiture. Our team of M&A attorneys has handled hundreds of public and private transactions for financial services clients. Our experience enables us to guide clients through the regulatory, corporate, securities, employment, tax, ERISA, real estate, integration, and other issues present in any given transaction.
We represent financial services clients as they support their own customers and clients in the strategy and execution of various financial and corporate transactions, investments, workouts and insolvencies.
Operations
We provide counsel in all aspects of Credit Union operations beginning with their formation (de novo or acquisition) including, charter approval, regulatory oversight and corporate governance through the day-to-day needs of an operating financial institution. In addition, we provide counsel for Credit Unions and financial institutions, assisting them in responding to issues arising on a daily basis, including interbank payment issues, internal and external fraud, customer claims, questions of customer transactional authority, operations, Credit Union security issues and legal processes. We address applicable laws, regulations and agreements, including those pertaining to BSA/AML and OFAC, (UCC Articles 3, 4, 4A and 5, Electronic Funds Transfer Act/Regulation E, National Automated Clearing House Association Rules, Expedited Funds Availability Act/Regulation CC, and brokered deposits.
We review and negotiate vendor agreements, including management of operational risks, compliance with regulatory requirements, preservation of privacy and data security, structuring of favorable terms and conditions, and advising on processes and procedures.
Among other business issues, our attorneys provide transactional support and resolve problems in lending, cash management, escheat and unclaimed property, deposit insurance (including brokered deposit issues) and public unit deposit matters.
Artificial Intelligence, Cybersecurity and Data Privacy
The evolution of technology, artificial intelligence and data privacy means credit unions and financial institutions face constant threats from cybercriminals looking to disrupt operations. With an interdisciplinary team of experienced attorneys, Dinsmore provides tailored guidance and decisive business-centric solutions when tackling AI and cyber-associated risks. The impact of productivity losses, compromised disclosures affecting members, borrowers and employees can damage a company's reputation and irreparably affect profits and brand image. Threats range from widespread global assaults to meticulously coordinated strikes, with each possibility posing a significant risk to an organization. As these attacks become more frequent and sophisticated with the introduction of AI based tools, bolstering defenses is crucial.
Dinsmore offers experience in navigating complex regulatory landscapes, including international, federal and state statutes. Dinsmore recognizes the era of online banking, digital economy expansion and AI deployment requires a dynamic interplay of optimal strategies, regulations, and laws aimed at mitigating the risks associated with innovation. This complexity is amplified by the proliferation of applications with around-the-clock connectivity accompanied by the ever-evolving cyber threats, all amidst a backdrop of increasing legal mandates and security benchmarks. Given this nuanced scenario, credit unions and financial institutions need seasoned professionals well-versed in data security and privacy.
Dinsmore’s services include: Enterprise Risk Management, Commercial and Transactional Guidance, Incident Response, Regulatory and Statutory Compliance, Corporate Cybersecurity Reviews and Artificial Intelligence
Employment
Employment Issues
Our Financial Services Group works closely with the firm’s Employment Practice Group to advise clients on labor and employment issues. Our attorneys are adept at handling all manners of employment discrimination claims, including those related to allegations of age, race, sex, religion, disability, national origin, veterans’ status, family and medical leave discrimination.
Specific to the financial industry, we work with employers to address, including compensable work definitions and employee classifications, particularly for specialists within the industry such as financial consultants, lending specialists, appraisers and underwriters.
Our team includes dedicated immigration attorneys, who can work with clients to address challenges arising from working within a global talent pool. In addition to working with our clients to proactively avoid problems related to labor and employment, we defend our clients in front of state and local fair employment practice agencies and the Equal Employment Opportunity Commission, as well as in state and federal courts throughout the country.
Executive Compensation and Employee Benefits
We assist clients in designing and implementing stock and cash-based executive compensation and incentive programs, including deferred compensation plans, supplemental executive retirement plans (SERPs), stock options, stock appreciation rights, and restricted stock and phantom stock plans. We work with our clients to design and implement employee benefits programs that enable them to compete to attract talent, including qualified retirement plans, 401(k) and Employee Stock Ownership Plans (ESOP), cafeteria plans, health benefit plans, and other welfare and fringe benefit arrangements.
We work with each client to structure programs that mitigate risk, while still attracting and retaining talented employees. Our attorneys draw on their experience and knowledge of the industry to negotiate and draft employment, non-competition and separation agreements that insulate our clients from risk, enabling them to compete in a competitive marketplace.
Litigation
Corporate Operations
In addition to advising on federal and state financial regulations, we provide the complete range of corporate legal services necessary for any complex business enterprise, including corporate governance, corporate restructuring, board training, taxation, labor and employment matters, intellectual property and trademark protection.
Intellectual Property
We work with clients to protect, enhance and defend their products, designs, services, technologies and brand names. With a team of dedicated intellectual property attorneys, as well as our knowledge of the financial services industry, we advise clients on the development of strategies to monitor and protect their innovations. We handle intellectual property matters for clients, ranging from small regional companies to international, Fortune 100 businesses, and we tailor a strategy to fit each client’s circumstances.
Litigation/Enforcement
We work with Credit Unions and other financial services clients to protect their collateral. Our work includes advising about and performing residential and commercial foreclosures, consumer bankruptcy proceedings, eviction, replevin, asset recovery, lender liability and legal process compliance (writs and subpoenas).
Aside from creditor-centric litigation, we also counsel Credit Unions and other financial services clients on responding to claims, including those made by customers, regulators and various state and federal law enforcement authorities regarding customer transactions. In this role, we work with claimants’ counsel and government officials, as well as representing clients in court actions involving operational issues, such as interbank disputes and fraud claims, contract issues arising from vendor and customer agreements and issues based on UCC Articles 3, 4, 4A and 5 concerning check, wire and electronic transactions, and letter of credit payments. We advise and advocate in the event of the potential or actual imposition of regulatory enforcement actions and will represent and defend our clients at regulatory meetings and hearings.
Our relationships with and knowledge of financial institution regulators is beneficial to the process and our clients.
Default Servicing
We offer comprehensive multi-jurisdictional residential and commercial mortgage default and consumer bankruptcy legal services to Credit Unions and financial institutions. The Default Servicing Industry continues to be pressured with changing regulations and laws, with increased exposure to litigation. To be successful in this space, you need experienced counsel to help you navigate the legal and regulatory landscape.
Our attorneys are nationally recognized experts with extensive experience representing creditors in judicial and non-judicial foreclosure, consumer bankruptcy mediations, routine and non-routine litigation services, title curative actions, replevin, eviction and loss mitigation, . Dinsmore offers the strength of a national firm with offices in 13 states with 30 office locations. FNMA/FHLMC-approved foreclosure counsel in 6 states (Ohio, Kentucky, Illinois, Indiana, Pennsylvania and West Virginia) and have bankruptcy credentials coast to coast. Our firm’s commitment to quality service to the Default Servicing Industry extends from our highly skilled attorneys to our experienced professional staff.
We have experience representing secured and unsecured creditors in the mortgage and automobile industries under Chapters 7, 11, 12, and 13 of the U.S. Bankruptcy Code. Dinsmore’s consumer bankruptcy attorneys have helped draft and interpret new and revised local and Federal Rules of Bankruptcy Procedure and changes to the U.S. Bankruptcy Code. Our service on local bankruptcy rules committees, attorney advisory committees, and judicial liaison committees allows us to proactively advocate for bankruptcy rule and procedural changes on our clients’ behalf, and allows us to provide advanced notice of upcoming bankruptcy changes so our clients can prepare. In addition to speaking at national and local court and industry conferences, including those sponsored by the Mortgage Bankers Association and American Bankruptcy Institute, our attorneys are often found providing on-site client training to provide strategic and practical advice to better help clients evaluate risk, offer compliance solutions, and make systemic changes to operations.
By building relationships with clients, courts, Trustees, members, and members’ counsel based on trust, communication, and responsiveness, we ensure our clients’ current needs are met while also anticipating their future needs...enabling them to accomplish more.
REGULATORY COMPLIANCE / MERGERS & ACQUISITIONS / ARTIFICIAL INTELLIGENCE, CYBERSECURITY AND DATA PRIVACY / EMPLOYMENT / LITIGATION / DEFAULT SERVICING |
