Expert witness, bank regulatory counselor, corporate law/transactional advisor to boards of directors, enforcement defense work, fintech adviser.
EXPERIENCE
McTaggart Law Firm, Washington, D.C. Founder/Partner (2019-).
Ongoing representation of financial services and corporate entities with banking, financial services regulatory and corporate law issues, including p/e investments and m+a issues along with management succession matters. Fintech matters, data privacy/cybersecurity matters, trust law charter issues, foreign bank issues and enforcement defense work relating to actual or threatened enforcement actions. Escheat law audit and related counseling on product design. Also telemedicine and art law matters.
Stinson Leonard Street, LLP, Washington, D.C. Partner (2016-2018), Banking and Financial Services Division.
Enforcement defense work relating to UDAP and UDAAP and other consumer and financial services issues; housing finance regulatory issues; fintech and ecommerce licensing and regulatory issues.
Pepper Hamilton LLP, Washington, D.C. Partner (2007-2016), Financial Institutions Group.
Martindale-Hubbell AV preeminent rating. In addition to regulatory matters, major work on corporate law governance, independent director representation, independent committee representation, audit committee representation, risk management committee representation, management succession issues, trust law chartering and regulatory issues, escheat law issues, art law issues, privacy/data security issues, payment system issues for credit card issuers and other related entities.
Washington D.C. law firm partner at AmLaw 100 law firms (1999-2007).
Office of Delaware State Bank Commissioner. (1994-1998) Delaware Bank Commissioner.
Worked for Governor, now U.S. Senator, Tom Carper (D-DE). Supervised more than 800 state chartered banks and financial institutions, including mortgage banks, licensed lenders, and mortgage loan brokers, operating in Delaware and set financial services policy in Delaware. Also, responsible for administering the $120 million in bank franchise taxes paid by all financial institutions operating in Delaware. Operated a self-funded agency with 34 personnel and a budget of $2.4 million. Served as Regulatory Committee Chair and Legislative Chair for Conference of State Bank Supervisors. Testified in Congress on financial services issues.
United States Senate Banking Committee. (1991-1994) Counsel for the Committee.
Responsible for drafting legislation, conducting hearings and other tasks related to banking and thrift regulatory matters, consumer credit issues, and other financial services matters before the Committee. Major legislation enacted during this period and numerous oversight hearings and nomination hearings held.
Fried, Frank, Harris, Shriver & Jacobson, Washington, D.C. (1989-1991) Associate, Financial Institutions Transactions Group; Morrison & Foerster, Washington, D.C. (1987 – 1989) Associate, Financial Services Practice Group.
Responsible for regulatory, legislative and general corporate issues involving banks, thrifts and other financial services clients.
Board of Governors of the Federal Reserve System. (1985-1987) Bank holding company section, Legal Division.
Principally responsible for bank holding company regulatory matters but also involved in administrative law issues. Involved in 8th Circuit briefing.
Legal and Undergraduate Education
Harvard Law School, J.D., 1985. Taught introductory economics at Harvard College.
Harvard College, A.B. cum laude G.S., 1982 (Economics Concentrator). Kennedy School of Government, Institute of Politics, two non-credit classes.
Bar Admissions
Massachusetts, 1985; District of Columbia, 1986.
Client Alerts:
The Impact of the CFPB’s Appraisal Rule; House Mortgage Reform Bill Offers Major Changes for Lenders, Securitizers, and Others; House Passes Major Financial Services Reform Package; Government Bails Out Fannie and Freddie: Bondholders Are Saved; Treasury Department Proposes Regulatory Reform; State of the Mortgage Markets; And Then There’s Fraud; Mortgage Fraud Investigations; Basel III’s New Liquidity Requirements Will Likely Increase Costs to Banks with Respect to Unused Lines of Retail Credit; Federal Officials Propose Rescue Plan and Full Support for Fannie Mae and Freddie Mac.
Challenges Currently Facing Community Banks, Including Requirements of the Dodd-Frank Act; Potential Effects of The Dodd-Frank Act on Community Banks; Constitutional Analysis of Certain of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s Most Significant Grants of Regulatory Power; The Dodd-Frank Act’s Effect on Industrial Banks, Credit Card Banks and Trust Banks; Dodd-Frank Act Will Have Specific Effect on Community Banks; Dodd-Frank Act Creates Financial Stability Oversight Council to Identify, Respond to Economy’s Systemic Risks; Comprehensive Financial Reform Legislation Becomes Law.
An Overview of Mobile Payments and Their Regulation; Federal Reserve Board Issues Final Rule on Gift Cards; The Treasury Department Announces Plan to Purchase Toxic Loans and Debt; Understanding and Managing Risks in a Volatile Environment; Private Equity Investment in U.S. Financial Institutions; Treasury Department Outlines Implementation of Bailout Bill; The Rise, Fall and Rise Again of the Financial Bailout Bill.
OCC Rules on Operating Subsidiary Interest Rate Exportation; Significant Potential Change in Accounting Treatment for Qualified Special Purpose Entities: Bank Regulatory Implications; First Circuit Holds New Hampshire Law Gift Card Law Preempted; and Supreme Court Upholds National Bank Operating Subsidiary Preemption.
Webinars:
A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules; A New World for Mortgage Banking: What You Need to Know About the CFPB’s Final Qualified Mortgage Rule; What Are the Drastic Ramifications of the New York State Anti-Money Laundering Actions and Penalty Enforcement?
Crisis on Wall Street: Implications for the Financial Services Industry; Mobile Payments: Legal and Business Issues on the Latest Payments Frontier; Capital Markets Challenges for Community Banks; What You Need to Know About the CFPB’s Short-Term, Small-Dollar Lending Examination Procedures.
What the Financial Reform Legislation Means for You; A Closer Look at the Dodd-Frank Act – Systemic Risk and the Role of Federal Regulators; What You Need to Know About Working with the CFPB Supervision and Examination Process; A Closer Look at the Dodd-Frank Act – The Dodd-Frank Act One Year Later: What’s New and What to Expect; and The Consumer Financial Protection Agency Act: What Does It Mean to You?
Speeches and articles:
Numerous presentations on various topics regarding bank and financial services regulations and related topics including recent ones on CFPB constitutionality; exportation of interest rates in fintech bank model; management succession, TCPA.
Professional Associations
Member, First State fintech lab Advisory board, (2019-); Member, Advisory Committee to the Chairman, ABA Banking Law Committee (2008-present); Chairman, Trust and Investment Services Subcommittee, ABA Banking Law Committee (2004-2007) and Vice Chair (2001-2004); Member, ABA Consumer Financial Services Committee (2001-present); Delaware Economic and Financial Advisory Committee (DEFAC) Expenditure Subcommittee Chairman (1994-1995); Legislative Committee Chairman, Regulatory Committee Chairman and Board Member, Conference of State Bank Supervisors (1995-1999); Member, American Bar Association (1986-present); Member, District of Columbia Bar Association (1986-present); Member, Exchequer Club (Financial Services Group in Washington, D.C.) (1999-present); Member, Women in Housing and Finance (1999-present).
Honors
2010 Legal Elite, Washington SmartCEO; Delaware Chapter of the NAACP Award; State of Delaware “Honorary Day” Proclamation by the Governor; Harvard Club of Philadelphia Scholarship Award; Harvard College Scholarship (honorarium); The Sarah and Pauline Maier Scholarship (Harvard College); Philadelphia Police Athletic League Scholarship; Leopold Schepp Foundation Scholarship; American Legion Academic Achievement Award; The Union League Good Citizenship Award; Honorary Mayor of Philadelphia for a day; McDonald’s Philadelphia Basketball All-Star; First Team All-League Basketball, CDHS; Member, Championship Track Team, CDHS; The Philadelphia Evening Bulletin Scholar/Athlete; Sportsmanship Award, Philadelphia IAABO referees; William Ferguson Scholar/Athlete of Philadelphia; William H. Markward Memorial Basketball Club Award for Sportsmanship and Outstanding Play; Knights of Columbus First Place Essay Winner.
Community Activity
Member, John Harvard Society, Harvard College (fundraising leadership ) (2006-present); Member, Carillon Society, University of Delaware (fundraising leadership) (2006-present); President’s Leadership Council (fundraising leadership/advisory board), Washington College, Chestertown, MD (2008-2012); Blessed Sacrament “Gym Mass” Volunteer/Coordinator for Host Families (2010-11); Member, Holton Arms and Washington Episcopal School, Father’s Committee (2007-2011,2013); Harvard Law School Fund Class Agent (2002-2009); Harvard College 25th Reunion Special Gifts Committee Member (2007); Harvard Club of Delaware, Schools and Scholarship Committee (1995-1998); Harvard Club of Washington, D.C. Schools Committee (1986-1994; 1999-2011); Harvard Club of Washington Director (2000-2003; 2005-2008); Opera Delaware Advisory Board and Finance, Wilmington, DE; Alexandria Law Library Director (citizen member 1992-1994); CCBC Children’s Center (Chevy Chase D.C.), Board Member and Secretary (2000-2003); Chevy Chase Recreation Association Board member (2012-present, President 2015-present); Audubon Naturalist Society Board member (2012-2018, Budget Committee member; Montgomery County (MD) Swim League, Certified Swim Official (2008-2015).