Historically, financial regulatory lawyers have rooted themselves in New York or Washington, D.C. to develop thriving practices. Charlotte's resurgence as a financial center—now once again the nation's second largest banking center—coupled with the increasing availability of local, reasonably priced and talented banking practitioners, has changed all that.

The Beginnings of the Practice: Reflections From Ed O'Keefe

In 2015, after serving as a senior executive at Bank of America, including as its global general counsel during the aftermath of the financial crisis, I considered retiring. However, my thoughts of retirement were overshadowed by my vision for a world-class bank regulatory practice that would provide practical, innovative results while retaining Southeastern rates and culture. Based on my years of managing legal and regulatory risk, I knew the formula for successful bank regulatory outcomes—they require sound partnerships between skillful law firm teams, thoughtful government regulators and in-house counsel with rich institutional knowledge. In my mind, a law firm team with similarly diverse backgrounds would be able to consider regulatory issues holistically, and deliver creative, efficient and realistic advice. Leveraging the knowledge and experience of litigators, lending lawyers, securities practitioners, privacy and IP experts with bank regulatory lawyers and former regulators would ensure increased efficiencies and creative solutions. The former regulators could opine on likelihood of success while corporate counsel would add market practice knowledge and a focus on achievable solutions.  I also anticipated teaming with large New York firms on major projects, delivering locally based experts at value pricing to financial institutions.

I decided to approach Moore & Van Allen PLLC (MVA) to explore this idea. MVA was particularly attractive because the firm had already built a world-class white-collar and government investigations practice. MVA's lawyers, including Neil Bloomfield, now co-head of the firm's regulatory advice practice, had spent the past decade representing financial institutions in some of the largest international investigations, including investigations into LIBOR, foreign exchange trading, and the Panama Papers. The firm also has a track record of attracting attorneys from the New York and Washington, D.C. offices of some of the world's best firms.

Firm leadership enthusiastically agreed to invest in the concept and MVA's financial regulatory advice and response (FRAR) team was launched. From inception, the concept has attracted remarkable practitioners, including former general counsels, regulators from the OCC, FINRA, New York Department of Financial Services, former prosecutors, and lawyers from large firms who can practice at the highest level from a location outside the two traditional power centers.

As the team gained momentum, in 2018, Kris Whitaker, a former deputy comptroller at the Office of the Comptroller of the Currency, joined the group. During her 30-year tenure at the OCC, Whitaker developed deep experience in bank operations, activities and corporate governance. As deputy comptroller, Whitaker led the special supervision division, where she handled many problem institutions. Her legal background and experienced regulator's perspective allow her to provide colleagues and clients with informed, practical approaches to regulatory issues and expectations.

Meanwhile, at Wells Fargo … Barbara Meeks' Perfectly Aligned Vision

As a senior in-house lawyer at Wells Fargo, I also had a vision—to develop compliant, yet practical and achievable solutions that could be delivered within reasonable timeframes and rates. While delivering my vision , I had the opportunity to work with MVA's FRAR team. I was impressed by the team's collaborative, pragmatic approach to complex regulatory issues, and particularly their adoption of process-based legal services, which plugged right into the client's structured legal delivery model. As the former leader of the Wells Fargo Enterprise Women's Team Member Network, I was also excited about the firm's ongoing efforts to promote and support diversity.  It was then I decided that if I were to ever return to private practice, MVA's FRAR team would serve as the perfect platform for the next phase of my career.  Earlier this year, I discussed it with my  managers and with Ed O'Keefe. Within just a few weeks, with management's blessing, I formally brought my vision to the firm.

Today's Team and Primary Regulatory Considerations

The original dream we collectively imagined is now unfolding as we deepen and expand our client relationships. We continue to draw heavily from our in-house experience to advise on everything from remediation of consumer regulatory issues to agency investigations. We approach every assignment with the same thoughtful, yet realistic approach, asking: What is legal? What will be successful? How long will it take?

Clients have responded to the collaboration of regulatory, enforcement and transactional proficiency of the team. Regulators also appreciate the team's efficient, practical and executable solutions.

One of the most important points we address with clients is the partnership between in-house and outside counsel. It truly is the most critical component when a company faces regulatory litigation. Counsel must account for the risk of negative publicity, organizational strain on the company's personnel and financial resources, the prospect of third party or regulatory action, and the risk that the company's relationship with regulators could be damaged. We have also developed a legal boot camp to drive maximum success for in-house counsel; it covers everything from legal governance to relationships with the board and other corporate constituents. As we continue to work with new and developing in-house lawyers, we urge them to affirmatively learn the business, processes and culture of their clients, and to cultivate a comprehensive understanding of relevant regulatory developments through publications, industry groups and conferences.

As the team and our clients look to the future, we are constantly reminded that new technology developments are still the hot topic in the financial services industry. We are monitoring changes to electronic payments, leveraging AI for targeted data analysis, new cryptocurrencies like bitcoin, and ways in which new transactions can be completed with blockchain databases. All financial companies need to stay focused and have a solid cybersecurity breach protocol in place, since everyone will likely experience a breach at some point. The financial markets and institutions are also preparing for a significant LIBOR transition impacting trillions of dollars at the end of 2021, if not sooner, and counsel will be at the forefront to interpret and amend legal contracts. Consumer protection will remain a regulatory emphasis, in particular issues such as sales practices and elder abuse. There is also ongoing analysis of the SEC Best Interest proposal impacting the suitability standard for broker-dealers.

While we do not expect to see extensive new regulation, financial companies need to remain vigilant. They must continue to demonstrate good corporate governance with strong risk and compliance controls for self-identification and prompt disclosure. And, of course, the future regulatory environment could be impacted by the results of the upcoming presidential election, so we should all stay tuned.

Barbara S. Meeks is a member within Moore & Van Allen's financial regulatory advice and response practice group. Before joining Moore & Van Allen, she led the global commercial section in the Wells Fargo legal department. During her 19 years with Wells Fargo, Meeks held various roles, including legal and regulatory support for small business, dealer services, commercial banking, commercial real estate, trade services, insurance, wealth management finance, global retail brokerage, government banking, corporate banking, treasury management and corporate properties.

Edward P. O'Keefe is a co-head of the firm's financial regulatory advice and response practice group. As former global general counsel of Bank of America Corp., he advises and represents financial institutions. Having also headed or served as a senior executive with Bank of America's compliance, technology, human resources and operations functions,O'Keefe's broad experience includes all aspects of investigations, litigation, regulatory compliance, governance, cybersecurity, risk management and compensation.