Prominent Wall Street Lawyer Discusses Sullivan & Cromwell's Winning Approach in 'Too Big to Fail' Case
"For anything like this, which was somewhat novel, a case of first impression, you would always expect the regulatory process, the regulatory wheels, to grind slowly." Sullivan & Cromwell's Rodge Cohen and Pat Brown talk about their approach advocating for Zions Bancorp.
August 02, 2018 at 11:52 AM
2 minute read
The original version of this story was published on National Law Journal
Sullivan & Cromwell Rodge Cohen
H. Rodgin Cohen Q: Your work in this case centered on the “Hotel California” provision of Dodd-Frank, which was designed to keep banks like Goldman Sachs and JPMorgan Chase from simply shedding their holding companies to avoid increased oversight. As the lyrics to the classic Eagles song go, “You can check out anytime you like, but you can never leave.” But Dodd-Frank does allow firms that remove their holding company to appeal their “too-big-to-fail” designation. How long had this potential escape route been on your mind? Q: How did you feel about your chances initially? Q: That sense of risk—how did the bank get over that sense, and to what extent were you able to take the temperature of federal regulators before pushing forward? Q: What went into that process of making sure the agencies wouldn't be annoyed, as you said? Q: How involved was Simmons and Zions' in-house legal team in the process? Q: How long did this process take? Q: At the end of the day, how much convincing did it take for Zions to go for this? Q: How much of the calculation was the fact that shortly after this process began, Trump won the election and brought in an administration that has a deregulatory bent? Q: Recently, Congress raised the threshold from $50 billion to $100 billion—and an even higher threshold is coming in the future. With that in mind, do you expect other banks to piggyback on the approach Zions took in this matter? Q: How did that claim—that there wouldn't be many copycats—land with the regulators? Q: What's next with FSOC and the systemically significant designation?
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2How I Made Office Managing Partner: 'If You Are Aware of Areas for Improvement and You Can Play a Role in That, Speak Up,' Says Jennifer Mellott of Freshfields
- 3'I'm Staying Everything': Texas Bankruptcy Judge Halts Talc Trials Against J&J
- 4What We Know About the Kentucky Judge Killed in His Chambers
- 5Burns & Levinson to Wind Down After 64 Years in Boston
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250