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Industry
Insurance plays an essential role in risk mitigation for financial services companies. As risks evolve, questions often arise concerning the scope of insurance coverage and the interpretation and application of policy provisions. Winston’s insurance lawyers provide companies with best-in-class advice, corporate and transactional counsel, and, if need be, litigation defense in high-stakes coverage disputes and class actions. We have achieved excellent outcomes for our clients in matters involving a wide variety of insurance policies and claims, including cybersecurity, travel, long-term care, and annuities, among others. Moreover, we have experience in emerging issues and industries, such as blockchain technology and artificial intelligence, both of which present insurers with a unique and complicated set of risks and opportunities.
Industry
Winston’s financial crimes compliance lawyers have been providing regulatory compliance counseling and enforcement services related to the Bank Secrecy Act (BSA), the Anti-Money Laundering Act of 2020 (AML), and countering the financing of terrorism (CFT) policy for decades. We also have experience with international AML matters, including in the EU and with respect to Financial Actions Task Force (FATF) recommendations.
Industry
For more than a century, Winston has been a trusted advisor and advocate to financial services clients around the world, advising them in some of their highest-stakes and most sensitive matters. Our multidisciplinary Financial Services Industry Group represents leading banks and financial services companies in a range of complex corporate and transactional matters; litigation and disputes; and regulatory, compliance, and enforcement matters.
Insights & News 26 results
Client Alert
|October 25, 2024
|6 Min Read
Burdensome Proposed FDIC FBO Account Rules Loom Large for Banks and FinTechs
On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) published a notice of proposed rulemaking (the Proposed Rule) that would heighten record-keeping requirements on FDIC-insured depository institutions (banks) that maintain transactional deposit accounts for financial technology (FinTech) firms and other third parties that act as agents on behalf of an end customer—e.g., a digital-wallet customer, a buyer of a prepaid access card, and the like. If the FDIC finalizes the Proposed Rule, banks that maintain so-called FBO or for-the-benefit-of accounts (also referred to as custodial accounts) with their FinTech partners will need to update their program agreements and data-keeping practices, reconcile customer account balances on a daily basis, and make annual filings with the FDIC.
Competition Corner
|October 3, 2024
|5 Min Read
Banking Reform: An Increase In Scrutiny
On September 17, 2024, the DOJ’s Antitrust Division withdrew from its 1995 Bank Merger Guidelines and announced that, going forward, it will use the 2023 Merger Guidelines, along with a 2024 Banking Addendum, in evaluating the competitive impact of mergers and acquisitions in the banking industry. The DOJ’s announcement comes roughly three years after President Biden issued an executive order encouraging the DOJ to enhance the enforcement standards set forth in the previous Bank Merger Guidelines.
Speaking Engagement
|September 26, 2024
Juan Azel Discusses Brokered Deposits on American Fintech Council Panel
In partnership with the American Fintech Council, Winston Financial Services partner Juan Azel joined leaders from Kaufman Rossin, Dataseers, and Thread Bank to discuss the implications of brokered deposits amid recent FDIC regulatory changes during the panel “Brokered Deposits: Regulatory Changes Creating Problems in Search of a Solution.” The 2020 FDIC rule initially enabled banks—particularly those partnering with FinTechs—to enhance banking access for underserved communities. However, the FDIC's proposed new framework may disrupt these advancements.
Other Results 10 results
Location
Winston & Strawn’s Miami office opened in 2022 and represents the firm’s largest expansion in several years. Located in the heart of the city’s Financial District, the office launched with a strong team of transactional and litigation partners from prestigious law firms operating in South Florida. Our Miami office leverages the area’s status as a critical nexus point for banking and international trade with the United States, Europe, Latin America, and other parts of the world. Our attorneys have the cultural fluency and local knowledge necessary to work seamlessly with international clients, particularly those with ties to Latin America.
Location
Serving one of the world’s largest economies for over 20 years, Winston & Strawn’s Los Angeles office is home to more than 100 attorneys and professional staff. Under the guidance of Office Managing Partner Angela M. Machala, our L.A. office thrives as a dynamic and tightly knit community that celebrates diversity, with more than half of our L.A. attorneys identifying as women, racial/ethnic minorities, and/or LGBTQ+. Our L.A. lawyers—who are equally split between litigation and transactional work—advise 80+ Fortune 500 companies, which is a testament to the collaborative environment we’ve created to provide exceptional legal services.
Location
Opened in 2017, Winston & Strawn’s Dallas office is located in the cultural and economic epicenter of DFW, the fourth largest metropolitan area in the U.S. and the fastest growing over the last year. Our Dallas attorneys litigate both high-stakes civil and criminal matters, including major state and federal trials and appeals nationwide, and represent clients in complex transactional matters. Under the leadership of Bryan L. Goolsby, our office—made up of 85+ attorneys—continues to expand, attracting some of the country’s top legal talent to meet the increased needs of the many technology, investment, and health care companies that are increasingly making Dallas their home.