Cravath’s London Office Moves to 100 Cheapside
Jelena McWilliams is Managing Partner of the Washington, D.C. office and Head of the Financial Institutions Group (FIG) Practice. She is a former Chairman of the Federal Deposit Insurance Corporation (FDIC). Ms. McWilliams focuses her practice on advising public and private companies, financial institutions, fintechs, and early-stage and venture companies on regulatory and corporate matters, as well as on mergers and acquisitions, IPO and other capital markets transactions.
While at the FDIC, Ms. McWilliams managed over 6,000 employees supervising approximately 5,000 banks, including through the COVID-19 pandemic. She participated in interagency negotiations, policy developments and joint agency rulemakings both as agency principal and as a voting member of the Financial Stability Oversight Council (FSOC). Ms. McWilliams chaired the Resolution Group at the Financial Stability Board (FSB); chaired and served on the Federal Financial Institutions Examination Council (FFIEC); and served on the Financial and Banking Information Infrastructure Committee (FBIIC). She testified before U.S. Congress on numerous occasions and engaged extensively with U.S. and international regulators, including the Basel Committee on Banking Supervision and the International Association of Deposit Insurers. She established the agency’s first office of innovation to implement technological advancements through supervisory channels and collaborative partnerships between banks and fintechs. Ms. McWilliams also spearheaded the agency’s effort to develop prudential banking policy on digital assets, including through a “crypto sprint” with the Office of the Currency Comptroller (OCC) and the Federal Reserve Board (FRB), and in collaboration with the President’s Working Group multiagency effort on stablecoins. She envisioned and created Mission Driven Bank Fund, a novel private/public partnership investment fund to support investments in low- and moderate-income communities served by the Minority Depository Institutions and Community Development Financial Institutions.
Prior to her tenure as FDIC Chairman, Ms. McWilliams served as Executive Vice President, Chief Legal Officer and Corporate Secretary for Fifth Third Bank (FITB) where she managed over 100 lawyers and legal staff, oversaw legal and regulatory matters, and served on the Enterprise Committee and several internal committees, including Management Compliance, Enterprise Risk, Risk and Compliance, Operational Risk, Enterprise Marketing and Regulatory Change. In this capacity, Ms. McWilliams had extensive interactions with numerous federal and state regulatory agencies, including the Federal Reserve Bank of Cleveland, the FDIC, the Consumer Financial Protection Bureau (CFPB) and the Securities and Exchange Commission (SEC).
Before that, Ms. McWilliams served as Chief Counsel and Deputy Staff Director for the U.S. Senate Committee on Banking, Housing, and Urban Affairs where she engaged in oversight of FRB, FDIC, Office of the Comptroller of the Currency (OCC), CFPB, National Credit Union Administration (NCUA), SEC, Commodity Futures Trading Commission (CFTC), Federal Housing Finance Agency (FHFA), Federal Housing Administration (FHA), U.S. Department of Housing and Urban Development (HUD), FSOC and Office of Financial Research (OFR). She interacted with law enforcement and regulatory agencies, including U.S. Department of Justice (DOJ) and Financial Crimes Enforcement Network (FinCEN).
Previously, Ms. McWilliams served as Assistant Chief Counsel for the U.S. Senate Committee on Small Business and Entrepreneurship where she engaged in oversight of Small Business Administration (SBA) and its lending programs, and served as a principal advisor handling matters related to financial services.
During the 2007–2010 financial crisis, Ms. McWilliams served as a consumer protection attorney at the Federal Reserve Board of Governors where she worked on several rulemakings, including to amend consumer protection regulations under the Truth in Lending Act (TILA), Fair Credit Reporting Act (FCRA), Fair and Accurate Credit Transactions Act (FACTA), Gramm-Leach Bliley Act (GLBA) and Credit Card Accountability Responsibility and Disclosure (CARD) Act, as well as bank and third party practices related to section 5 of the Federal Trade Commission (FTC) Act, which prohibits banks from engaging in unfair or deceptive acts or practices (UDAP).
Ms. McWilliams is a frequent speaker on trends and topics in the financial services sector, including bank regulatory policy, governance trends, digital assets, fintechs and early-stage company regulatory policy. She is a past member of the Economic Council of Washington, D.C., and serves on the Board of Trustees of the Southwestern Graduate School of Banking Foundation at Southern Methodist University.
Ms. McWilliams was singled out by Chambers USA as an “Eminent Practitioner” in the Financial Services Regulation (Nationwide) category.
Ms. McWilliams was born in Belgrade, Serbia. She received her B.A. with highest honors from the University of California, Berkeley in 1999 and her J.D. from the University of California, Berkeley, School of Law in 2002.
While at the FDIC, Ms. McWilliams managed over 6,000 employees supervising approximately 5,000 banks, including through the COVID-19 pandemic. She participated in interagency negotiations, policy developments and joint agency rulemakings both as agency principal and as a voting member of the Financial Stability Oversight Council (FSOC). Ms. McWilliams chaired the Resolution Group at the Financial Stability Board (FSB); chaired and served on the Federal Financial Institutions Examination Council (FFIEC); and served on the Financial and Banking Information Infrastructure Committee (FBIIC). She testified before U.S. Congress on numerous occasions and engaged extensively with U.S. and international regulators, including the Basel Committee on Banking Supervision and the International Association of Deposit Insurers. She established the agency’s first office of innovation to implement technological advancements through supervisory channels and collaborative partnerships between banks and fintechs. Ms. McWilliams also spearheaded the agency’s effort to develop prudential banking policy on digital assets, including through a “crypto sprint” with the Office of the Currency Comptroller (OCC) and the Federal Reserve Board (FRB), and in collaboration with the President’s Working Group multiagency effort on stablecoins. She envisioned and created Mission Driven Bank Fund, a novel private/public partnership investment fund to support investments in low- and moderate-income communities served by the Minority Depository Institutions and Community Development Financial Institutions.
Prior to her tenure as FDIC Chairman, Ms. McWilliams served as Executive Vice President, Chief Legal Officer and Corporate Secretary for Fifth Third Bank (FITB) where she managed over 100 lawyers and legal staff, oversaw legal and regulatory matters, and served on the Enterprise Committee and several internal committees, including Management Compliance, Enterprise Risk, Risk and Compliance, Operational Risk, Enterprise Marketing and Regulatory Change. In this capacity, Ms. McWilliams had extensive interactions with numerous federal and state regulatory agencies, including the Federal Reserve Bank of Cleveland, the FDIC, the Consumer Financial Protection Bureau (CFPB) and the Securities and Exchange Commission (SEC).
Before that, Ms. McWilliams served as Chief Counsel and Deputy Staff Director for the U.S. Senate Committee on Banking, Housing, and Urban Affairs where she engaged in oversight of FRB, FDIC, Office of the Comptroller of the Currency (OCC), CFPB, National Credit Union Administration (NCUA), SEC, Commodity Futures Trading Commission (CFTC), Federal Housing Finance Agency (FHFA), Federal Housing Administration (FHA), U.S. Department of Housing and Urban Development (HUD), FSOC and Office of Financial Research (OFR). She interacted with law enforcement and regulatory agencies, including U.S. Department of Justice (DOJ) and Financial Crimes Enforcement Network (FinCEN).
Previously, Ms. McWilliams served as Assistant Chief Counsel for the U.S. Senate Committee on Small Business and Entrepreneurship where she engaged in oversight of Small Business Administration (SBA) and its lending programs, and served as a principal advisor handling matters related to financial services.
During the 2007–2010 financial crisis, Ms. McWilliams served as a consumer protection attorney at the Federal Reserve Board of Governors where she worked on several rulemakings, including to amend consumer protection regulations under the Truth in Lending Act (TILA), Fair Credit Reporting Act (FCRA), Fair and Accurate Credit Transactions Act (FACTA), Gramm-Leach Bliley Act (GLBA) and Credit Card Accountability Responsibility and Disclosure (CARD) Act, as well as bank and third party practices related to section 5 of the Federal Trade Commission (FTC) Act, which prohibits banks from engaging in unfair or deceptive acts or practices (UDAP).
Ms. McWilliams is a frequent speaker on trends and topics in the financial services sector, including bank regulatory policy, governance trends, digital assets, fintechs and early-stage company regulatory policy. She is a past member of the Economic Council of Washington, D.C., and serves on the Board of Trustees of the Southwestern Graduate School of Banking Foundation at Southern Methodist University.
Ms. McWilliams was singled out by Chambers USA as an “Eminent Practitioner” in the Financial Services Regulation (Nationwide) category.
Ms. McWilliams was born in Belgrade, Serbia. She received her B.A. with highest honors from the University of California, Berkeley in 1999 and her J.D. from the University of California, Berkeley, School of Law in 2002.
Education
-
J.D., 2002, University of California, Berkeley, School of LawHighest Honors for JD thesis.
-
B.A., 1999, University of California, BerkeleyAlumni Scholar, Dean's Honor List, High Distinction
Admitted In
- District of Columbia
- California
Organizations
Economic Council of Washington, D.C.
Southwestern Graduate School of Banking Foundation at Southern Methodist University
- Board of Trustees
Rankings
Chambers USA
- Financial Services Regulation: Banking (Compliance) – Nationwide (2024)
Lawdragon
- 500 Leading Global Bankruptcy & Restructuring Lawyers (2024)
- 500 Leading Lawyers in America (2025, 2024, 2023)
The Legal 500 US
- Financial Services Regulation (2024, 2023)
Deals & Cases
January 22, 2025
CardWorks’s Acquisition of Ally’s Credit Card Business
On January 22, 2025, CardWorks, Inc. (“CardWorks”), a leader in credit and payments, and Ally Financial Inc. (“Ally”), a financial services company with the nation’s largest all‑digital bank and an industry‑leading auto financing business, announced that they have entered into a definitive agreement for CardWorks, and its wholly‑owned bank subsidiary, Merrick Bank, to acquire Ally’s credit card business, including a portfolio of $2.3 billion in credit card receivables with 1.3 million active cardholders as of December 31, 2024. Cravath is representing CardWorks in connection with the transaction.
Deals & Cases
September 26, 2024
Citi’s $25 Billion Private Credit, Direct Lending Program with Apollo
On September 26, 2024, Citigroup Inc. (“Citi”) and Apollo announced they have entered into an exclusive agreement for a subsidiary of Citi and certain affiliates of Apollo to form a landmark $25 billion private credit, direct lending program initially in North America, with the potential to expand to additional geographies. The program will include participation from Mubadala Investment Company as Apollo’s strategic partner as well as Apollo’s subsidiary, Athene, both of which will have the opportunity to join commitments appropriate for their respective mandates. The firms anticipate the program will finance approximately $25 billion of debt opportunities over the next several years, encompassing both corporate and financial sponsor transactions, and maintain the flexibility to significantly expand the size of the program beyond the initial $25 billion. Cravath is representing Citi in connection with the agreement.
Deals & Cases
August 12, 2024
Scotiabank’s $2.8 Billion Acquisition of an Equity Interest in KeyCorp
On August 12, 2024, Scotiabank announced that it has entered into an agreement to acquire an approximate 14.9% pro-forma ownership stake in KeyCorp, a premier U.S. based financial services company, through an issuance of common shares at a price of $17.17 per share. The total cash consideration is approximately $2.8 billion. Cravath is representing Scotiabank in connection with the transaction.
Deals & Cases
July 09, 2024
Silvergate’s Settlement Agreements with the Federal Reserve, California Department of Financial Protection and Innovation and Securities and Exchange Commission
On July 1, 2024, Silvergate announced it has agreed to settlements with the Board of Governors of the Federal Reserve System (“Federal Reserve”), the California Department of Financial Protection and Innovation (“DFPI”) and the Securities and Exchange Commission (“SEC”). In a statement, Silvergate noted its decision to liquidate voluntarily and without government assistance in March 2023, and that, as of November 2023, all deposits had been repaid to banking customers, soon after which Silvergate ceased banking operations. The announced settlements, which facilitate the surrender of Silvergate’s bank charter, are part of the Bank’s continued orderly wind down and conclude investigations by the Federal Reserve, DFPI, and SEC. Cravath represented Silvergate in connection with the investigations, resulting settlements, and voluntary liquidation.
Activities
May 20, 2025
Jelena McWilliams Speaks at S&P Global’s Community Bankers Conference 2025
On May 20, 2025, Cravath partner Jelena McWilliams participated in S&P Global Market Intelligence’s Community Bankers Conference 2025, which was held from May 18‑20 in Irving, Texas. The conference hosted bank executives, board members, investors, technology providers and advisers to discuss the strategic issues facing community banks and how they can best respond to the market forces continuing to reshape the industry. Jelena was featured in a fireside chat on banking policy and regulation, during which she examined what recent developments reveal about potential regulatory posture, key issues that could have a profound impact on banks’ operations and other hot‑button issues that have surfaced during recent examinations.
Activities
May 01, 2025
Jelena McWilliams Serves as Keynote Speaker at Minnesota CLE’s 2025 Banking Law Institute
On April 25, 2025, Cravath partner Jelena McWilliams participated in the 2025 Banking Law Institute, hosted by Minnesota CLE in Minneapolis. The event hosted practitioners from across the country to provide comprehensive and essential updates on the latest regulatory efforts and other issues related to banking law, and to provide practical advice for businesses confronting those developments. Jelena delivered the keynote address, focused on challenges and opportunities for the nation’s financial system in the years ahead.
Activities
May 01, 2025
Jelena McWilliams Speaks at George Mason University and the Financial Technology & Cybersecurity Center’s “The Great Debate: How to Modernize Financial Regulation and Create Economic Stability in a Digital Age” Program
On April 17, 2025, Cravath partner Jelena McWilliams participated in “The Great Debate: How to Modernize Financial Regulation and Create Economic Stability in a Digital Age,” a program hosted by George Mason University’s Center for Assurance Research and Engineering and the Financial Technology & Cybersecurity Center in Arlington, Virginia. The event convened experts for a discussion of what a financial regulatory structure equipped to deal with the realities of today’s financial services sector should look like. Jelena spoke on a panel entitled “Building a New Regulatory Model.”
Activities
May 01, 2025
Jelena McWilliams Speaks at the Innovative Payments Association’s 2025 Innovative Payments Conference
On April 30, 2025, Cravath partner Jelena McWilliams participated in the Innovative Payments Association’s 2025 Innovative Payments Conference, which was held from April 29 to May 1 in Washington, D.C. and included representatives of financial institutions, regulators, card organizations, technology providers, processors, law firms and other members of the payments community. Jelena was featured in a fireside chat, during which she drew on her experience as Chair of the Federal Deposit Insurance Corporation and chapter 11 trustee of Synapse Financial Technologies, Inc. to share perspectives on banking regulation, deposit insurance and the complexities of managing financial institution failures.
Activities
May 01, 2025
Jelena McWilliams Speaks at TIME100 Talks Event
On April 26, 2025, Cravath partner Jelena McWilliams participated in a TIME100 Talks event in Washington, D.C. Jelena spoke on a panel entitled “The Future of Finance: Can Regulation Power Innovation?,” which explored emerging opportunities and regulatory considerations for blockchain and digital currencies.
Jelena McWilliams is Managing Partner of the Washington, D.C. office and Head of the Financial Institutions Group (FIG) Practice. She is a former Chairman of the Federal Deposit Insurance Corporation (FDIC). Ms. McWilliams focuses her practice on advising public and private companies, financial institutions, fintechs, and early-stage and venture companies on regulatory and corporate matters, as well as on mergers and acquisitions, IPO and other capital markets transactions.
While at the FDIC, Ms. McWilliams managed over 6,000 employees supervising approximately 5,000 banks, including through the COVID-19 pandemic. She participated in interagency negotiations, policy developments and joint agency rulemakings both as agency principal and as a voting member of the Financial Stability Oversight Council (FSOC). Ms. McWilliams chaired the Resolution Group at the Financial Stability Board (FSB); chaired and served on the Federal Financial Institutions Examination Council (FFIEC); and served on the Financial and Banking Information Infrastructure Committee (FBIIC). She testified before U.S. Congress on numerous occasions and engaged extensively with U.S. and international regulators, including the Basel Committee on Banking Supervision and the International Association of Deposit Insurers. She established the agency’s first office of innovation to implement technological advancements through supervisory channels and collaborative partnerships between banks and fintechs. Ms. McWilliams also spearheaded the agency’s effort to develop prudential banking policy on digital assets, including through a “crypto sprint” with the Office of the Currency Comptroller (OCC) and the Federal Reserve Board (FRB), and in collaboration with the President’s Working Group multiagency effort on stablecoins. She envisioned and created Mission Driven Bank Fund, a novel private/public partnership investment fund to support investments in low- and moderate-income communities served by the Minority Depository Institutions and Community Development Financial Institutions.
Prior to her tenure as FDIC Chairman, Ms. McWilliams served as Executive Vice President, Chief Legal Officer and Corporate Secretary for Fifth Third Bank (FITB) where she managed over 100 lawyers and legal staff, oversaw legal and regulatory matters, and served on the Enterprise Committee and several internal committees, including Management Compliance, Enterprise Risk, Risk and Compliance, Operational Risk, Enterprise Marketing and Regulatory Change. In this capacity, Ms. McWilliams had extensive interactions with numerous federal and state regulatory agencies, including the Federal Reserve Bank of Cleveland, the FDIC, the Consumer Financial Protection Bureau (CFPB) and the Securities and Exchange Commission (SEC).
Before that, Ms. McWilliams served as Chief Counsel and Deputy Staff Director for the U.S. Senate Committee on Banking, Housing, and Urban Affairs where she engaged in oversight of FRB, FDIC, Office of the Comptroller of the Currency (OCC), CFPB, National Credit Union Administration (NCUA), SEC, Commodity Futures Trading Commission (CFTC), Federal Housing Finance Agency (FHFA), Federal Housing Administration (FHA), U.S. Department of Housing and Urban Development (HUD), FSOC and Office of Financial Research (OFR). She interacted with law enforcement and regulatory agencies, including U.S. Department of Justice (DOJ) and Financial Crimes Enforcement Network (FinCEN).
Previously, Ms. McWilliams served as Assistant Chief Counsel for the U.S. Senate Committee on Small Business and Entrepreneurship where she engaged in oversight of Small Business Administration (SBA) and its lending programs, and served as a principal advisor handling matters related to financial services.
During the 2007–2010 financial crisis, Ms. McWilliams served as a consumer protection attorney at the Federal Reserve Board of Governors where she worked on several rulemakings, including to amend consumer protection regulations under the Truth in Lending Act (TILA), Fair Credit Reporting Act (FCRA), Fair and Accurate Credit Transactions Act (FACTA), Gramm-Leach Bliley Act (GLBA) and Credit Card Accountability Responsibility and Disclosure (CARD) Act, as well as bank and third party practices related to section 5 of the Federal Trade Commission (FTC) Act, which prohibits banks from engaging in unfair or deceptive acts or practices (UDAP).
Ms. McWilliams is a frequent speaker on trends and topics in the financial services sector, including bank regulatory policy, governance trends, digital assets, fintechs and early-stage company regulatory policy. She is a past member of the Economic Council of Washington, D.C., and serves on the Board of Trustees of the Southwestern Graduate School of Banking Foundation at Southern Methodist University.
Ms. McWilliams was singled out by Chambers USA as an “Eminent Practitioner” in the Financial Services Regulation (Nationwide) category.
Ms. McWilliams was born in Belgrade, Serbia. She received her B.A. with highest honors from the University of California, Berkeley in 1999 and her J.D. from the University of California, Berkeley, School of Law in 2002.
While at the FDIC, Ms. McWilliams managed over 6,000 employees supervising approximately 5,000 banks, including through the COVID-19 pandemic. She participated in interagency negotiations, policy developments and joint agency rulemakings both as agency principal and as a voting member of the Financial Stability Oversight Council (FSOC). Ms. McWilliams chaired the Resolution Group at the Financial Stability Board (FSB); chaired and served on the Federal Financial Institutions Examination Council (FFIEC); and served on the Financial and Banking Information Infrastructure Committee (FBIIC). She testified before U.S. Congress on numerous occasions and engaged extensively with U.S. and international regulators, including the Basel Committee on Banking Supervision and the International Association of Deposit Insurers. She established the agency’s first office of innovation to implement technological advancements through supervisory channels and collaborative partnerships between banks and fintechs. Ms. McWilliams also spearheaded the agency’s effort to develop prudential banking policy on digital assets, including through a “crypto sprint” with the Office of the Currency Comptroller (OCC) and the Federal Reserve Board (FRB), and in collaboration with the President’s Working Group multiagency effort on stablecoins. She envisioned and created Mission Driven Bank Fund, a novel private/public partnership investment fund to support investments in low- and moderate-income communities served by the Minority Depository Institutions and Community Development Financial Institutions.
Prior to her tenure as FDIC Chairman, Ms. McWilliams served as Executive Vice President, Chief Legal Officer and Corporate Secretary for Fifth Third Bank (FITB) where she managed over 100 lawyers and legal staff, oversaw legal and regulatory matters, and served on the Enterprise Committee and several internal committees, including Management Compliance, Enterprise Risk, Risk and Compliance, Operational Risk, Enterprise Marketing and Regulatory Change. In this capacity, Ms. McWilliams had extensive interactions with numerous federal and state regulatory agencies, including the Federal Reserve Bank of Cleveland, the FDIC, the Consumer Financial Protection Bureau (CFPB) and the Securities and Exchange Commission (SEC).
Before that, Ms. McWilliams served as Chief Counsel and Deputy Staff Director for the U.S. Senate Committee on Banking, Housing, and Urban Affairs where she engaged in oversight of FRB, FDIC, Office of the Comptroller of the Currency (OCC), CFPB, National Credit Union Administration (NCUA), SEC, Commodity Futures Trading Commission (CFTC), Federal Housing Finance Agency (FHFA), Federal Housing Administration (FHA), U.S. Department of Housing and Urban Development (HUD), FSOC and Office of Financial Research (OFR). She interacted with law enforcement and regulatory agencies, including U.S. Department of Justice (DOJ) and Financial Crimes Enforcement Network (FinCEN).
Previously, Ms. McWilliams served as Assistant Chief Counsel for the U.S. Senate Committee on Small Business and Entrepreneurship where she engaged in oversight of Small Business Administration (SBA) and its lending programs, and served as a principal advisor handling matters related to financial services.
During the 2007–2010 financial crisis, Ms. McWilliams served as a consumer protection attorney at the Federal Reserve Board of Governors where she worked on several rulemakings, including to amend consumer protection regulations under the Truth in Lending Act (TILA), Fair Credit Reporting Act (FCRA), Fair and Accurate Credit Transactions Act (FACTA), Gramm-Leach Bliley Act (GLBA) and Credit Card Accountability Responsibility and Disclosure (CARD) Act, as well as bank and third party practices related to section 5 of the Federal Trade Commission (FTC) Act, which prohibits banks from engaging in unfair or deceptive acts or practices (UDAP).
Ms. McWilliams is a frequent speaker on trends and topics in the financial services sector, including bank regulatory policy, governance trends, digital assets, fintechs and early-stage company regulatory policy. She is a past member of the Economic Council of Washington, D.C., and serves on the Board of Trustees of the Southwestern Graduate School of Banking Foundation at Southern Methodist University.
Ms. McWilliams was singled out by Chambers USA as an “Eminent Practitioner” in the Financial Services Regulation (Nationwide) category.
Ms. McWilliams was born in Belgrade, Serbia. She received her B.A. with highest honors from the University of California, Berkeley in 1999 and her J.D. from the University of California, Berkeley, School of Law in 2002.
Education
-
J.D., 2002, University of California, Berkeley, School of LawHighest Honors for JD thesis.
-
B.A., 1999, University of California, BerkeleyAlumni Scholar, Dean's Honor List, High Distinction
Admitted In
- District of Columbia
- California
Organizations
Economic Council of Washington, D.C.
Southwestern Graduate School of Banking Foundation at Southern Methodist University
- Board of Trustees
Rankings
Chambers USA
- Financial Services Regulation: Banking (Compliance) – Nationwide (2024)
Lawdragon
- 500 Leading Global Bankruptcy & Restructuring Lawyers (2024)
- 500 Leading Lawyers in America (2025, 2024, 2023)
The Legal 500 US
- Financial Services Regulation (2024, 2023)
Deals & Cases
January 22, 2025
CardWorks’s Acquisition of Ally’s Credit Card Business
On January 22, 2025, CardWorks, Inc. (“CardWorks”), a leader in credit and payments, and Ally Financial Inc. (“Ally”), a financial services company with the nation’s largest all‑digital bank and an industry‑leading auto financing business, announced that they have entered into a definitive agreement for CardWorks, and its wholly‑owned bank subsidiary, Merrick Bank, to acquire Ally’s credit card business, including a portfolio of $2.3 billion in credit card receivables with 1.3 million active cardholders as of December 31, 2024. Cravath is representing CardWorks in connection with the transaction.
Deals & Cases
September 26, 2024
Citi’s $25 Billion Private Credit, Direct Lending Program with Apollo
On September 26, 2024, Citigroup Inc. (“Citi”) and Apollo announced they have entered into an exclusive agreement for a subsidiary of Citi and certain affiliates of Apollo to form a landmark $25 billion private credit, direct lending program initially in North America, with the potential to expand to additional geographies. The program will include participation from Mubadala Investment Company as Apollo’s strategic partner as well as Apollo’s subsidiary, Athene, both of which will have the opportunity to join commitments appropriate for their respective mandates. The firms anticipate the program will finance approximately $25 billion of debt opportunities over the next several years, encompassing both corporate and financial sponsor transactions, and maintain the flexibility to significantly expand the size of the program beyond the initial $25 billion. Cravath is representing Citi in connection with the agreement.
Deals & Cases
August 12, 2024
Scotiabank’s $2.8 Billion Acquisition of an Equity Interest in KeyCorp
On August 12, 2024, Scotiabank announced that it has entered into an agreement to acquire an approximate 14.9% pro-forma ownership stake in KeyCorp, a premier U.S. based financial services company, through an issuance of common shares at a price of $17.17 per share. The total cash consideration is approximately $2.8 billion. Cravath is representing Scotiabank in connection with the transaction.
Deals & Cases
July 09, 2024
Silvergate’s Settlement Agreements with the Federal Reserve, California Department of Financial Protection and Innovation and Securities and Exchange Commission
On July 1, 2024, Silvergate announced it has agreed to settlements with the Board of Governors of the Federal Reserve System (“Federal Reserve”), the California Department of Financial Protection and Innovation (“DFPI”) and the Securities and Exchange Commission (“SEC”). In a statement, Silvergate noted its decision to liquidate voluntarily and without government assistance in March 2023, and that, as of November 2023, all deposits had been repaid to banking customers, soon after which Silvergate ceased banking operations. The announced settlements, which facilitate the surrender of Silvergate’s bank charter, are part of the Bank’s continued orderly wind down and conclude investigations by the Federal Reserve, DFPI, and SEC. Cravath represented Silvergate in connection with the investigations, resulting settlements, and voluntary liquidation.
Activities
May 20, 2025
Jelena McWilliams Speaks at S&P Global’s Community Bankers Conference 2025
On May 20, 2025, Cravath partner Jelena McWilliams participated in S&P Global Market Intelligence’s Community Bankers Conference 2025, which was held from May 18‑20 in Irving, Texas. The conference hosted bank executives, board members, investors, technology providers and advisers to discuss the strategic issues facing community banks and how they can best respond to the market forces continuing to reshape the industry. Jelena was featured in a fireside chat on banking policy and regulation, during which she examined what recent developments reveal about potential regulatory posture, key issues that could have a profound impact on banks’ operations and other hot‑button issues that have surfaced during recent examinations.
Activities
May 01, 2025
Jelena McWilliams Serves as Keynote Speaker at Minnesota CLE’s 2025 Banking Law Institute
On April 25, 2025, Cravath partner Jelena McWilliams participated in the 2025 Banking Law Institute, hosted by Minnesota CLE in Minneapolis. The event hosted practitioners from across the country to provide comprehensive and essential updates on the latest regulatory efforts and other issues related to banking law, and to provide practical advice for businesses confronting those developments. Jelena delivered the keynote address, focused on challenges and opportunities for the nation’s financial system in the years ahead.
Activities
May 01, 2025
Jelena McWilliams Speaks at George Mason University and the Financial Technology & Cybersecurity Center’s “The Great Debate: How to Modernize Financial Regulation and Create Economic Stability in a Digital Age” Program
On April 17, 2025, Cravath partner Jelena McWilliams participated in “The Great Debate: How to Modernize Financial Regulation and Create Economic Stability in a Digital Age,” a program hosted by George Mason University’s Center for Assurance Research and Engineering and the Financial Technology & Cybersecurity Center in Arlington, Virginia. The event convened experts for a discussion of what a financial regulatory structure equipped to deal with the realities of today’s financial services sector should look like. Jelena spoke on a panel entitled “Building a New Regulatory Model.”
Activities
May 01, 2025
Jelena McWilliams Speaks at the Innovative Payments Association’s 2025 Innovative Payments Conference
On April 30, 2025, Cravath partner Jelena McWilliams participated in the Innovative Payments Association’s 2025 Innovative Payments Conference, which was held from April 29 to May 1 in Washington, D.C. and included representatives of financial institutions, regulators, card organizations, technology providers, processors, law firms and other members of the payments community. Jelena was featured in a fireside chat, during which she drew on her experience as Chair of the Federal Deposit Insurance Corporation and chapter 11 trustee of Synapse Financial Technologies, Inc. to share perspectives on banking regulation, deposit insurance and the complexities of managing financial institution failures.
Activities
May 01, 2025
Jelena McWilliams Speaks at TIME100 Talks Event
On April 26, 2025, Cravath partner Jelena McWilliams participated in a TIME100 Talks event in Washington, D.C. Jelena spoke on a panel entitled “The Future of Finance: Can Regulation Power Innovation?,” which explored emerging opportunities and regulatory considerations for blockchain and digital currencies.
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