Four Decades for Justice
Cravath represents leading financial institutions in connection with domestic and cross-border transactional, regulatory, supervisory, enforcement and governance matters. Our lawyers also advise fintech companies and non-bank firms in evaluating charter options, bank partnerships and acquisitions of banks. The strength of this practice is grounded in the collective regulatory expertise, deep knowledge of the financial services and fintech sectors and solutions-oriented practical judgment of our attorneys.
Our integrated Financial Institutions Group (FIG) Practice draws upon the experience of our seasoned attorneys, many of whom were formerly with government organizations and regulators, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the U.S. Department of the Treasury, the U.S. Department of Justice, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and various U.S. Attorneys’ Offices.
Our clients, which include many of the world’s leading financial institutions, fintechs and other financial services providers, rely on our lawyers’ strategic advice to navigate the changing regulatory environment and the increasingly complex challenges it presents. Cravath’s position at the forefront of regulatory developments enables us to provide invaluable insight when advising our financial services clients across a broad array of issues, including:
Cravath is consistently recognized in the areas of financial services litigation, financial services regulatory, fintech, investigations and securities regulation by numerous third‑party publications. Cravath was named the Fintech Law Firm of the Year by The Deal in 2022 and a Fintech Practice Group of the Year by Law360 in 2021. The Firm was also a Law360 Banking Practice Group of the Year for three of the past five years.
Our integrated Financial Institutions Group (FIG) Practice draws upon the experience of our seasoned attorneys, many of whom were formerly with government organizations and regulators, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the U.S. Department of the Treasury, the U.S. Department of Justice, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and various U.S. Attorneys’ Offices.
Our clients, which include many of the world’s leading financial institutions, fintechs and other financial services providers, rely on our lawyers’ strategic advice to navigate the changing regulatory environment and the increasingly complex challenges it presents. Cravath’s position at the forefront of regulatory developments enables us to provide invaluable insight when advising our financial services clients across a broad array of issues, including:
Cravath is consistently recognized in the areas of financial services litigation, financial services regulatory, fintech, investigations and securities regulation by numerous third‑party publications. Cravath was named the Fintech Law Firm of the Year by The Deal in 2022 and a Fintech Practice Group of the Year by Law360 in 2021. The Firm was also a Law360 Banking Practice Group of the Year for three of the past five years.
Deals & Cases
July 05, 2023
On July 5, 2023, Brookfield Reinsurance, which operates a leading capital solutions business providing insurance and reinsurance services to individuals and institutions, and American Equity Investment Life Holding Company (“AEL”) announced that they have entered into a definitive agreement whereby Brookfield Reinsurance will acquire all of the outstanding shares of common stock of AEL it does not already own in a cash and stock transaction that values AEL at approximately $4.3 billion. Cravath is representing Brookfield Reinsurance in connection with the transaction.
Deals & Cases
September 06, 2022
On September 6, 2022, Texas Capital Bancshares, Inc. (“Texas Capital”) announced it has entered into a definitive agreement to sell BankDirect Capital Finance, LLC (“BankDirect”), its insurance premium finance subsidiary, to AFCO Credit Corporation (“AFCO”), an indirect wholly‑owned subsidiary of Truist Financial Corp. (“Truist”), in an all‑cash transaction for a purchase price of approximately $3.4 billion. This transaction represents the divestiture of the entire business unit including the equity interests of BankDirect and the associated loan balances held by Texas Capital Bank and no parent funding, deposits or capital will be transferred. Cravath is representing Texas Capital in connection with the transaction.
Deals & Cases
August 02, 2022
On August 2, 2022, Cowen Inc. (“Cowen”) and TD Bank Group (“TD”) announced a definitive agreement for TD to acquire Cowen in an all-cash transaction with an enterprise value of $1.9 billion. Cravath is representing Cowen in connection with the transaction.
Deals & Cases
June 07, 2022
Cravath represented the underwriters in connection with the $1 billion registered debt offering of HSBC USA Inc., an indirect wholly owned subsidiary of HSBC Holdings plc, a global financial services company. The transaction closed on May 24, 2022.
Deals & Cases
May 16, 2022
On May 16, 2022, SMBC Aviation Capital, one of the world’s leading aircraft leasing companies, announced that it has reached agreement with NWS Holdings Limited and Chow Tai Fook Enterprises Limited to acquire Goshawk Aviation (“Goshawk”), the Dublin‑based global aircraft lessor. Under the terms of the agreement, SMBC Aviation Capital will acquire Goshawk Management (Ireland), Goshawk’s Irish‑incorporated operating entity together with associated corporate assets for an enterprise value of $6.7 billion. The combined business will continue to operate as SMBC Aviation Capital and will consist of a single corporate structure incorporated in the Republic of Ireland, and will be the second largest leasing company by number of aircraft globally and the largest Japanese owned aircraft lessor. Cravath is representing SMBC Aviation Capital in connection with the transaction.
Activities & Publications
March 20, 2024
On March 19, 2024, Cravath partner Jelena McWilliams participated in the American Bankers Association’s 2024 Washington Summit in Washington, D.C. Jelena spoke on a panel entitled “A Conversation with Former Agency Officials,” which convened former top regulatory officials from the FDIC, Federal Reserve and CFPB to share their experiences and perspectives on how the regulatory environment has shifted for America’s banks and what they see as the industry’s path forward.
Activities & Publications
March 19, 2024
On March 18, 2024, Cravath partner Elad Roisman participated in SIFMA’s 2024 C&L Annual Seminar in Orlando, FL. Elad moderated and participated on a panel entitled “Chief Compliance Officer Roundtable,” with the CCOs of Vanguard, Raymond James, Royal Bank of Canada and Baird. The panel reviewed the U.S. Securities and Exchange Commission’s Division of Examination priorities; the SEC’s and FINRA’s interest in artificial intelligence, including the SEC’s predictive data analytics proposal; concerns regarding the rapid pace of regulation; and considerations in structuring a compliance function.
Activities & Publications
March 18, 2024
On March 14, 2024, Cravath hosted its 2024 Web3 Regulatory Forum at its offices in New York. The event brought together lawyers from the Firm, market participants, executives, investors and others for presentations by practitioners, current and former regulators, and interactive roundtables examining the most significant regulatory developments in the digital assets and Web3 space.
Activities & Publications
March 12, 2024
On March 12, 2024, Cravath partner Jeffrey T. Dinwoodie published a short essay in the Yale Journal on Regulation’s Notice & Comment blog entitled “A Way Forward for the SEC and Crypto: The SEC’s History of Tailoring Regulatory Frameworks for Nontraditional Securities.” It discusses the SEC’s history of tailoring the securities regulatory framework to the structural features, uses and risks of nontraditional securities—e.g., asset-backed securities, options and security-based swaps. The essay argues that “investors and the market generally would benefit if the SEC would begin the necessary—and inevitable—work of systematically evaluating and developing a regulatory regime for cryptoasset securities.”
Activities & Publications
February 13, 2024
Cravath partner Jeffrey T. Dinwoodie was interviewed on the February 11, 2024 episode of the “Law of Code” podcast. In the interview, Jeff discussed his experience working at the U.S. Securities and Exchange Commission and his views on regulatory topics involving blockchains, cryptoassets and other emerging technologies.
Deals & Cases
July 05, 2023
On July 5, 2023, Brookfield Reinsurance, which operates a leading capital solutions business providing insurance and reinsurance services to individuals and institutions, and American Equity Investment Life Holding Company (“AEL”) announced that they have entered into a definitive agreement whereby Brookfield Reinsurance will acquire all of the outstanding shares of common stock of AEL it does not already own in a cash and stock transaction that values AEL at approximately $4.3 billion. Cravath is representing Brookfield Reinsurance in connection with the transaction.
Deals & Cases
September 06, 2022
On September 6, 2022, Texas Capital Bancshares, Inc. (“Texas Capital”) announced it has entered into a definitive agreement to sell BankDirect Capital Finance, LLC (“BankDirect”), its insurance premium finance subsidiary, to AFCO Credit Corporation (“AFCO”), an indirect wholly‑owned subsidiary of Truist Financial Corp. (“Truist”), in an all‑cash transaction for a purchase price of approximately $3.4 billion. This transaction represents the divestiture of the entire business unit including the equity interests of BankDirect and the associated loan balances held by Texas Capital Bank and no parent funding, deposits or capital will be transferred. Cravath is representing Texas Capital in connection with the transaction.
Deals & Cases
August 02, 2022
On August 2, 2022, Cowen Inc. (“Cowen”) and TD Bank Group (“TD”) announced a definitive agreement for TD to acquire Cowen in an all-cash transaction with an enterprise value of $1.9 billion. Cravath is representing Cowen in connection with the transaction.
Deals & Cases
June 07, 2022
Cravath represented the underwriters in connection with the $1 billion registered debt offering of HSBC USA Inc., an indirect wholly owned subsidiary of HSBC Holdings plc, a global financial services company. The transaction closed on May 24, 2022.
Deals & Cases
May 16, 2022
On May 16, 2022, SMBC Aviation Capital, one of the world’s leading aircraft leasing companies, announced that it has reached agreement with NWS Holdings Limited and Chow Tai Fook Enterprises Limited to acquire Goshawk Aviation (“Goshawk”), the Dublin‑based global aircraft lessor. Under the terms of the agreement, SMBC Aviation Capital will acquire Goshawk Management (Ireland), Goshawk’s Irish‑incorporated operating entity together with associated corporate assets for an enterprise value of $6.7 billion. The combined business will continue to operate as SMBC Aviation Capital and will consist of a single corporate structure incorporated in the Republic of Ireland, and will be the second largest leasing company by number of aircraft globally and the largest Japanese owned aircraft lessor. Cravath is representing SMBC Aviation Capital in connection with the transaction.
Activities & Publications
March 20, 2024
On March 19, 2024, Cravath partner Jelena McWilliams participated in the American Bankers Association’s 2024 Washington Summit in Washington, D.C. Jelena spoke on a panel entitled “A Conversation with Former Agency Officials,” which convened former top regulatory officials from the FDIC, Federal Reserve and CFPB to share their experiences and perspectives on how the regulatory environment has shifted for America’s banks and what they see as the industry’s path forward.
Activities & Publications
March 19, 2024
On March 18, 2024, Cravath partner Elad Roisman participated in SIFMA’s 2024 C&L Annual Seminar in Orlando, FL. Elad moderated and participated on a panel entitled “Chief Compliance Officer Roundtable,” with the CCOs of Vanguard, Raymond James, Royal Bank of Canada and Baird. The panel reviewed the U.S. Securities and Exchange Commission’s Division of Examination priorities; the SEC’s and FINRA’s interest in artificial intelligence, including the SEC’s predictive data analytics proposal; concerns regarding the rapid pace of regulation; and considerations in structuring a compliance function.
Activities & Publications
March 18, 2024
On March 14, 2024, Cravath hosted its 2024 Web3 Regulatory Forum at its offices in New York. The event brought together lawyers from the Firm, market participants, executives, investors and others for presentations by practitioners, current and former regulators, and interactive roundtables examining the most significant regulatory developments in the digital assets and Web3 space.
Activities & Publications
March 12, 2024
On March 12, 2024, Cravath partner Jeffrey T. Dinwoodie published a short essay in the Yale Journal on Regulation’s Notice & Comment blog entitled “A Way Forward for the SEC and Crypto: The SEC’s History of Tailoring Regulatory Frameworks for Nontraditional Securities.” It discusses the SEC’s history of tailoring the securities regulatory framework to the structural features, uses and risks of nontraditional securities—e.g., asset-backed securities, options and security-based swaps. The essay argues that “investors and the market generally would benefit if the SEC would begin the necessary—and inevitable—work of systematically evaluating and developing a regulatory regime for cryptoasset securities.”
Activities & Publications
February 13, 2024
Cravath partner Jeffrey T. Dinwoodie was interviewed on the February 11, 2024 episode of the “Law of Code” podcast. In the interview, Jeff discussed his experience working at the U.S. Securities and Exchange Commission and his views on regulatory topics involving blockchains, cryptoassets and other emerging technologies.
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