Entry into the U.S. Market by Non U.S Banks: Legal Issues and Concerns

Description:

Attorney Kathleen Scott exclaims that U.S. bank licensing is a privilege not a right.  Fortunately, in this course, Scott leaves no stone unturned in her examination of foreign banks’ entry into the United States banking market. Scott discusses the entry process from application to exit, emphasizing the strict requirements necessary for entry. The program also details the large amount of information that will be involved in the process, and the difficulties this may present to some banks seeking entry or reentry. The various authorities that govern foreign banks, along with the rights granted to these banks, are also examined in detail.  

Agenda:
I. Introduction
II. Process for Entry
III. Activities and Powers
IV. Regulatory and Enforcement Issues
V. Exiting
 

Lecturers:

• Kathleen A. Scott

Kathleen A. Scott

Kathleen Scott is a counsel in the financial services group at Arnold & Porter LLP, where she represents banking clients with respect to the regulatory aspects of mergers and acquisitions, establishment of new banking organizations, and other transactions. Ms. Scott concentrates her practice on providing bank advisory legal advice to foreign and domestic banks on a broad range of bank regulatory issues, and also counsels banking organizations and other financial institutions on their compliance with both federal privacy and federal anti-money laundering legislation and regulations. In addition, she provides US bank regulatory assistance to transactional practice groups worldwide.

Prior to joining the private sector, Ms. Scott served as a senior staff attorney at the New York State Banking Department, where she focused on international banking matters. While at the New York State Banking Department, she also worked on several major enforcement actions, oftentimes in conjunction with other state and federal regulatory agencies, and now in private practice continues to represent clients facing enforcement or other supervisory actions brought by state and federal banking regulators. She also has been a member of the Connecticut Banking Commissioner's working group, dedicated to international banking matters.

Ms. Scott has extensive experience in bank liquidation matters, having assisted in the liquidation of the New York office of the Bank of Credit and Commerce International, S.A., and the liquidation of Nationar, an uninsured "banker's bank" for the thrift industry. She has also co-drafted many of the amendments to the New York Banking Law that were made after each of these liquidations.

Prior to joining the private sector, Ms. Scott began her career at the United States Department of the Treasury, in the legal division of a Treasury bureau and then in the Office of the Assistant General Counsel for Enforcement, where she concentrated on financial enforcement matters such as anti-money laundering statutes and regulations. At the Department of Treasury, her responsibilities included advising on policy positions, drafting regulations, and speaking to the industry on compliance and enforcement issues. She continues to advise financial institutions, other businesses, and non-profit organizations on compliance with their responsibilities under the US anti-money laundering laws, including the enhancements to these laws enacted as part of the 2001 USA PATRIOT Act.

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Entry into the U.S. Market by Non U.S Banks: Legal Issues and Concerns