Mr. Clegg represents banks, financial services companies, and their directors and officers in investigational and enforcement matters involving the OCC, FDIC, and Federal Reserve, as well as FinCEN, CFPB, FTC, SEC, DOJ, and state AGs. He advises banks, fintechs, and other financial service providers on federal and state regulatory issues, including BSA/AML, and counsels these clients on various product development, compliance, and transactional matters. Mr. Clegg also assists bank and non-bank clients respond to supervisory findings and navigate regulatory examinations.
Mr. Clegg was previously an enforcement attorney at the OCC in Washington, D.C. Before joining the OCC, Brendan clerked for the Hon. Tucker L. Melancon in the Eastern District of New York.
- Provided strategic advice to large, regional, and community banks on regulatory interactions and potential enforcement action consequences with the OCC, FDIC, and Federal Reserve Board.
- Prepared 15-Day letter responses and negotiated terms of consent orders for large, regional, and community banks against the OCC and FDIC covering a range of regulatory issues, including BSA/AML, FDPA, SCRA, and unsafe and unsound practices.
- Counseled national, state member, and state nonmember banks in submitting applications and notices to the prudential banking regulators regarding acquisitions, branching activities, establishment of operating and financial subsidiaries, and consolidation of affiliates.
- Advised banks, fintechs, loan and finance companies, auto lenders, money transmitters, payment processors, and other money services businesses on compliance with BSA/AML requirements, including SAR filing requirements and CIP/KYC standards, and designed tailored BSA/AML compliance programs, policies, and procedures for these entities.
- Prepared responses to findings and conclusions in prudential banking agency reports of examination and developed action plans for addressing Matters Requiring Attention (MRAs).
- Chaired deposition defense of individual directors and officers of community banks and represented them in enforcement action proceedings against the prudential bank regulators, including submission of 15-day letter responses.
- Advised banks on an array of safety and soundness matters, including a focus on impacts to risk management, third-party vendor oversight, and corporate governance, as well as compliance issues involving Reg. W, Reg. O, Reg. P, FDPA, and UDAP/UDAAP.
- Analyzed permissibility of activities under OCC regulations for national bank acquisitions of nonbank subsidiaries.
- Advised national bank clients on true lender, preemption, and rate exportation questions.