When a financial services organization gets word it will be subject to a consent order or other regulatory enforcement action, stress levels soar.
For attorneys and law firms that work with clients in the financial services industry, a client receiving a consent order or other regulatory enforcement action can be a nightmare scenario.
Under a regulatory enforcement action, regulatory agencies have a variety of tools at their disposal to mandate compliance, none of which amount to an enjoyable experience for a financial services organization. The organization could face fines, sanctions, and legal action, not to mention reputational impacts and the pain of being frozen out from strategic activities, such as mergers and acquisitions.
If your law firm represents a financial services client or if you serve as in-house general counsel for one and the client faces this situation, you can expect to be the their first call. Financial services organizations know they need support and legal protection – but legal representation alone usually won’t be enough to guide the organization through a consent order or similar enforcement action.
That’s where an experienced financial services consulting team can step in and bridge the gaps. The right consultants can provide crucial banking regulatory expertise, project management experience, and hands-on support that can help the organization fix issues and validate that the work was performed in accordance with regulatory expectations.