Ben Saul is a Washington, DC-based Partner in White & Case, LLP's Global Banking and Financial Institutions Advisory practices. Ben represents banks, non-banks, fintech and regtech companies of all sizes in a wide-range of matters, with particular expertise in retail banking and consumer financial services (CFS) issues. His practice includes helping clients: navigate regulatory exams, investigations, enforcement and administrative actions; conduct corporate internal investigations; handle civil and class action litigation; develop and enhance compliance management systems; develop products and services; address legislative and policy issues; navigate state and federal regulatory requirements (e.g., licensing, etc.); negotiate various agreements; and conduct transactional due diligence.
In the CFS context, Ben has handled matters involving every consumer finance law and asset class. His fintech matters have also ranged widely, including work on mobile and digital banking, merchant acquiring, payments and emerging payments, data analytics, marketplace and online lending, digital currencies and blockchain, personal finance, foreign exchange, and regtech.
Ben has extensive experience representing clients in supervisory, enforcement and litigation matters involving the Consumer Financial Protection Bureau (CFPB), and has been a leader in the private bar on CFPB matters since the Bureau's inception in 2011. He also routinely handles matters involving the OCC, FRB, FDIC, DOJ, FTC, HUD, FinCEN, state banking and financial services authorities and state attorneys general. Beyond CFS issues, those matters have concerned issues relating to leveraged/commercial lending, AML/BSA/OFAC, data privacy and cyber security, troubled / failed banks, corporate fiduciary duties, and financial institution fraud. Such matters often have involved parallel civil and class action proceedings.
Ben is a frequent speaker, author and commentator on banking, consumer ﬁnance, and fintech issues. His work has received both peer and market recognition. Ben was a clerk for an appellate judge.
Representation of numerous financial institutions, other financial services companies and individuals in more than 20 CFPB investigations and enforcement matters concerning marketing, lending, collections, credit reporting, and servicing practices across every consumer finance asset class, including, systems and mortgages, credit cards, auto loans, student loans, manufactured home loans, personal loans, as well as payment other services. Aside from one matter involving the alleged marketing and sales practices of a major credit card issuer, which was resolved successfully by consent order, these matters have been closed with no action or, in certain cases, resolved privately on favorable terms.
Representation of several financial institutions in connection with efforts to comply with CFPB Consent Orders.
Representation of several financial institutions and other financial services companies in product reviews, mock examinations and other readiness guidance in advance of CFPB exams. In addition, advise client in connection with supervisory exam issues involving the CFPB, including a wide range of pre-enforcement issues as well as responding to Proposed Action Response Request letters.
Representation of multiple fintech and regtech companies in the development of products and services, including navigating regulatory requirements and the negotiation of various, relevant agreements.
Representation of multiple fintech companies on regulatory compliance matters, including establishing compliance management programs, evaluating fair lending and UDAAP risks, developing consumer complaint response systems, evaluating licensing requirements, meeting AML/HYC/OFAC requirements, and establishing bank partnerships.
Representation of several fintech clients in efforts to facilitate regulatory relations strategies and in discussions around product and service development and related issues involving the CFPB, FTC, and other federal and state agencies.
Representation of many fintech clients in connection with responding to CFPB, FTC, state attorneys general and state financial services regulatory inquiries and investigations. These matters have all been resolved without agency action.
Represent financial institution clients in developing, investing in or acquiring fintech and regtech solutions and assets.
Representation of a large, Global bank in connection with the bank's efforts to comply with Office of the Comptroller of the Currency (OCC) and Federal Reserve Board (FRB) consent orders concerning default mortgage servicing and foreclosure practices. Both agencies have deemed the bank in full compliance with their Orders.
Representation of a large, Global bank in the resolution of parallel grand jury and OCC investigations as well as a nationwide class action and a state-level mass action in a matter involving allegations of mortgage fraud and predatory lending. The matter was successfully resolved globally, with the grand jury declaring the bank a victim, the OCC closing its investigation, and the civil litigation settled on very favorable terms.
Representation of a bank in a DOJ investigation, Federal Deposit Insurance Corporation (FDIC) examination and resulting joint enforcement action into that bank's compliance with the Service members Civil Relief Act (SCRA).
Representation of a bank in connection with the negotiation of a deferred prosecution agreement with the DOJ involving a one count information alleging failure to file suspicious activity reports in violation of the Bank Secrecy Act.
Representation of a bank in connection with a successful appeal of its CAMELS rating to the Supervision Appeals Review Committee (SARC).
Representation of a former bank director in an investigation brought by the FDIC following the failure of the bank. FDIC closed the matter without action.
Representation of multiple Chapter 7 Trustees of failed bank holding companies, including IndyMac Bancorp, in (i) the investigation of the financial affairs and collapse of the debtors, (ii) the defense of the debtors in government enforcement matters involving the FDIC, DOJ and SEC, (iii) litigation against the FDIC concerning the ownership of certain tax refunds and other assets, and (iv) the prosecution of claims against certain insiders and third parties. Significant recoveries for the debtors were obtained while avoiding government liability in each action.
Representation of numerous financial institutions and other financial services companies before prudential banking regulators, the CFPB, the DOJ and HUD in fair lending and servicing examinations, investigations and lawsuits involving, among other things, the marketing, underwriting, pricing and servicing of mortgages, credit cards, student loans, auto loans and other unsecured loans. All such matters were resolved with no action or on favorable terms privately.
Representation of multiple non-bank lenders in a nationwide class action lawsuit brought by the NAACP against 18 bank and non-bank lenders in an action alleging "reverse redlining" violations of the Fair Housing Act (FHA), Equal Credit Opportunity Act (ECOA), and Civil Rights Act. Achieved dismissal of the case for three clients and victory at summary judgment for a fourth.
Representation of bank and non-bank clients on all aspects of fair and responsible banking compliance, including developing compliance policies and programs, conducting risk assessments and developing periodic statistical testing programs.
Regulations, the Regulated and the Regulatory Environment for AI, January 19, 2017: AI in Fintech Forum at Stanford University, (Panelist)
The UDAAP Trap: Managing Compliance for the Financial Industry Webinar, November 15, 2016: The Knowledge Group
Cyber Risk and Enterprise Management, Cyber Risk Across Financial Institutions Congress 2016, October 25, 2016: (Speaker)
Maintaining an Effective Cybersecurity Readiness and Response Program, October 25, 2016: Cyber Risk Across Financial Institutions Congress 2016, (Speaker)
Regtech in the Context of AML and Sanctions, September 27, 2016: ACAMS Annual AML & Financial Crime Conference 2016, (Panelist)
The Challengers of Reconciling Innovation and Regulation, September 21, 2016: Fintech Forum Silicon Valley, (Panelist)
Attorney-Client Privilege Issues and In-House Counsel, April 9, 2016: ABA Banking Law Section Spring Meeting, (Speaker)
Banks as Incubators of Innovation, March 10, 2016: 2016 Fintech Forum: The Convergence of Finance, Technology, and the Law, (Speaker)
Major CFPB Enforcement Activity, July 19, 2015: 2015 ACA International Convention & Expo, (Speaker)
State Enforcement and the Dodd-Frank Act, April 16, 2015: The New Sheriffs in Town, (Speaker)
Algorithms and bias: What lenders need to know, White & Case Publication, January 2016, (co-author)
What Now for the OCC's Fintech Proposal?, Law360, November 2016, (co-author)
Regulators Diverge on How Best to Manage Growing Cybersecurity Risks, White & Case Publication, November 2016, (co-author)
CFPB: The Quarterly Review, Q3, White & Case Publication, October 2016, (co-author)
US Terminates Burma Sanctions Program, Accompanied by Limited FinCEN Relief, White & Case Publication, October 2016, (co-author)
CFPB Finalizes Prepaid Card Rule …and the Clock is Ticking, White & Case Publication, October 2016, (co-author)
Regtech rising: Automating regulation for financial institutions, White & Case Publication, September 2016, (co-author)
Payment Processor Risk: Do You Know It When You See It? Red Flags for the Unwary, White & Case Publication, September 2016, (co-author)
What Should Banks Expect from the CFPB's Debt Collection Rulemaking, Banking & Financial Services Policy Report, August 2016, (co-author)
CFPB Opts to Split Debt Collection Rulemaking Process, White & Case Publication, August 2016, (co-author)