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Ernie advises global banking and insurance clients on a range of US regulatory issues and reforms, including implementation of the provisions of the Dodd-Frank Act, such as the Volcker Rule, enhanced prudential standards and resolution planning, and consumer financial protection issues.
Ernie is one of the few lawyers in private practice whose perspective is informed by 45 years of industry experience. His extensive track record, across both the banking and insurance sectors, makes him ideally placed to advise on matters relating to the regulatory and supervisory landscape.
Ernie is a recognized authority on banking law and regulations, and has served on the banking, insurance, securities regulation and other committees of The Association of the Bar of the City of New York. He is also currently president of the Center for Transnational Legal Studies, the body which publishes the treatise on Regulation of Foreign Banks and Affiliates in the United States, and that sponsors programs and seminars on topics relevant to global banking organizations.
He regularly publishes articles, speaks at conferences and is widely quoted in the press on banking and financial regulatory and related reform issues. He has appeared on Bloomberg, CNBC and Fox Business News television, and has also been called upon to be an expert witness.
Ernie served for 30 years at the Federal Reserve Bank of New York, including as General Counsel, as Chief Operating Officer and as First Vice President. His other high profile roles include serving as an alternate member of the Federal Open Market Committee, and as a staff member of the President's Working Group on Financial Markets. He was also one of the principal drafters of the US International Banking Act of 1978.
Ernie's time at the New York Fed enabled him to develop broad experience in bank supervision and related regulatory and enforcement issues, as well as in payments and foreign exchange matters. He also gained considerable experience in foreign bank entrée into the US markets, bank mergers, acquisitions and joint ventures, and the expansion of banks into nonbank financial services. He also developed a wider appreciation of related financial services, exchanges and markets and government investigations.
In addition, Ernie spent eight years at AIG, where as General Counsel and Senior Vice President, he directed one of the largest corporate law departments in the world. He played a role in AIG's 2001 acquisition of American General Life Insurance and led the team in proceedings brought against AIG by federal and state authorities. Before joining White & Case, he led the regulatory practice at another law firm.
Ernie is a member of the Council on Foreign Relations, the Economics Club of New York, and a member of the Monetary Law Committee of the International Bar Association.
Ernie has advised numerous clients on matters relating to the Dodd-Frank Act and related regulatory issues, including implementation of enhanced prudential standards and the Volcker Rule by large global non-US banking organizations. His work in this area has included developing an approach to compliance, including conformance plans and a comprehensive compliance manual for a major foreign bank.
Ernie has assisted banking clients with a broad variety of matters with federal and state bank regulators, including applications to expand activities in the United States. Notably, Ernie handled the application by Industrial and Commercial Bank of China to acquire 70 percent of the shares of Bank of East Asia (USA), the first acquisition of a US bank by a Chinese bank. Ernie also advises a number of US branches of Chinese banks on regulatory and compliance matters related to their US activities. He also assists other non-US banks in the expansion of their US bank and nonbank activities and related compliance issues, including remedial actions initiated by US bank regulators.
Ernie has practiced financial organization supervision and regulation for more than 46 years. He served as General Counsel of the Federal Reserve Bank of New York, and went on to be its second ranking officer First Vice President. He was also the Product Director for Federal Reserve Bank Wholesale Payments for about five years, and was responsible for wire transfers of funds and the government securities transfer system. He has worked on remittance and all manner of payment, check, ACH, and evolving payment systems. He was a member of the Basle payments committee.
He has participated in government financing transactions involving the Federal Reserve and the US Treasury.
He regularly provided advice to the Basle Committee on Banking Supervision, and was a member of the Committee on Payments.
Ernie was one of the two US financial negotiators in Algiers in the Iranian hostage release transaction in 1979–1980.
Ernie is a frequent speaker on bank supervisory and regulatory matters. He also speaks about Federal Reserve monetary policy operations. He has appeared on Bloomberg, Fox Business News, The Street.com, and CNBC and Bloomberg and Fox radio. He is frequently quoted in the press on bank supervisory and regulatory matters, and has lectured on at a number of law schools on bank supervisory and regulatory matters.
Let Banking Entities Participate in Re-building America, The Deal Pipeline, September 25, 2014
Will Enforcement of US sanctions reshape how US-dollar transactions are cleared?, Financier Worldwide, September 2014
Manage better, don't demand downsizing, Orlando Sentinel, August 15, 2014
Supervision and Enforcement of the US Activities of Foreign Banks, Regulation of Foreign Banks and Affiliates in the United States, 7th ed., 2014
Final Volcker Rule Regulations Should Respect the Meaning of "Engaging In", The Banking Law Journal, November 2013
Barofsky and Bair on Banks and Bailouts, International Finance, Summer 2013
Nonbank SIFIs—A Mythical Beast, BNA's Banking Report, January 1, 2013
Foreign Banks and the Broad Reach of the Volcker Rule, The Practical Law Journal, December 2011/January 2012
Both the Merchants and the Fed Misread Durbin, American Banker, December 15, 2011
Return of the Toaster?, The Deal Magazine, June 24, 2011, (on the repeal of Regulation Q)
Basel III: Near Death Capital, The Banking Law Journal, May 2011
Higher Minimum Capital Standards: Basel Committee on Banking Supervision Crowns Common Equity King, BNA's Banking Report, November 30, 2010
Insurance Implications of Dodd Frank, Law360, September 23, 2010, (co-authored with Duane Wall)
Will the Systemically Significant Nonbank Firms Please Step Forward?, American Banker, June 16, 2010
Financial Services Regulation: Banking – Compliance