Financial Services Committee September Newsletter
Message from Miriam Lefkowitz, Financial Services Committee Chair  
ACC Annual Meeting Financial Services Committee Panels  
The Regulatory Working Group 2016  
FSC Annual Business Meeting  
Applause! Applause!  
Networking Events  
Sponsor Highlight  
Virtual Library
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Upcoming ACC Programs
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Updates From ACC Committees

Message from Miriam Lefkowitz, Financial Services Committee Chair


This will be the last time I address you as the Chair of the Financial Services Committee. I have enjoyed working with so many of you over this past year and am hopeful that we can further increase your involvement. There are still opportunities to get involved in the 2016-2017 committee leadership – so please reach out if you are interested.

As you may recall from the last newsletter, the FSC was very involved in working with the Compliance & Ethics Committee and ACC Advocacy to submit a comment letter to the NY DFS addressing its rule which would impose criminal penalties to legal and compliance gatekeepers for certain AML breaches. We are happy to report that the final rule reflects many of the recommendations that ACC advocated. Please see the ACC press release about this.  

Over the past few quarters, we have tried to do some thematic legal QuickHits on DOL rules because there has been much activity at DOL that affects in-house counsel throughout the financial services community. The topics are:


These have been particularly well received and a number of FSC members who were not able to attend have reached out to listen to the recordings. Did you know that ACC records all of the LQHs? In case you miss the monthly calls, you can still access them by going to that event on the committee page and clicking on the "view archive" green button at the top right corner.


Although a great back up plan, you will still miss Pete Michaels from Greenberg Traurig, FSC’s sponsor, who presents an excellent and very brief overview of significant regulatory developments each month. He includes a page of links to primary and some excellent secondary resources which I have found very valuable (if occasionally terrifying!) Those presentations are not recorded – so please join our calls so you do not miss out.

In addition to the DOL related topics, FSC also sponsored the following LQH:


If you haven’t visited our committee page lately – remember to check it out! It always shows the 20 most recent financial services related job opportunities. There are more than 750 jobs posted for all in-house fields, at all levels of experience and throughout the US and a few beyond. There are also listings of new resources and links to many useful tools and open discussions on the eGroups.

I want to thank all of the members of the FSC leadership this past year for all of their efforts in putting together such high quality and relevant programming. I have enjoyed working with each of them and look forward to seeing them bring the committee to new heights in the years to come!

  • Allison Cambria, Vice-President and Counsel, Deutsche Bank AG, FSC's Communications Co-Chair
  • Douglas Cohen, General Counsel, Triad Securities Corp., FSC's Program Chair
  • Kareem Dale, Director, Senior Counsel, Discover Financial Services, Inc., FSC's Program Chair
  • Laura Dorman, Managing Director & Associate General Counsel, Berkeley Research Group, FSC's Immediate Past Chair and Regulatory Chair
  • Rebecca Fox, Associate General Counsel, Lending Club, FSC's Communications Co-Chair and Membership Chair
  • Howard Lindenberg, Managing Associate General Counsel, Freddie Mac, FSC's Vice-Chair
  • Christina Rogers, Counsel, MUFG Union Bank, FSC's Secretary
  • Deborah Silodor, General Counsel, Amalgamated Bank, FSC's Publications Chair


And a special shout-out to Greenberg Traurig, FSC's sponsor, for all of their efforts this year. I think that Pete Michaels was the de facto Regulatory Updates chair of the FSC. The collection of links and his color on industry updates, including key enforcement decisions, regulatory trends and new rule releases was among the most valuable aspects of my ACC membership over the ten+ years that I have been an active member. No small accomplishment!

Thank you for your continuing interest and support for ACC and the Financial Services Committee. Please continue to suggest topics that would be important to you and other members of the committee so we can all contribute to worthwhile database of material to benefit all of us.

Very truly yours,

Miriam Lefkowitz
2016 Chair of the ACC Financial Services Committee
Chief Legal Officer and VP, Summit Equities, Inc./Summit Financial Resources, Inc.
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ACC Annual Meeting Financial Services Committee Panels

The ACC Annual Meeting will take place October 16-19, 2016 in San Francisco, California. The FSC is excited and proud to sponsor and co-sponsor the following programs (click here to receive and edit your existing registration schedule):

Monday, October 17, 2016, 11:00 am – 12:30 pm

Who’s the Regulator in the Room? Regulations on Kickbacks, Money Laundering and More
Presented by the ACC Real Estate and Financial Services Committees

This panel will be a moderated session of faculty from important US federal agencies and in-house counsel. With the regulators, we will cover ongoing and emerging compliance and examination issues, provide updates on regulatory changes and keep ACC members in tune with regulators’ views, recent findings, and consent orders and compliance trends. The regulators will be asked to discuss their approaches to examinations and investigations and suggest best practices for compliance in the current environment.

Monday, October 17, 2016, 2:30 pm – 4:00 pm

Supreme Court Issues and Cases Update
Presented by the ACC Financial Services Committee

A panel comprised of Supreme Court experts will highlight current key issues and cases for the U.S. Supreme Court. Join these esteemed faculty as they delve into significant legal topics that are relevant across the spectrum of in-house lawyers.


Tuesday, October 18, 2016, 11:00 am – 12:30 pm

Compliance for the Small Law Department
Presented by the ACC Compliance & Ethics, Small Law Department and Financial Services Committees

You are familiar with the US Federal Sentencing Guidelines and have heard about compliance best practices, but wonder: “How in the world am I going to do that?” As a small legal department, the demands are great, resources are scarce, and, often, the business people don’t completely understand your role. The Guidelines acknowledge differences between large and small organizations in meeting the requirements for an effective ethics and compliance program. The question is often the “how” of implementation. What are regulators’ expectations for companies with limited resources? What are cost- and time-efficient methods to address constant regulatory scrutiny and change? This program will explore the critical issues for prioritizing with limited resources while regulations continue to increase. This session will also focus on creative strategies to do more with less, such as using risk-based prioritization, tailoring compliance to meet business needs and objectives, and finding third-party vendors to provide support at a reasonable cost.


Tuesday, October 18, 2016, 2:30 pm – 4:00 pm

Best Practices for Vendor Management and Cybersecurity
Presented by the ACC Financial Services Committee

This program will explore the best practices for companies that manage vendors and cybersecurity concerns. Some of the significant questions to be addressed include: What are some best practices for vendor due diligence? How can vendor cybersecurity risks be addressed and mitigated, both contractually and otherwise? What role, if any, should in-house counsel have in vendor management?
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The Regulatory Working Group 2016

The  ACC Financial Services Committee, in conjunction with the Real Estate Committee and the SoCal Chapter, held a CLO Regulatory Roundtable in Los Angeles, California  on July 28.  The CLO Roundtable featured the Honorable Eileen Decker, US Attorney for the Central District of California, the Honorable Michele Layne, Regional Director of the SEC Los Angeles Regional Office, and the Honorable Thomas O'Brien, former United States Attorney for the Central District of Los Angeles and current litigation partner at Paul Hastings.  Laura Dorman, Managing Director and Associate General Counsel of the Berkeley Research Group and immediate past Chair of the Financial Services Committee, and Dawn Haghighi, General Counsel of PCV Murcor Real Estate Services and Chair of the Real Estate Committee, co-chaired the event.

The CLO Regulatory Roundtables, which have taken place in DC, New York City, Boston, and Phoenix, allow for candid conversation on items of mutual importance. The event drew over 40 CLOs, including members of both sponsoring committees and of the SoCal Chapter of the ACC.  The CLOs came from a wide range of industries, including retail, healthcare, banking, private equity, aerospace, title insurance, mortgage lending, aviation, government contractors, and food and beverage.  The evening began with a cocktail reception followed by a dinner hosted by Paul Hastings.   The Roundtable featured a lively question-and-answer session that addressed a variety of topics, including pending legislation, regulatory reform, governance, challenges and consequences of regulations.  The speakers discussed the Yates memo and responded to our members’ concerns as to its practical application. The speakers also discussed best practices for CLOs in interacting with the SEC and DOJ, appropriate data management and cybersecurity practices, and other issues of significance to the in-house community. 

ACC's Financial Services and Real Estate Committees formed the Regulatory Working Group Roundtable Series to provide opportunities for ACC members to interact with law enforcement, regulators, and legislators including CFPB, DOJ, SEC, OCC, FBI, U.S. Attorney’s Office, and state and local regulators.  The Regulatory Working Group is co-chaired by Laura Dorman and Dawn Haghighi.  Upcoming Roundtables will be held in Dallas and Washington, DC, and will be  sponsored by Wilmer Hale through its partner the Honorable Ronald Machen, former US Attorney for the  District of Columbia.  A Meet The Regulator Roundtable session will also take place at the ACC Annual Meeting in San Francisco, Session 209: Who’s the Regulator in the Room? Regulations on Kickbacks, Money Laundering, and More. The panel will include the Honorable Brian Stretch, US Attorney, Northern District of California, the Honorable Erin Schneider, Associate Regional Director for Enforcement, SEC, San Francisco Regional Office, and a representative from the CFPB. 

If you are interested in joing the Regulatory Working Group, please contact LaToya Tapscott at

If you are interested in organizing a Roundtable  in your area please contact Laura Dorman at
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FSC Annual Business Meeting

The ACC Financial Services Committee will be holding it's annual business meeting on Tuesday October 18, 2016 from 1: 00 - 2:15 PM PST. 

At the meeitng we will cover the following:

  • Introductions of the leadership and committee members
  • Nomination/election of committee officers for 2016-2017
  • Accomplishments over the past year
  • Vison and goals for the upcoming year
  • Opportunities to get more involved in the committee

If you will be in San Francisco, CA at the ACC Annual Meeting, join us in person for the meeting which includes a free lunch. (click here to receive and edit your existing registration schedule to add the business meeting)

If you are unable to attend the Annual Meeting this year, feel free to register and join the meeting via conference call. Register Here

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Applause! Applause!

Have you started an exciting new position or been promoted?  Do you know a fellow FSC member that deserves accolades?  We would like to feature all of the great accomplishments of our members in our upcoming quarterly newsletters.  Contact us at
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Networking Events

FSC Micro-Networking Happy Hour

We will be hosting an event in the San Francisco area towards the end of September. Keep your eye out for this and other exciting events to come!

Do you have an idea for a micro-networking event or would you like to host an event in your area? Let us know! Contact Rebecca Fox or contact us at
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Sponsor Highlight

Greenberg Traurig, LLP is the 2015 sponsor of the FSC. Greenberg Traurig is an international, multi-practice law firm with approximately 1800 attorneys serving clients from 37 offices in the United States, Latin America, Europe, Asia, and the Middle East.  The firm is among the “Power Elite” in the 2014 BTI Client Relationship Scorecard report, which assesses the nature and strength of law firms' client relationships.  For additional information, please visit or follow Greenberg Traurig on Twitter, Facebook, LinkedIn.

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Chair:  Miriam Lefkowitz, Summit Financial Resources, Inc./Summit Equities, Inc., Chief Legal Officer

Vice-Chair:  Howard Lindenberg, Freddie Mac, Managing Associate General Counsel

Secretary:  Christina Rogers, MUFG Union Bank, N.A., Counsel

Communications Co-Chair:  Allison Cambria, Deutsche Bank AG, Vice-President and Counsel

Communications Co-Chair:  Rebecca Fox, LendingClub, Associate General Counsel 

Membership Chair:  Rebecca Fox, LendingClub, Associate General Counsel 

Program Chair:  Douglas Cohen, Triad Securities Corp., General Counsel

Program Chair:  Kareem Dale, Discover Financial Services, Inc., Director, Senior Counsel

Publications Chair:  Deborah Silodor, Amalgamated Bank, General Counsel

Immediate Past Chair:  Laura Dorman, Berkeley Research Group, Director & Associate General Counsel
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