Brian Montgomery utilizes his background in financial services regulation to strategically advise businesses on federal and state regulatory compliance.

Brian’s practice focuses on representing and advising banks, non-bank financial institutions, fintech companies, money services businesses and other businesses on regulatory and compliance matters, with a particular focus on consumer financial products and services. He regularly advises companies on how to navigate regulatory issues as they bring innovative financial products and services to market. Brian also counsels clients on compliance with regulators’ cybersecurity, information technology and third-party risk management requirements.

Prior to joining the firm, Brian served in several senior positions at the New York Department of Financial Services, including leading the department’s program to examine regulated institutions for compliance with federal and state consumer financial laws. Brian also supervised a group that conducted investigations and brought enforcement actions involving consumer financial products and services.

Representative Experience

  • Representing several commercial banks in developing and roll-out of nationwide digital banking platforms, including regulatory and related issues.
  • As deputy superintendent at the New York Department of Financial Services, oversaw consumer compliance and fair lending examinations of banks, non-depository lenders, loan servicers, credit reporting agencies and other regulated institutions, as well as Community Reinvestment Act examinations. 
  • Advising several consumer and commercial lenders on regulatory requirements for lending programs, including startup and ongoing compliance.

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  • Advising banks on compliance with Office of the Comptroller of the Currency (OCC) and Federal Financial Institutions Examination Council (FFIEC) requirements for third-party risk management and technology service providers.
  • Advising financial institutions on U.S. financial services regulators’ cybersecurity regulations and guidance.
  • Provided guidance, in conjunction with Tokyo-based law firm, City-Yuwa, to the Japanese Financial Services Agency (FSA) regarding how to appropriately regulate the trading of stablecoins, a digital currency attached to a stable reserve asset, in Japan under the country’s amended Payment Services Act.
  • Served on the Virtual Currency Licensing Committee at the New York Department of Financial Services.
  • Brought first action by state banking regulator under Title X of Dodd-Frank, the Consumer Financial Protection Act, resulting in consent judgment with auto lender and its president.
  • Extensive experience collaborating with federal and state regulatory authorities, including CFPB, Federal Reserve, FDIC, state banking regulators and state attorneys general.
  • Core member of the team that drafted the New York Financial Services Law and associated legislation that created the NYDFS by merging the banking and insurance departments. Subsequently planned and coordinated the merger of the consumer protection functions of the former departments.
  • Drafted statute and implementing regulation that gave NYDFS supervisory authority over student loan servicers, and developed the NYDFS licensing and examination program for student loan servicers.
  • Supervised investigation of a significant data breach at a financial institution, resulting in a consent order.
  • Led investigation of a major student loan servicer for unfair and deceptive practices that was resolved with a consent order.
  • Managed industry-wide investigation of force-placed insurance, which included holding public hearings and resulted in multiple settlements. Following conclusion of the investigation, drafted and promulgated regulation codifying key terms of settlements. 
  • Supervised investigations and enforcement actions involving a variety of consumer financial products and services, including mortgage, auto lending, unsecured consumer lending and debt collection.
  • Crafted and implemented registration and examination program for credit reporting agencies.
  • Reached agreement with student loan servicing industry to provide relief for borrowers not covered by the CARES Act.
  • Reached agreement with credit reporting industry to support consumers impacted by the COVID-19 pandemic.
  • Drafted and issued several industry letters, including letters concerning fair lending and the New York Community Reinvestment Act.
  • While serving at New York Attorney General’s Office, conducted investigations of several student lenders and universities, resulting in enforcement actions whose terms were subsequently codified in federal and state law.
  • Coordinated investigation of credit cards issued to college students, resulting in code of conduct agreed to by State University of New York system.

Professional Highlights

  • Law360 Banking Editorial Advisory Board 2021, 2022, 2023.
  • Served as adjunct professor at Cardozo Law school, teaching seminar on financial regulation.
  • Received Superintendent’s Award for outstanding performance at the New York Department of Financial Services.

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  • Received Louis J. Lefkowitz Memorial Award for outstanding performance at the New York Attorney General’s Office.
  • Frequent speaker at conferences on consumer financial services topics, including the consumer financial services enforcement panel at Practising Law Institute’s Banking Law Institute (2016, 2017, 2018, 2020).
  • Speaking Engagements

    • "Overview and Recommendations for DFS and Federal Climate Risk Guidance,” NYBA Academy, March 6, 2024
    • "Regulating Earned Wage Access (EWA),” 2023 Innovative Payments Association (IPA) Compliance Boot Camp, Chicago, IL, September 12, 2023
    • “What Bank Executives Need to Know about the New CRA Rules" California Bankers Association, May 2023
    • “Applying a Compliance Framework: New York DFS Cyber Requirements and How It Relates to Other Industries," Ankura and the Johns Hopkins University Information Security Institute 9th Annual Cybersecurity Conference for Executives, Baltimore, MD, April 18, 2023
    • “Intersections in Financial Services Regulation: BSA/Fraud and Consumer Compliance,” New York City Bar Association’s Consumer Affairs and Compliance Committee Virtual Panel, March 9, 2023
    • “The Crypto Universe: From A-Z,” Innovative Payments Association (IPA) Member Meeting, Washington, DC, January 18, 2023
    • San Francisco Bank Attorneys Association, “Examination of the Past, Present and Future of Overdraft Fees and Related Charges,” October 17, 2022
    • “2022 Compliance Boot Camp,” Innovative Payments Association, September 29, 2022
    • “Community Reinvestment Act Overhaul and New Small Business Lending Data Requirements,” New York Bankers Association Retail & Small Business + Trust & Investment Conference, September 15, 2022
    • “Taking the Temperature in DC: The Shifting Regulatory Winds,” Innovative Payments Association Annual Conference, April 14, 2022
    • “8th Annual Cybersecurity Conference for Executives,” Ankura and the Johns Hopkins University Information Security Institute, Virtual Conference, March 16, 2022
    • “2022 Regulatory Compliance Update for Community Banks,” Independent Bankers Association of New York State Webinar, February 8, 2022
    • “What’s on the Small Business Lending Horizon: Key Anticipated Regulation and Enforcement Trends,” Webinar, September 16, 2021
    • “Implementing a Compliant Cybersecurity Program,” Webinar, September 15, 2021
    • “Current Landscape of Cybersecurity Enforcement, Compliance and Insurance,” Webinar, April 27, 2021
  • External Publications
    • Prepping for Fair Lending Exams Amid NY Enforcement Trend, Law 360, Authors: Brian H. Montgomery, 10/25/2022
    • Data as Sword and Shield: Big Data in Consumer Finance & Securities, Henry Stewart Production, Authors: David Oliwenstein, Brian H. Montgomery, 09/12/2022
  • Firm Publications
    • New York Finalizes Disclosure Requirements for Commercial Financing Transactions, Authors: Brian H. Montgomery, 02/10/2023
    • What to Expect from the New York Department of Financial Services in 2023, Authors: Brian H. Montgomery, John R. Van Son, 02/01/2023
    • New CA Commercial Financing Disclosure Regulations Take Effect, Authors: Brian H. Montgomery, 12/09/2022
    • New York Department of Financial Services Rule Will Require Banks to Collect Demographic Data with Commercial Credit Applications , Authors: Brian H. Montgomery, 11/11/2022
    • NYDFS Continues Series of Fair Lending Enforcement Actions against New York State-Chartered Banks, Authors: Brian H. Montgomery, 10/18/2022
    • Federal Banking Regulators Propose Overhaul of Community Reinvestment Act, Authors: Rodney R. Peck, Deborah S. Thoren-Peden, Craig J. Saperstein, Brian H. Montgomery, 05/06/2022
    • New York to Require Crypto Companies to Pay Assessment Fees, Authors: Brian H. Montgomery, Johnna Purcell, 04/15/2022
    • Federal Regulators Adopt New Computer-Security Incident Notification Requirements for Banks and Service Providers, Authors: Craig J. Saperstein, Brian H. Montgomery, Zachary M. Kessler, 12/01/2021
    • Senate Confirms Rohit Chopra as CFPB Director, Authors: Deborah S. Thoren-Peden, JiJi Park, Craig J. Saperstein, Daniel C. Wood, Brian H. Montgomery, The Honorable William Lacy Clay Jr., Yvette Puckett Cravins, 10/01/2021
    • Congress Moves to Repeal OCC’s “True Lender” Rule (Updated), Authors: Deborah S. Thoren-Peden, Craig J. Saperstein, Brian H. Montgomery, Zachary M. Kessler, 05/20/2021
    • New York Enacts Novel Disclosure Requirements for Commercial Financing Transactions, Authors: Deborah S. Thoren-Peden, Shinya Akiyama, Brian H. Montgomery, Cassie Lentchner, 02/16/2021
  • Blog Posts

Education

  • J.D., Lewis & Clark College Northwestern School of Law, 2006
    cum laude

    B.A., English, Colgate University, 1999

Admissions

  • New York