Katherine Carroll’s practice focuses on advising financial institutions and financial technology companies on U.S. regulatory matters, including regulatory aspects of bank mergers and acquisitions, investments by and in financial institutions, cybersecurity and privacy matters, and compliance with anti-money laundering laws. 

Her practice includes a significant focus on financial technology innovation and related regulatory issues. She is a member of the firm’s Financial Institutions Group and its Cybersecurity and Privacy practice.

Katherine served as Counselor to Secretary of Defense Ash Carter from April 2016 to January 2017. At the U.S. Department of Defense, she advised Secretary Carter on a broad range of issues, including cybersecurity and related intelligence matters, the transfer of detainees from Guantanamo Bay and lifting restrictions on service by women and transgender service members. She was awarded the Secretary of Defense Medal for Outstanding Public Service.

Katherine has extensive experience advising major U.S. and non-U.S. banking organizations on the Volcker Rule, heightened prudential requirements and the development of U.S. resolution plans or “living wills.” She also advises financial institutions in investigations and enforcement matters involving U.S. federal banking agencies, the Office of Foreign Assets Control and U.S. congressional committees.

Katherine joined the firm in 2001 and became partner in 2012; she left the firm to serve in the Defense Department in 2016 and returned as a partner in 2017. She worked in the firm’s Hong Kong and New York offices before moving to the Washington office in 2003.

Prior to studying law, Katherine worked as the executive director of the Open Society Institute in Uzbekistan and as the special assistant to the Assistant Secretary of Defense for International Security Policy at the U.S. Department of Defense.

Notable Experience

  • Multiple major U.S. financial institutions including Citibank, Goldman Sachs, JPMorgan Chase and Morgan Stanley regarding compliance with the Volcker Rule.

  • Ongoing anti-money laundering advice to major global private equity firms, including drafting or revising anti-money laundering policies and procedures and issues that arise with potential investors.

  • A major Mexican financial institution regarding its anti-money laundering program and its U.S. correspondent relationships with U.S. banks.

  • IMB HoldCo, the parent of OneWest Bank, in its $3.4 billion sale to CIT Group.

  • The Institute of International Bankers and its internationally headquartered member banks on Dodd-Frank reforms, including the Volcker Rule, resolution planning requirements, heightened prudential requirements, swaps “push-out” and other issues.

  • Multiple U.S. and non-U.S. banks in the preparation of their U.S. resolution plans and related corporate structure and cross-border resolution issues.

  • Deutsche Bank Securities on the regulatory aspects of a registered public offering by the U.S. Department of the Treasury to sell its warrant position in Zions Bancorporation; also regulatory counsel to Deutsche Bank and Goldman Sachs in the 171.8 million non-cumulative perpetual stock auction by Zions Bancorporation.

  • Oriental Financial Group on its $500 million acquisition of BBVA’s Puerto Rico operations and on two related capital markets offerings.

  • Credit Suisse in the bank regulatory aspects of numerous strategic transactions, including its investments in two newly formed Brazilian asset management companies and the spin-off of DLJ Merchant Banking Partners.

  • Major financial institutions in connection with their spin-offs of private equity funds and/or their managers and sales of fund interests.

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Selected Activities

  • Cyber Fellow, Center for Strategic and International Studies; this program brings together leaders in cybersecurity issues from the business, technology, legal and government sectors
  • Vice Chair, ABA Banking Law Subcommittee on International Banking; and member, Federal Bar Association Banking Committee Executive Council
  • Teaches the legal segment of Harvard University’s online course, “Cybersecurity: Managing Risk in the Information Age”
  • Frequent speaker on U.S. regulatory reform and other bank regulatory issues, including at conferences hosted by the Institute of International Bankers, the American Bar Association and International Bar Association and the D.C. Bar