Michael H. Krimminger’s practice focuses on U.S. and international banking and financial institutions.

In particular, he advises on the challenges and opportunities stemming from statutory and regulatory reforms in the United States and internationally. He recently served as lead counsel to itBit Trust Company, a commercial Bitcoin exchange, in becoming the first U.S.-chartered and regulated virtual currency exchange.

Michael joined Cleary Gottlieb in 2012 after serving for more than two decades in numerous leadership positions with the Federal Deposit Insurance Corporation (FDIC), including most recently as its general counsel. As general counsel, he served as the principal legal and policy advisor to the chairman and board of directors regarding the legislative development and later implementation of regulatory and policy components of the Dodd-Frank Act, including its SIFI resolution, living wills, capital markets and capital, and structured finance requirements. Michael played a major role in the FDIC and U.S. efforts to enhance resolution planning and cross-border cooperation among G-20 countries. He was also responsible for all legal policy, litigation, corporate issues and operations for the 730 attorney and non-attorney members of the Legal Division.

Prior to serving as general counsel, Michael served as Special Advisor for Policy to the Chairman and deputy to the chairman for policy. He played a central role in the FDIC’s response to the financial crisis and the development of Dodd-Frank Act provisions addressing capital markets, capital requirements, creation of the Financial Stability Oversight Council, living wills, enhanced prudential supervision, risk retention, resolution authority, and other provisions of the act.

Michael’s international experience includes serving as the co-chair of the Basel Committee’s Cross Border Resolutions Group and representing the FDIC on the Financial Stability Board’s Resolution Steering Group and other bodies. He has played a central role in bilateral and multilateral discussions with regulators around the world on legal reform, resolution planning, capital and liquidity requirements, and strategies for implementation of financial market reforms for derivatives and other financial market contracts.

Notable Experience

  • itBit Trust Company in becoming the first U.S.-chartered and regulated virtual currency exchange. Representation has included advice on novel regulatory issues, including the application of anti-money laundering, capital requirements, consumer protection, and cybersecurity standards in the context of virtual currency exchange activity.  

  • More than 20 major U.S. and non-U.S. banking organizations with respect to their U.S. resolution plans, including American Express, HSBC, and BNPP.

  • Multiple U.S. and non-U.S. financial institutions regarding the Federal Reserve Board’s enhanced prudential standards adopted under Section 165 of the Dodd-Frank Act and the implementation of enhanced capital requirements under the Basel Committee’s “Basel II,” “Basel II-1/2” and “Basel III.”

  • Various trade associations and individual financial institutions in drafting comment letters in response to the recently proposed qualified financial contract (QFC) recordkeeping rule. 

  • American Bankers Association Securities Association (ABASA) on matters related to regulatory reform initiatives.

  • Multiple U.S. and non-U.S. financial institutions in preparing for the Financial Stability Board’s impending Total Loss-Absorbing Capacity (TLAC) standard and other capital-related initiatives.

  • Trade associations, including The Clearing House, on the development of U.S. and European frameworks for addressing the failure of global financial institutions, strategies for addressing such failures, and the rights of surviving financial institutions as creditors under such regimes.

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Publications

  • May 28, 2015: “The Conservatorships of Fannie Mae and Freddie Mac: Actions Violate HERA and Established Insolvency Principles,” Cato Working Paper (Cato Institute)
  • April 2015: Bail-in, Not Bail-out: Developing SIFI Resolution Strategies Around the Globe, Columbia Law School Blue Sky Blog
  • February 2015: Closing Financial Institutions on Both Sides of the Atlantic: Are There Differences of Approach? by Michael Krimminger and María J. Nieto
  • January 2015: Cross-Border Insolvencies, Banking Practice Portfolio Series (Bloomberg BNA)
  • Forthcoming chapter in 2016 on “Resolution in the U.S. and U.K.: Variations to the Same Goals” for Bank Resolution: The European Regime, edited by Jens-Hinrich Binder and Dalvinder Singh, to be published by Oxford Press

Events