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Thomas E. Scanlon

Tom Scanlon focuses on advising financial institutions, technology companies, merchants, and investors on matters relating to financial products or services. Tom has significant  experience advising on transactions, counseling clients on adapting financial products or services in light of the regulatory landscape, and helping financial institutions to prepare for examinations—as well as guard against enforcement actions—by the federal bank regulatory agencies, including the Consumer Financial Protection Bureau. 

Drawing from extensive experience—in both private practice and public service—Tom works with clients on bank regulatory matters and across a range of issues relating to payments systems. His experience is strong on regulatory issues, including those arising under the Bank Holding Company Act, the Federal Deposit Insurance Act, the Electronic Fund Transfer Act and the Bureau’s Regulation E, the privacy rule (Regulation P) and data security program requirements under the Gramm-Leach-Bliley Act, and the Fair Credit Reporting Act. While serving in the Department of the Treasury, Tom worked as the principal Treasury attorney who drafted Title X of the Dodd-Frank Act.

Recent Engagements
  • Advising companies on regulatory requirements relating to payments functions, including to pursue state money transmitter licenses or a special purpose national bank charter
  • Advising creditors on compliance with the Military Lending Act
  • Advising on requirements under the Federal Deposit Insurance Act regulating a deposit broker
  • Advising a payments company on business-associate requirements under HIPAA, including when performing payments processing services that could qualify for statutory exemption
  • Advised a national bank on preemption of a state law that could materially restrict the issuance of credit cards

Practice Highlights
  • Advised Treasury officials and others on the preemption standards for national banks and federal thrifts.
  • Principal Treasury attorney responsible for drafting and advising on the provisions of the Electronic Fund Transfer Act for remittance transfers.
  • Integrally involved in the work of the Department of Defense on its recent rulemaking under the Military Lending Act.
  • Advised financial institutions, as well as Treasury officials, on the powers and activities of depository institutions and their holding companies and subsidiaries, affiliate transactions, and the supervisory and enforcement authorities of the banking agencies.
  • Advised banks and thrifts, as well as a major consumer reporting agency, on matters relating to the risk-based standards enforced by the banking agencies for third-party service providers. 
  • During the financial crisis, advised banks, investment advisers, and merchants on adapting financial products and business strategies to market conditions in light of the rules and evolving regulatory guidance for insurance for deposits and money market funds.
  • In multiple transactions, represented various clients in negotiations to purchase information products and services, such as consumer reports and identification products.
  • Advised merchants on compliance with the Payment Card Industry Data Security Standards.
  • Advised financial institutions, investment advisers, and non-depository institutions on matters relating to the USA PATRIOT Act and anti-money laundering program requirements under the Bank Secrecy Act.

Additional Qualifications

  • Senior Counsel, Office of the General Counsel (Banking & Finance), Department of the Treasury, Washington, D.C., 2009-2015
  • Of Counsel, Morrison & Foerster LLP, Washington, D.C., 2004-2009
  • Counsel, Board of Governors of the Federal Reserve System, Washington, D.C., 1999-2004
  • Law Clerk, Hon. W. Louis Sands, U.S. District Court, Middle District of Georgia, 1997-1999