The Volcker Rule
Panelists
Jai Massari, Associate, Davis Polk (Moderator)
Jai Massari is an associate in Davis Polk's Financial Institutions Group and the Trading and
Markets practice in Washington DC. She advises major global banks, asset managers, and
corporations on a variety of financial regulatory topics. Her primary focus is on assisting market
participants in understanding, implementing and complying with derivatives regulations,
particularly Title VII swap regulations. She also advises financial institutions on the proprietary
trading and covered funds provisions of the Volcker Rule. She frequently works with industry
organizations in connection with advocacy efforts on legislative and regulatory proposals.
Jai graduated from Cornell University with a B.A. in Chemistry and earned her J.D., cum laude,
from the Duke University School of Law.
Anna M. Harrington, Board of Governors of The Federal Reserve
Anna M. Harrington is Counsel in the Legal Division of the Board of Governors of the Federal
Reserve. During her time at the Board, she has reviewed and analyzed numerous proposals and
applications arising under U.S. banking laws, including the Bank Holding Company Act, the
Change in Bank Control Act, and the Federal Reserve Act. In addition, Anna has participated in
several rulemakings to implement the provisions of the Dodd-Frank Act, including the uncleared
swap margin rule and the Volcker Rule.
Anna earned a J.D. degree, magna cum laude, from Boston College Law School, where she was
elected to the Order of the Coif and served as a Note Editor on the Boston College Law Review.
She earned an A.B. degree, magna cum laude, from Harvard College.
John C. Coates IV, John F. Cogan Jr. Professor of Law and Economics, Harvard Law
School
John C. Coates IV joined the Harvard Law School faculty in 1997 after private practice at the
New York law firm of Wachtell, Lipton, Rosen & Katz, where he was a partner specializing in
mergers and acquisitions, corporate and securities law, and the regulation of financial
institutions. He was named the John F. Cogan Jr. Professor of Law and Economics in 2006,
chairs the faculty committee on executive education and teaches contracts, corporations,
corporate governance and financial regulations. He also is a Visiting Professor of Business
Administration at Harvard Business School, where he teaches finance, corporate governance and
M&A. He is a member of the American Law Institute and the author of numerous articles on
corporate, securities and financial institution law, and for seven years co-authored the leading
annual survey of developments in financial institution M&A.
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Grant F. Butler, Vice President and Senior Counsel at State Street Bank
Grant Butler is a Vice President and Senior Counsel at State Street Bank and Trust Company.
Grant provides counsel regarding a wide variety of bank regulatory issues, including the Volcker
Rule, capital and liquidity requirements, CCAR and stress testing, regulation of deposits,
permissible activities, transactional issues and state bank regulatory issues. He serves as counsel
for State Street’s Volcker Office and Volcker Enhance Compliance Program and as regulatory
counsel to the Global Treasury group. Prior to joining State Street in 2014, he was a member of
the Financial Services group of Goodwin Procter LLP with a practice focused on bank regulatory
matters and financial services transactions. Grant was a member of the drafting committees for
recently enacted bank modernization legislation in both Massachusetts and New Hampshire.
Grant is a past lecturer at the Boston University School of Law Graduate Program in Banking &
Financial Law and holds an LL.M. in Banking & Financial Law and a J.D. from Boston
University School of Law.
Fadi Hanna, Executive Director at JP Morgan Chase & Co.
Fadi Hanna is an Executive Director at JPMorgan and Head of Volcker Compliance, and leads a
compliance team responsible for Volcker and other cross-asset class compliance programs,
including the Swap Dealer Compliance team, and North American Corporate & Investment Bank
(CIB) Policies and Regulatory Change, Privacy, and Anti-corruption teams. The Swap Dealer
and Volcker teams provide advice and coordinate globally and across asset classes on Dodd
Frank Title VII and derivatives reform implementation and Volcker issues. Fadi joined
JPMorgan’s Corporate & Investment Bank Compliance team in 2011 as the bank’s Title VII
implementation efforts were commencing, and is active in key industry groups around
derivatives reform and Volcker Compliance.
Prior to JPMorgan, Fadi spent six years practicing securities litigation at Simpson Thacher &
Bartlett LLP, and worked before that as a financial and technology consultant. Fadi holds a law
degree from Yale Law School and has spoken and published on OTC derivatives reform.
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Dodd-Frank’s Effect on Community Banks
Panelists
Marshall Lux, Senior Fellow, Mossavar-Rahmani Center for Business and Government,
Harvard Kennedy School (Moderator)
Marshall Lux has been a Financial Services consultant and practitioner for 30 years. He began
his career at McKinsey where he served all manner of financial service firms across a variety of
subsectors and functional areas. He left McKinsey after approximately 25 years to become the
Chief Risk Officer for Chase (all consumer products globally) during the crisis. He then joined
BCG, where he was a Senior Partner for 5 years, and in particular, helped build a private equity
practice. Marshall continues to be an active Advisor to BCG. He also sits on a broad range of PE
sponsored Boards-from small business lenders to insurance, from cybersecurity to high speed
trading. Marshall has a broad network of financial services C-suite executives whom he has
worked with on some of their most important issues. He has also diligenced many of the largest
private equity deals that have been done.
Two years ago, Marshall decided to change paths. He has been a Senior Fellow at the MossavarRahmani Center for Business and Government at the Harvard Kennedy School and will be there
next year, along with the Committee on Capital Markets Regulation and the Program on
International Financial Systems. His overall writings have concerned the unexpected
consequences of Dodd-Frank on financial services. He has written papers entitled “The State and
Fate of Community Banking” and “What’s Behind the Non-Bank Mortgage Boom?” He has a
paper to be published in early March titled “Access Denied: The Regressive Effects of Decreased
Consumer Credit Product Access.” All published papers were cited on the front page of the
Financial Times. Marshall has also spoken broadly, including at the House Small Business
Committee, the Federal Reserve, and various Universities and trade groups.
Marshall attended the Woodrow Wilson School and graduated Summa Cum Laude. He also
attended Harvard Business School where he was a Baker and Ford Scholar (awarded to the
number one student in each graduate school).
John Conneely, Deputy Regional Director for Risk Management, FDIC New York
John Conneely is the Deputy Regional Director for Risk Management Supervision in the FDIC's
New York Region, a position he has held since 2013. In this role, he directs the supervisory
programs for FDIC-insured banks and thrifts in the Mid-Atlantic States. He previously has held
the positions of Assistant Regional Director, overseeing FDIC-insured institutions in New York
State; Senior Examination Specialist, advising regional management on supervisory policy and
assisting in the analysis and examination of complex and problem institutions; and Case
Manager, managing a portfolio of domestic and foreign-owned insured financial institutions.
John began his career at the FDIC in 1989 as a Bank Examiner in New York City. John has also
served in variety of other roles during his FDIC career, including: Acting Deputy Director (Risk
Analysis & Pricing), Division of Insurance and Research; Acting Associate Director (Resolution
Planning), Office of Complex Financial Institutions; and as an instructor at the FDIC's Corporate
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University. He also served as a Financial Policy Advisor to the U.S. Department of Treasury,
Office of International Banking & Securities Markets.
John holds an M.S. and B.S. in Banking & Money Management from Adelphi University,
Garden City, NY, and has completed the PRMIA Course in Risk Management at Columbia
University.
Terry Jorde, Independent Community Banks of America
Terry Jorde is the Senior Executive Vice President and Chief of Staff at the Independent
Community Bankers of America® (ICBA) in Washington, D.C. She is responsible for directing
the organization’s staff to fulfill the strategic objectives developed to serve and protect the
nation’s community banks. As a member of ICBA’s executive management team, Terry is
integral to the management of the entire enterprise; with over 200 employees in 14
geographically diverse national offices, serving nearly 5,000 member banks. Prior to joining
ICBA, Terry was President and CEO of CountryBank USA in Cando, N.D. As Chairman of the
Board and majority stockholder, Terry led the bank to enter new markets by increasing its
footprint and adding new financial products and services. Under her direction, the bank
diversified its noninterest income to an unprecedented 45 percent of total revenue. As a
nationally recognized thought leader and community banking career professional, Terry is
recognized as an advocate for the community banking industry. The American Banker®
newspaper named her one of the Top 40 Bankers under Age 40 and Northwestern Financial
Review named her Woman Banker of the Year when she was only 33 years old. In 2006, she was
featured in Business Watch magazine as one of North Dakota's top business innovators and the
same year US Banker magazine named her one of the 25 Top Women to Watch. She is
frequently quoted in national trade publications, has made presentations to numerous state and
federal symposiums, testified before the U.S. Congress and spoken to thousands of bankers in
nearly every state in the country.
Terry has served as chairman of the ICBA®; chairman of the ICBA Services Network®, ICBA
Securities® and ICBA Mortgage®. She’s also served as president of the Independent
Community Banks of North Dakota. As an appointed member of the FDIC Advisory Board on
Community Banking and the Federal Reserve Board’s Consumer Advisory Council, Terry
focused on the preservation of community banking in our nation’s economy. In addition, Terry
served as a member of the transition team for North Dakota governor and now Senator John
Hoeven while serving several years on the board of the North Dakota Department of Financial
Institutions.
Terry is a graduate of the University of Illinois at Urbana-Champaign with a degree in Finance
and Economics. She and her husband Mike have three children and live in Northern Virginia.
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Keynote Address: Steve Kaplan, Senior Advisor to the Director at the Consumer Financial
Protection Bureau
Mr. Kaplan is a Philadelphia native, born, raised and educated in its public school system. He
began his professional career as an Assistant District Attorney in his hometown developing a
specialty in the prosecution of economic crimes. After several years he moved to the private
sector as the Chief of Litigation for a bank that became known as MellonPSFS. Over a twentyfive year career he served that institution in many capacities including General Counsel, Chief of
Staff and Chairman of the Mellon Mid-Atlantic Charitable Trusts. In 2007 he was nominated by
the Governor of Pennsylvania and confirmed by the Senate to serve as a member of the
Governor’s Cabinet as the Commonwealth’s Secretary of Banking.
In 2011 Mr. Kaplan accepted a position with the newly formed Consumer Financial Protection
Bureau as its Regional Director for the Northeastern United States. In that role he was
responsible for designing and implementing the supervision and examination program for the
many large depository and non-depository financial institutions located in that part of the country
while managing agency’s regional headquarters in New York City. Mr. Kaplan served as
Regional Director for the Northeastern United States until January 2015.
In 2014 Mr. Kaplan moved from New York to Washington, D.C. to assume his present role as
Senior Advisor to the Director. Mr. Kaplan and his wife, Ellen, continue to maintain their
permanent residence in Philadelphia where she serves as the city’s Chief Integrity Officer.
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Section 23A
Panelists
Chris Paridon, Counsel, Davis Polk & Wardwell LLP (Moderator)
Chris is counsel in the Financial Institutions Group of Davis Polk & Wardwell LLP, practicing in
the Washington DC office. He provides bank regulatory advice on a wide variety of financial
regulatory matters, including bank M&A and capital markets transactions, enforcement actions
and financial regulatory reform. Chris is actively involved in providing transactional and
regulatory advice under the Federal banking laws, including the BHC Act, National Bank Act
and Dodd-Frank Act among others, including advice regarding:
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The impact and implementation of the Dodd-Frank Act, particularly related to the
Volcker Rule;
Implementation of various requirements for enhanced prudential standards under
Section 165 of the Dodd-Frank Act;
Circumstances when one company would control another company under the BHC
Act, as well as proposals related to divestiture of control under the BHC Act;
The bank regulatory aspects of Banco Santander, S.A.’s proposed joint venture with
UniCredit, S.p.A. and Warburg Pincus to combine Santander Asset Management with
Pioneer Global Asset Management, with total assets under management of
approximately €400 billion; and
Permissibility of a wide variety of activities under the BHC Act and the National
Bank Act, as well as the effect of Sections 23A and 23B of the Federal Reserve Act
on inter-affiliate transactions.
Between 2008 and 2014, Chris served in the Legal Division of the Board of Governors of the
Federal Reserve System where he concentrated on regulation of banks and bank holding
companies under the Bank Holding Company Act (“BHC Act”), Change in Bank Control Act,
and Federal Reserve Act, among others. Most recently, he worked on implementation of various
aspects of implementing the Dodd-Frank Act, including the Volcker Rule, swaps push-out, and
financial sector concentration limit. During his time at the Federal Reserve, Chris also worked
on and advised regarding numerous U.S. and non-U.S. mergers and acquisitions of all types and
sizes involving banks, bank holding companies, and nonbanking subsidiaries. During his tenure,
he was involved in overseeing the conformance of a number of new bank holding companies,
including work on determining whether certain activities were permissible under the BHC Act.
Chris has significant experience working on investments in banks and bank holding companies
by private equity investors. He previously served as government relations counsel at the
American Bankers Association and attorney-advisor with the U.S. Department of Commerce’s
Office of the General Counsel.
Chris received a double B.A. with departmental honors from Ohio University, and a J.D. from
Boston University School of Law.
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Curtis K. Tao, Managing Director and Associate General Counsel, Citigroup
Curtis is a Managing Director and Associate General Counsel at Citigroup, and advised on
bank and bank holding company regulatory matters at Citigroup from 2005 to 2009, and
returned to Citigroup in November 2011. From 2009 to November 2011, Curtis was an
Associate General Counsel at Goldman Sachs, also advising on bank and bank holding
company regulatory matters.
From 2001 to 2005, Curtis was an associate at the law firm of Cleary, Gottlieb, Steen &
Hamilton LLP. Curtis clerked for Chief Justice Deborah T. Poritz of the New Jersey
Supreme Court for the 2000-2001 term, and for Judge John L. Coffey of the Federal Court of
Appeals for the Seventh Circuit for the 1999-2000 term.
Curtis received his J.D. from Rutgers School of Law, Newark (1999), and his B.A. from
Rutgers University (1995). Curtis is admitted to practice in New York and New Jersey.
Kathleen Juhase, Managing Director and Associate General Counsel, JPMorgan Chase & Co.
Kathleen A. Juhase is a Managing Director and Associate General Counsel in the Legal
Department of JPMorgan Chase & Co. (“JPMC”), where she is a member of the Bank
Regulatory Group focusing on JPMC’s Investment Banking Businesses. The Bank Regulatory
Group reviews new activities and capital investments and acquisitions, advises on the impact of
U.S. regulations on existing business, prepares U.S. bank regulatory applications for the firm,
serves as the primary liaison with the firm’s U.S. bank regulatory agencies, and responds to
inquiries from overseas regulators.
Kathleen received her B.A. from Fordham University, her M.A. from New York University and
her J.D. from Brooklyn Law School.
Phillip A. Wertz, Associate General Counsel, Bank of America
Phillip A. Wertz is an Associate General Counsel in the Bank Regulatory Group of the Legal
Department of Bank of America Corporation and is based in Charlotte, North Carolina. He
provides enterprise-wide legal advice and subject matter expertise on U.S. bank regulatory
matters. He and his team coordinate bank regulatory applications, facilitate relationships with
bank regulatory supervisors, provide regulatory advice to lines of business and other support
partners on requirements of applicable bank regulatory laws and regulations and assist in
influencing and commenting on legislative and regulatory proposals, both directly and through
trade associations.
Phil joined Bank of America Legal Department in February 2001 and heads the Bank Regulatory
Group comprised of teammates located in the Charlotte, New York, Boston and London. Phil
has played key roles in the acquisition and integration of FleetBoston, MBNA, U.S. Trust,
LaSalle, Countrywide and Merrill Lynch. More recently, he has been assisting in advising on the
requirements, impacts and strategies to manage changes resulting from the Dodd-Frank Financial
Reform Act and other enhanced regulation of the financial services industry.
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Prior to joining Bank of America, from 1997 to 2001, Phil was an associate with the law firm
Cadwalader, Wickersham & Taft in Charlotte, North Carolina where he worked on commercial
and capital markets financing transactions.
Phil graduated from the Duke University School of Law in 1997 with a joint JD/LLM degree in
law and a master’s degree in international and comparative legal studies. He received his
undergraduate B.A. degree in English and Political Science from the University of North
Carolina at Chapel Hill in 1994. Phil is a licensed member of the North Carolina Bar
Association.
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Systemic Risk
Panelists
Laurence Kotlikoff, William Fairfield Warren Professor, Boston University (Moderator)
Laurence J. Kotlikoff is a William Fairfield Warren Professor at Boston University, a Professor
of Economics at Boston University, a Fellow of the American Academy of Arts and Sciences, a
Fellow of the Econometric Society, a Research Associate of the National Bureau of Economic
Research, President of Economic Security Planning, Inc., a company specializing in financial
planning software, and the Director of the Tax Analysis Center.
Laurence received his B.A. in Economics from the University of Pennsylvania in 1973 and his
Ph.D. in Economics from Harvard University in 1977.
Sean Collins, Senior Director of Industry and Financial Analysis, Investment Company
Institute
Sean Collins, Senior Director of Industry and Financial Analysis, heads ICI’s research on the
structure of the mutual fund industry, industry trends, and the broader financial markets. Collins,
who joined ICI in 2000, is responsible for conducting and overseeing research on the flows,
assets, and fees of mutual funds, the costs and benefits of laws and regulations governing mutual
funds, issues related to money market funds, and research on systemic risk.
Prior to joining ICI, Collins was a staff economist at the Federal Reserve Board and at the
Reserve Bank of New Zealand. He has a PhD in economics from the University of California,
Santa Barbara, and a BA in economics from Claremont McKenna College.
Cornelius Hurley, Director of the Boston University Center for Finance, Law & Policy and
Senior Provost Fellow, Boston University
Professor Cornelius Hurley’s extensive career in financial sector has included service with the
Board of Governors of the Federal Reserve System in Washington, DC, a major New Englandbased bank holding company, a national bank consultancy firm and, now, Boston University.
Cornelius established the Boston office of The Secura Group, Washington, DC a national
financial services consulting firm of which he was a partner. Formerly, he was general counsel of
Shawmut Corporation, a regional bank holding company. As assistant general counsel of the
Board of Governors of the Federal Reserve System, he was responsible for the Fed’s role in
regulating international banking activities. Cornelius played a key part at the Fed in designing
and implementing the International Banking Act of 1978. That act was the first comprehensive
federal effort aimed at regulating foreign banks operating in the US.
Cornelius was appointed by Boston University’s provost to serve as the first director of the
University’s Center for Finance, Law & Policy. Previously, he ran the School of Law’s Morin
Center for Banking and Financial Law and the Graduate Program in Banking and Financial Law
from 2005 to 2011. He is the author of numerous articles and commentaries that have appeared
in The Wall Street Journal, The New York Times, Financial Times, American Banker, The
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Economist, The Boston Globe and other publications. Cornelius received his P.M.D. from
Harvard Business School, his J.D. from Georgetown University Law Center and attended Holy
Cross College for his A.B.
William Stern, Goodwin Procter LLP
William Stern is a partner in the firm's Financial Institutions Group and a member of its Banking,
Consumer Financial Services, and FinTech Practices. Bill works on a variety of transactional and
regulatory matters for Goodwin Procter's financial services clients. Bill regularly advises
depository institutions and their holding companies on compliance with regulatory requirements
related to capital, affiliate and insider transactions, permissible activities and investments, antimoney laundering rules, privacy requirements, trust department and asset management
operations, and consumer protection. He provides regulatory advice related to merger and
acquisition transactions undertaken by the firm's financial services clients as well as advising on
change in control requirements related to investments in financial institutions.
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