Financial institutions have never been more heavily regulated. Making matters more difficult is the fact that many of the statutes found in Reg P are vague and leave ambiguity as to what congress intended. If you work in the financial industry you know that ambiguity can be the regulator’s best friend and the institution’s worst nightmare. Stokes Law has vast experience regarding regulatory matters. Ted Stokes, the managing member of Stokes Law, gained much of his regulatory experience from his time as a law clerk and an attorney at Goodman Law PLLC, where he was mentored by the well-respected banking attorney and graduate of the Pacific Coast Banking School, Jeremy Goodman.
Most notably, Ted successfully represented Guaranty Solutions, LLC against AmeriFirst Financial in the first known case in which an Arizona court interpreted the Gramm-Leach-Bliley Act’s judicial process exception. Since winning that case, Ted has been chosen to teach CLEs and hosts client advisories on the tricky issues that could cause your institution to be exposed to liability regarding regulatory matters.
Stokes Law also emphasizes its regulatory advisement in the area of the Dodd-Frank Wall Street Reform and Consumer Protections Act (“Dodd-Frank”). After the D.C. District Court vacated Regulation II, Ted co-authored D.C. District Slams Federal Reserve and Regulation II, ARIZONA BANKER, (Fall 2013), which explained why the ruling was incorrect and advocating for a reversal at the appellate level. In March of 2014 the Circuit Court agreed and overturned the District Court’s decision.