The U.S. Department of Justice (DOJ) has in recent years expanded its use of a 25-year-old statute—the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)—as it investigates financial institutions. FIRREA was initially enacted in the late 1980s in response to the savings and loan crisis. It was little used until about five years ago, when the government began employing FIRREA in large-scale financial investigations and prosecutions.

One such initiative is Operation Choke Point, a DOJ initiative investigating alleged fraud among banks, payment processors, payday lenders, and other companies. The DOJ has also used FIRREA to investigate subprime residential mortgage loan underwriting and sales of mortgage-backed securities. The DOJ is now using FIRREA to examine the securitization of subprime auto loans, and may soon turn its attention to financial institutions involved in student lending. 

topics

  • What is FIRREA all about? 
  • Why is the DOJ enamored with FIRREA?
  • How has the DOJ used FIRREA? 
  • How do you respond to a DOJ investigation?

Program

12:00 PM - 1:00 PM ET | Webinar

Moderator

Alan S. Kaplinsky, Practice Leader
Consumer Financial Services Group

Presenters

Marjorie J. Peerce
Consumer Financial Services Group
White Collar Defense/Internal Investigations Group

James A. Mitchell 
Consumer Financial Services Group
White Collar Defense/Internal Investigations Group

This program is open to Ballard Spahr clients and members of the financial services industry. There is no cost to attend. This program is not eligible for continuing education credits.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact Lisa Prickril at prickrill@ballardspahr.com.

Related Practices

Consumer Financial Services
Mortgage Banking
White Collar Defense/Internal Investigations