Practices

Casey J. Jennings is a partner in Seward & Kissel’s Investment Management Group and is located in Seward & Kissel’s Washington D.C. office. Casey joined Seward & Kissel in 2017.

Casey is a banking regulatory attorney specializing in advising non-bank financial institutions (such as investment managers, funds, broker-dealers, and fintechs) on banking and securities law issues, with the following primary areas of expertise:

Bank Deposit Funding. Retail and commercial deposits fulfill a major share of banks’ funding needs. More than $3 trillion of those deposits are retail deposits placed by agents, such as broker-dealers or other banks. We represent most of the major broker-dealers and deposit placement networks in the U.S., as well as numerous fintechs, on agent-placed deposit arrangements. We operate the nation’s foremost legal practice in this area, which has developed the documentation and legal structures that currently support approximately 10% of all domestic deposits in U.S. banks.

Bank Holding Company Act (“BHCA”) & Volcker Rule. The BHCA can restrict an investment manager or fund when a bank or an affiliate of bank invests in a fund, sponsors a fund, or advises a fund. Sometimes these actions are prohibited by the “Volcker Rule.” When permitted, issues often arise if a bank or affiliate of a bank “controls” a fund. And if a bank or an affiliate of a bank controls a fund, the BHCA may limit a fund’s investments or credit transactions between the fund and the bank or its affiliates. Casey advises clients on how to structure and contract around these issues.

Data Privacy & Cybersecurity / Incident Response. All financial institutions doing business in the U.S., including investment managers and funds, are subject to federal requirements on (i) how they collect, process, and store the personal information of individuals, (ii) with whom they can share such data, and (iii) how they must protect such data. Many states now impose their own requirements. Moreover, in the event of a data breach, each state has its own notification requirements. Casey helps clients develop data protection policies and procedures, draft and negotiate data agreements with vendors and counterparties, and respond to breaches.

FinTech Regulation & Licensing/Blockchain. Casey’s practice surveys many areas of law, which enables him to assist clients – whether technology firms, crypto firms, private equity managers, or “TradFi” companies – in structuring new financial products that implicate banking and securities laws. Casey has advised clients on offerings of security and utility tokens, public and private offerings, and assist investors seeking to invest in token offerings or seed rounds.

Casey has also advised clients on federal and state law compliance and license requirements in connection with the issuance, transfer, and possession of cryptoassets, including money services business (MSB) registration, money transmitter licenses (MTL), and other state licensing issues (including NY BitLicense applications).Casey regularly contribute to Seward & Kissel’s Cryptocurrency and Blockchain blog, SKrypto.

Anti-Money Laundering (“AML”). Most U.S. financial institutions (though not private advisers or private funds) are subject to AML requirements. But even private advisers and private funds face are usually required by counterparties, such as banks and broker-dealers, to comply with AML regulations as if they were directly subject to them. Casey assists clients in developing and implementing risk-based AML compliance programs and negotiating and drafting contracts with AML provisions.

Consumer Financial Protection. Casey developed consumer lending policy at the federal Consumer Financial Protection Bureau (“CFPB”) for four years. Casey represents clients including private credit funds, fintech lenders, banks, and broker-dealers on consumer protection issues arising under lending and consumer payments regulations.

Direct Foreign Investment (CFIUS). The Committee on Foreign Investment in the United States (“CFIUS”) conducts national security reviews of foreign direct investment into the United States. Investment funds are not exempt from CFIUS jurisdiction. CFIUS has jurisdiction to review any transaction that could result in “control” of a U.S. business by a foreign person. CFIUS also has jurisdiction over certain noncontrolling investments into companies that work with “critical technologies,” “critical infrastructure,” or “sensitive personal data.” CFIUS can modify or unwind a transaction even years after closing. Casey advises clients on how to structure transactions in light of these requirements.

Casey was formerly a law clerk for the Honorable James C. Turk, Senior United States District Judge for the Western District of Virginia.


Selected Publications

FDIC Bank Disclosure Rules Raise Important Questions (2024) (https://www.law360.com/articles/1827608).

Getting the Deal Through: Fintech, Lexology (2024) (https://www.lexology.com/gtdt/workareas/fintech).

Strategies for Wire Fraud Prevention As Risk is On the Rise, Law360 (December 2023) (https://www.sewkis.com/wp-content/uploads/Law360-%E2%80%93-Strategies-For-Wire-Fraud-Prevention-As-Risk-Is-On-The-Rise.pdf).

Bank Failure: Background and Issues to Consider, JDSupra (March 2023) (https://www.jdsupra.com/legalnews/bank-failure-background-and-issues-to-8453570/).

Privacy and Cybersecurity: How Advisers Must Protect their Clients’ Most Valuable Asset, Investment Advisers Association Compliance Corner (August 2022) (https://www.sewkis.com/wp-content/uploads/IAA_August2022_ComplianceCorner.pdf).

Getting the Deal Through: Fintech, Lexology (2023).

Getting the Deal Through: Fintech, Lexology (2022).

The FDIC Giveth and the FDIC Taketh Away: Amendments to the Brokered Deposit Regulations (December 2020) (https://www.sewkis.com/publications/the-fdic-giveth-and-the-fdic-taketh-away-amendments-to-the-brokered-deposit-regulations/).

To Form a More Perfect Union: Taxation, Economic Efficiency, and the Dormant Commerce Clause in Department of Revenue v. Davis, 88 N.C. L. Rev. 311 (2009) (https://scholarship.law.unc.edu/cgi/viewcontent.cgi?article=4407&context=nclr).

Speaking Engagements

Guest Lecturer, University of California School of Law, Data Privacy, Cybersecurity, and Consumer Protection (2019–2024).

Panelist, Stablecoins and Payments, Seward & Kissel Blockchain Symposium (2024).

Panelist, “Crypto Payments,” Electronic Payments Association Payments Compliance Conference (2023).

Presenter, “Regulation DD: Truth In Savings Act Compliance and Requirements,” Lorman Webinar Series (2023).

Organizer, Moderator, and Panelist, 2023 FinTech Forum hosted by Berkeley Law and Seward & Kissel LLP (2023).

Panelist, “How recent events in banking affect doing business in and adjacent to the cryptocurrency field,” Seward & Kissel Blockchain Symposium (2023).

Panelist, Seward & Kissel Blockchain Symposium (2022).

Presenter, “The FDIC’s Brokered Deposit Amendments: Lessons Learned, One Year On,” Lorman Webinar Series (2022).

Publications