Monica Freas

Ms. Freas’ practice focuses on bank regulatory supervisory and enforcement matters, internal investigations, BSA/AML and sanctions investigations, compliance and risk management, and emerging issues involving the regulation of blockchain technology, digital assets and stablecoins.

Ms. Freas leverages 17 years of enforcement experience at the Office of the Comptroller of the Currency (OCC) — including seven years as enforcement director — and her trial and litigation background to help financial institutions assess regulatory and litigation risk, conduct independent internal investigations, and navigate high-stakes supervisory, enforcement and government inquiries. She provides practical, strategic counsel that helps clients identify issues early, engage credibly with regulators and position themselves for the best possible outcome.

In addition, a central focus of Ms. Freas’ practice is advising bank charter applicants and payment stablecoin issuers on a variety of supervisory-related matters, including field investigations, pre-opening examinations, full-scope examinations and regulatory concerns.

She is one of few private practice attorneys with senior OCC leadership experience spanning frontline supervision, large bank oversight and enforcement. In these positions, she oversaw significant supervisory and enforcement matters involving many of the nation’s largest banking organizations and advised senior OCC leadership on supervisory strategy, regulatory policy and high-profile enforcement actions, including multiagency matters.

Ms. Freas’ guidance helps clients navigate an increasingly dynamic financial services landscape shaped by rapid regulatory developments, counseling both established financial institutions and emerging fintech, blockchain and stablecoin-related businesses on a range of supervisory engagement, enforcement risk, chartering, compliance and strategic regulatory matters.

Representative enforcement, supervisory, investigative and litigation matters that Ms. Freas handled while at the OCC and in private practice prior to joining Skadden include:

• advising on and directing major enforcement actions involving BSA/AML compliance, suspicious activity reporting, sanctions-related controls and foreign correspondent banking activities affecting large domestic and global financial institutions
• leading enforcement and supervisory matters involving governance, operational risk, consumer protection, fair lending and unsafe or unsound banking practices at large national and regional banking organizations
• overseeing agency responses to congressional oversight inquiries involving banking sales practices, fair lending, mortgage servicing, foreclosure practices and BSA/AML supervision, including coordinating agency responses, producing documents and leading congressional briefings
• advising on fair lending enforcement matters arising under the Fair Housing Act and related consumer protection laws
• conducting investigations involving allegations of executive misconduct, insider abuse, self-dealing, fraud, kickback schemes and expense abuse at problem bank institutions involving institution-affiliated parties and senior management
• managing interagency enforcement initiatives at large banking organizations, including coordination with federal banking agencies, the Department of Justice and FinCEN
• directing investigations and resolution of whistleblower complaints reported to the OCC that involved allegations of misconduct, violations of law, supervisory failures and control deficiencies at supervised institutions
• leading UDAP and consumer protection enforcement, including with regard to approaches to customer remediation
• representing financial institutions, shareholders and individuals in litigation matters involving monetary damages claims against the federal government arising from failed financial institutions and related regulatory actions
• defending former bank officers and directors in OCC enforcement proceedings involving alleged fiduciary duty breaches, legal lending limit violations and related banking law matters
• presenting recommendations to the OCC regarding termination of formal enforcement actions following verification of remediation, corrective action implementation and sustainability of compliance enhancements