Nancy Eff Presnell

Partner

Louisville, KY

Office Phone Number 502.779.8750 Email
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Industries

Practices

Biography

Nancy’s practice focuses on financial service providers including banks, fintechs and traditional and virtual currency money service businesses. Nancy advises on a wide range of topics including regulatory relations and examination management, consumer facing documents and agreements, licensing requirements on the state and federal level, Anti-Money laundering and sanction programs, the Corporate Transparency Act and state abandoned property laws.

Nancy’s representation in the digital asset space includes preparing the analysis of the entity’s role under the definitions of money transmitter, developing Anti-Money Laundering programs if so required and maintaining proper licensing. Nancy often works directly with the state regulators representing her clients.

Nancy is a member of the Firm’s Corporate Transparency Act Implementation Team and Working Group and has presented on the topic of the Corporate Transparency Act to her peers.

Nancy joined Frost Brown Todd after over 22 years’ experience working in-house with a number of financial institutions and a broad understanding of how financial institutions function.

Other Info About Nancy

Experience

Legal Work Highlights

Draft credit card and charge card solicitations, disclosures and agreements in both electronic and hard copy formats for numerous clients.

Provide counsel to entities launching prepaid programs, including drafting of program documentation. Advise clients on program formation and draft prepaid and gift card disclosures and agreements in both electronic and hard copy formats.

Draft deposit account agreements including two clients, one a CFPB bank and one a community bank, seeking assistance after an overdraft class action was commenced.

Primary outside counsel in bank branch sale.

Primary outside counsel in transactions, which resulted in the acquisition and assumption of deposit accounts in the form of prepaid cards.

Assist client with LIBOR transition plan, including drafting the plan, timing of communications and selection of a substitute index.

Evaluate business models and draft memoranda and legal opinions on state money transmitter and federal money services business regulations, including digital assets and prepaid program management.

Evaluate business organizations to determine registration requirements under the Corporate Transparency Act.

Assist clients in matters regarding abandoned property and remittance to state authorities, including negotiation and drafting of a Voluntary Disclosure Agreement with a state unclaimed property administrator in an amount of over $6 million and spanning fifteen years.

Draft Individual Development Account Agreement between bank and non-profit, as well as supporting documentation, such as participant application and disclosures, to support the Individual Development

Account Agreement and ensure the bank receives Community Reinvestment Act (CRA) consideration.

Advise numerous clients on paycheck protection program loans.

Advise bank regarding consumer compliance and violations cited in regulatory examination for RESPA Section 8 and Unfair Deceptive or Abusive Acts or Practices.

Advise bank in fair lending regulatory examination spanning five years of lending history, resulting in multiple regression analysis, and drafting of fair lending briefs.

Assist clients with Bank Merger Act Applications. Draft comments to or responses to comments as may be necessary.

Consult with state licensing authorities on the necessity of licensing on multiple topics including money transmission, lending transactions, and loan broker.

Served as the SVP, Managing Director of Compliance and CRA (Community Reinvestment Act) for a $5 billion institution with a 5-state footprint and multiple fintech product offerings.

Served as VP of Compliance for a bank holding company managing consumer compliance, BSA and CRA across five lines of business including two banks, a franchise lending company and a home equity lender.

Extensive experience in developing Compliance Management Systems, a Consumer Complaint Monitoring System, Consumer Compliance Risk Assessments, BSA Risk Assessments, CRA Assessments, Third Party

Due Diligence and various Training Programs.

Lead contact for Consumer Compliance Examinations, BSA Examinations and CRA Examinations with the Office of the Comptroller of the Currency (OCC), the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC).