Welcome Valerie Song!

Why is interest in getting a bank charter increasing?

We’re happy to welcome Valerie Song as Senior Director to support our growing licensing practice.

Valerie Song

Licensing has been a key practice area for Klaros since we launched in 2019. From the outset, we recognized that mature fintechs would need to reevaluate the risks of their bank partnerships from time to time, and that some percentage of the evaluations would result in decisions to pursue a banking license, either de novo or by acquisition. Our founding partners knew the licensing process well and envisioned Klaros as a firm that could provide its clients with necessary support all the way through that process.

We’ve had a steady stream of licensing clients ever since, but even the best advice can’t overcome a hostile regulatory environment, and for most of the firm’s existence, that’s exactly what our licensing clients faced. 

But it’s a different ballgame now. Interest in and optimism about bank charters is booming, and our licensing practice is booming with it. We’re honored that so many leading U.S. and foreign fintechs have entrusted us with one of their most important strategic initiatives. We’re excited to introduce them to Valerie.

Valerie has extensive experience in the bank regulatory space, having spent nearly seventeen years in two different stints as an attorney with the Office of the Comptroller of the Currency (OCC), where she worked alongside Klaros partners Patrick Haggerty and Michele Alt, the leader of our licensing practice. 

At the OCC, she most recently served as Acting Associate Chief Counsel, where she led teams reviewing significant licensing transactions and provided guidance and legal assistance to OCC management on complex matters and special assignments. Before that she served as an Assistant Director in the Bank Advisory Group, where she led projects including licensing application reviews, rulemakings, guidance, and interpretive letters on matters addressing bank powers, novel bank activities, licensing activities, and corporate transactions.

Valerie also served as a Senior Associate at WilmerHale’s Financial Institution Group, where she advised financial service provider clients, including banks, bank holding companies, card issuers, mortgage lenders, and fintech companies, on regulatory, licensing, and business transaction matters.

Want to chat about risks and opportunities for your business in light of the current environment’s implications for bank licensing, innovation, regulation, or related topics? We’d love to hear from you. Send us a note at hello@klaros.com.