Cadwalader Enhances Bank Regulatory Team With Former FDIC Leader Andrew Karp

March 04, 2024

Cadwalader has added former FDIC Deputy General Counsel and banking industry veteran Andrew Karp as a partner. Andrew starts today and will be resident in the firm’s New York office.

“Andrew’s impressive experience from his years at the FDIC and the Federal Reserve and as the U.S. General Counsel to Bank of Montreal will greatly enhance Cadwalader’s already formidable practice advising financial institutions on transactional and regulatory matters,” said Cadwalader Managing Partner Pat Quinn. “His arrival comes at a critical moment for our clients, particularly U.S. regional and super-regional banks, as they continue to navigate a rapidly evolving regulatory landscape, volatility in commercial real estate and other issues. We are thrilled to welcome Andrew back to the firm.”

Andrew has over 25 years of experience in financial law and regulation, with leadership positions in government, global banking and private practice. He joined the FDIC in 2020, first serving as the agency’s Deputy General Counsel, where he led the team responsible for advising the agency board and management on receivership and resolution matters. More recently, Andrew was Senior Special Counsel, where he advised the General Counsel. Prior to government service, Andrew held senior positions with the Bank of Montreal, including as its U.S. General Counsel and its first Chief Regulatory Officer; and BNY Mellon, where he served as Managing Director and Senior Managing Counsel. Before going in-house, Andrew worked in the Legal Division of the Federal Reserve and was in private practice, focusing on bank regulatory and capital markets matters, with top law firms, including Cadwalader. He has earned recognition for his leadership, including being named to the 2023 Law360 Banking Editorial Advisory Board; the “Financial Regulatory Lawyer of the Year” and a member of the “Legal Team of the Year” by GC Magazine; and a “Rising Star” by the Legal 500 as part of its “GC Power List.”

Andrew’s arrival is the latest enhancement to Cadwalader’s continued strategic expansion of its financial regulation capabilities. In less than two years, the firm has welcomed top UK financial regulatory partner Alix Prentice, CFTC regulatory partner Peter Malyshev, and former FTC lawyer and leading fintech and consumer financial services partner Mercedes Tunstall, as well as a host of lateral partners in related practices.

“I’m very excited to join such an impressive team,” Andrew said. “There’s much on the horizon that financial services clients have to contend with, such as the Basel III Endgame and similar supervisory and regulatory intensity, where Cadwalader is uniquely positioned to help.” 

Among the market-leading practices at Cadwalader that will benefit from Andrew’s arrival is the firm’s Capital Relief Trades (CRT) practice, which is coming off of a strong year in which it was named among the top teams by Structured Credit Investor. The group represents market participants in connection with all manner of bank capital relief trades across a broad range of risk-weighted asset classes. Banks are simultaneously navigating risk-weighted asset constraints and evolving portfolio credit trends, while investors have shown a keen sensitivity to any potential missteps. CRTs are poised to become far more widely understood and appreciated in 2024 as a proactive strategy for insuring against loan portfolio credit deterioration while freeing up risk-weighted asset capacity.

“Andrew is a tremendous addition to our trans-Atlantic team of transactional and regulatory partners,” said Jed Miller, partner and head of Cadwalader’s CRT practice. “His blend of government and in-house experience complements our market-leading expertise. We believe having Andrew with us will add a lot of value to bank clients facing some of the most complex issues in recent memory.”