Stephen D.A. Clark is Co-Chair of the firm’s Financial Institutions practice group. Offering clients over 30 years of experience, Stephen advises financial institutions on critical regulatory and policy issues and on all aspects of their banking business including regulation, compliance, credit cards, debit cards and payment systems.
Stephen has experience establishing new financial institutions in Canada for both domestic and international entrants. He has also advised clients on mergers and acquisitions activities, including the acquisition of financial institutions and their integration, the purchase and sale of bank branches, credit card portfolios and other financial assets.
Stephen sits on a committee of the Office of the Superintendent of Financial Institutions (OSFI), dealing with bank and insurance regulatory matters. He has also published articles on corporate finance, banking law, corporate lending and secured transactions.
Stephen advises Canada’s largest domestic banks, smaller mono-line banks, foreign bank branches in Canada and foreign banks looking to do business in Canada. Assisting with all aspects of the regulatory implications on their business, Stephen’s advice extends beyond financial institutions to financial intermediaries and the impact of regulation on them.
Business of Banking
Stephen has broad experience providing clients with advice, opinions and transactions on all regulatory and commercial aspects of the core business of banking. He assists with retail banking products and services such as credit and debit cards, deposit products, payment products and payment systems.
Credit and Debit Cards
Stephen advises clients on all aspects of issuing credit cards and co-brand credit card programs, private label credit card programs and the buying and selling of credit card portfolios. He has advised on most of the largest loyalty co-brand arrangements in Canada.
Stephen offers clients a team of specialists providing advice on all aspects of consumer lending including cost of borrowing, consumer reporting, electronic commerce, privacy, data protection, AML and advertising disclosure.
Financial Institution Mergers and Acquisitions
Stephen has advised on many high-profile Canadian mergers and acquisitions transactions on behalf of Canada’s largest banks on the purchase and sale of financial institutions and financial asset portfolios including credit cards, auto loans, mortgage, vehicle and equipment leases.
Stephen regularly advises the Canadian Bankers Association on issues critical to Canada’s banks including on new legislation and regulations including payment system legislative changes. Recently Stephen advised all 18 of Canada’s banks on Marcotte, the most important Supreme Court of Canada decision ever to affect banks.