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Arnstein & Lehr recruits former financial services regulator

Manny Flores joins the Chicago office as a partner

26 August 2015

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Manuel (Manny) Flores has joined US law firm Arnstein & Lehr's Chicago office as a partner in its banks and financial institutions practice group.

Flores was formerly acting secretary at the Illinois Department of Financial and Professional Regulation (IDFPR). As a regulator, Flores developed and implemented Illinois statewide policy for the financial services industry.

"We are pleased to have Manny join us at Arnstein & Lehr," said Michael Gesas, managing partner of the firm's Chicago office. "He brings a wealth of experience to our banking practice as well as adds significant depth to the capabilities of our office."

Mr. Flores is recognised for changing the IDFPR's culture during his four years there, increasing transparency, engaging with consumers and industry leaders, streamlining and modernising operations and raising the agency's profile nationally.

Working with federal banking regulators, he supervised examinations, major investigations and enforcement actions of depository institutions and consumer finance companies relating to prudential and regulatory compliance matters.

"I'm so proud of what we were able to accomplish at the IDFPR," said Flores. "I was there during a critical time for the financial services sector and it was essential to help re-establish public confidence in the system."

As a member of the Conference of State Bank Supervisors (CSBS), Flores worked with state regulators from around the country to shape policy on significant and emerging issues in the financial services industry.

With the CSBS, Flores and his IDFPR team strengthened consumer protection standards for mortgage servicers in the wake of the financial crisis, and were party to the US$25 billion settlement with five of the biggest mortgage lenders following the collapse of the housing market.

Previously, Flores spent a year as acting chair of the Illinois Commerce Commission. He also served as first ward alderman at the Chicago City Council for nearly two terms.

 

 

 

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