Don Waack

Don advises global financial institutions on complex strategic and regulatory matters, with a particular focus on significant cross-border transactions, regulatory compliance issues, and related supervisory and enforcement matters. He is relied upon by many of the world’s leading global banking groups for his deep technical expertise, sound judgment, and commercially-focused advice. 

Don advises many of the world's largest banks and bank holding companies on key regulatory and compliance matters, including regulatory control determinations; investment authority issues and activities restrictions; asset management and fiduciary activities; fund formation; fintech partnerships and investments; digital asset and cryptocurrency activities; third-party risk management; and regulatory capital. He also advises challenger banks and other fintechs, as well as more traditional non-US financial institutions seeking entry into the US market, on federal and state chartering options and the establishment and optimization of global organizational structures.

Don frequently counsels financial services clients on the structuring and execution of significant investments and provides practical, commercially-focused advice in connection with mergers and acquisitions and other complex transactions. He also counsels hedge funds, private equity funds, and other firms regarding investments in the banking sector and transactions with banks and other regulated counterparties. In connection with his regulatory counselling practice, Don works frequently with the staffs of the major federal and state bank regulatory agencies.

Don also advises domestic and non-U.S. financial services firms on sensitive internal investigations and similar matters. He has experience structuring and managing cross-border internal regulatory compliance reviews and has represented clients in connection with a broad range of regulatory inquiries and investigations, including federal and state supervisory and enforcement matters.

Don is ranked by Chambers USA for Financial Services Regulation: Banking (Compliance). Clients have noted: “Don Waack manages to explain incredibly complex US regulation in a way which is clear and accessible, even to non-lawyers. His deep expertise in regulatory matters, combined with his thorough understanding of our business, makes him an invaluable person to work with.” (Legal 500 USA, 2025); “Don is excellent and deeply experienced in core bank regulatory matters,” He is “incredibly clear with his advice on the most confusing of regulations.” (Chambers USA, 2025); "very knowledgeable and fast," adding "[h]e understands complex areas of the US regulatory framework and he provides sound and practical advice." (Chambers USA, 2023); and Don has a “strong reputation in the market across a range of […] Dodd-Frank compliance work, as well as [on] M&A activity.” (The Legal 500, 2019).

• A large foreign banking organization before the Federal Reserve Board in connection with its review and remediation of Bank Holding Company Act (BHCA) compliance issues, including the restructuring and divestiture of non-conforming assets.
• A major non-US government investment fund regarding bank regulatory and structuring matters for private equity, credit, venture capital, and other fund investments, including compliance with the BHCA and Volcker Rule.
• Multiple U.S. hedge funds in connection with bank and savings and loan holding company investments and related regulatory and supervisory inquiries initiated by the Federal Reserve Board and various state authorities.
• A major non-U.S. bank trade association before the Federal Reserve Board in connection with advocacy efforts on key regulatory initiatives, including the FBO tailoring proposal and the proposal to amend BHCA control rules.
• Several major international banking organizations with respect to cross-border asset management and fiduciary activities, including structuring private investment funds and related products to comply with the BHCA, Volcker Rule, and intermediate holding company (IHC) regulations.
• A large non-U.S. banking group regarding legal authority and structuring issues related to U.S. real estate-related activities and investments.
• A large foreign banking organization in connection with the acquisition of a U.S. asset manager and expansion of a U.S. private wealth platform.