Donald N. Lamson

Of Counsel

Donald N. Lamson, of counsel and head of the Financial Institutions Advisory & Financial Regulatory Group in the Washington, D.C. office, advises international banks and financial institutions on bank regulatory and supervisory issues involving derivative activities, capital markets, M&A, changes in control, investments, internal investigations, enforcement and consumer compliance. He also advises various financial market participants on the implementation and impact of the Volcker Rule as well as other aspects of the Dodd-Frank Act. Prior to joining Shearman & Sterling, he spent 30 years at the OCC, the regulator of national banks. Detailed to the Treasury Department, he helped draft the Administration’s proposal for financial reform, which later became the Dodd-Frank Act, including the Volcker Rule.

Selected Experience

  • An international investment bank on the possible disposal of its global fund management businesses
  • Independent directors of JP Morgan Chase in connection with its CIO trading matter
  • Review of consumer laws for a consortium of Latin American banks

External Publications

  • Co-author, “Quality Matters: The growing uniformity of financial regulatory regimes means the results of US stress tests serve important lessons for European Banks,” IFLR (Jun. 2014) (with Sylvia Favretto)
  • Co-author, “What European Banks can learn from US Stress Tests,” IFLR (May 15 , 2014) (with Sylvia Favretto)
  • Co-author, “Basel III Framework: US/EU Comparison,” (September 17, 2013); posted in The Harvard Law School Forum on Corporate Governance and Financial Regulation (Sep. 27, 2013) (with Barnabas W.B. Reynolds)
  • Co-author, “Fed to Charge Big-Banks for Supervision Under Dodd-Frank”; posted in The Harvard Law School Forum on Corporate Governance and Financial Regulation (Aug. 29, 2013) (with Bradley K. Sabel)
  • “The Volcker Rule: an overview and lessons learned for non-U.S. reform efforts,” Revue de droit bancaire et financier - Revue Bimestrielle LexisNexis JurisClasseur, Dossier n° 39 (Juillet-Aout 2013)
  • Co-author, “Too Early to Tell If Dodd-Frank Ends ‘Too Big To Fail’” (May 28, 2013); referred to in post in The Harvard Law School Forum on Corporate Governance and Financial Regulation (Jun. 15, 2013) (with Bradley K. Sabel and David L. Portilla)
  • Co-author, “Challenging a SIFI Designation,” New York Law Journal (May 13, 2013) (with Bradley K. Sabel and Bradford Rossi)
  • Co-author, “FSOC’s Risky Push for Money-Market Fund Reform,” American Banker (Feb. 20, 2013) (with Sylvia Favretto)
  • “May CFPB Director Adopt Regulations to Cover Supervision of Non-Banks?” BNA Banking Report (Jul. 10, 2012)
  • Co-author, “Tightening the Limits on Big US Banks,” The Harvard Law School Forum on Corporate Governance and Financial Regulation (Jan. 30, 2012) (with Bradley K. Sabel and Gregg L. Rozansky)
  • Co-author, “Reinventing the Credit Rating,” New York Law Journal (Jan. 9, 2012) (with Bradley K. Sabel and Shriram Bhashyam)
  • “Restore Some Bailout Flexibility to the Federal Reserve,” American Banker (Sep. 12, 2011)
  • “The Federal Reserve’s Bailout Authority—In Search of the Road Less Traveled,” BNA Banking Report (Sep. 2011)
  • Co-author, “Developments in Asset-Backed Securitization since Dodd-Frank: An Assessment of the Regulatory Landscape,” Journal of Structured Finance (Sep. 2011) (with Gregg L. Rozansky)
  • “Financial Stability Oversight Counsel: All New or Deja Vu?,” Banking Report (May 2011)
  • Co-author, “The Consumer Financial Protection Bureau: Stand-Up or Stand-Off?,” Banking Report (Apr. 2011) (with Hilary Allen)
  • Co-author, “Consumer Financial Protection: It’s a Smaller World After All,” Banking Report (Mar. 2011) (with Hilary Allen)
  • Co-author, “SEC and CFTC Joint Rulemakings Under Dodd-Frank—A Regulatory Odd Couple?,” BNA Securities Regulation & Law (Mar. 2011) (with Hilary Allen)

Media Coverage

  • Quoted in “Republican CFTC Member Scott O’Malia Steps Down,” Law360 (Jul. 21, 2014)
  • Quoted in “Banks’ Living Wills Get Silent Treatment From Regulators,” Bloomberg BNA’s Banking Report (Jul. 1, 2014)
  • Quoted in “Wall Street’s Latest Must-Have? A Volcker Helper,” The New York Times (Jun. 20, 2014)
  • Quoted in “Banks’ Oversears Swaps Moves Drawing CFTC Attention,” Bloomberg (Apr. 26, 2014)
  • Quoted in “Wall Street Shift Of Swap Trading Overseas Said To Draw CFTC Scrutiny,” WSJ (Apr. 25, 2014)
  • Quoted in “Yellen Suggests That Fed Will Push To Shore Up Market For Short-Term Debt,” The New York Times (Apr. 16, 2014)
  • Quoted in “Volcker Rule Continues To Elude Attack,” Law360 (Mar. 28, 2014)
  • Quoted in “European Banks Eye A Shift In US Capital Ratios,” Financial Times (Feb. 19, 2014)
  • YouTube video, Shearman & Sterling LLP, “The Volcker Rule: Compliance Challenges” (Dec. 30, 2013)
  • Quoted in “Banks, Agencies Draw Battle Lines Over ‘Volcker Rule’ - Financial Firms Turn to Consultants; Regulators Try to Decide Who’s in Charge,” WSJ Online (Dec. 11, 2013)
  • Interviewed on Fox News, “What the Volcker Rule Means to the Average Joe” (Dec. 10, 2013)
  • Interviewed on Bloomberg TV, “What is the Volcker Rule Really About” (Dec. 10, 2013)
  • Quoted in “Enforcing Volcker Rule May Require Maze of Regulators - Not Enough to Say No Proprietary Trading, ‘You Have to Prove’ It,” WSJ Online (Dec. 10, 2013)
  • Quoted in “Tougher Volcker Rule Set To Be Issued Tuesday,” The Deal Pipeline (Dec. 9, 2013)
  • Quoted in “Gensler Said To Win Volcker-Rule Limits For Foreign Banks,” Bloomberg (Dec. 7, 2013)
  • Quoted in “TalkingPoint: Anti-Money Laundering Issues For Financial Institutions – Talking Point” Financier (Dec. 2013)
  • Quoted in “Pressure Builds To Finish Volcker Rule On Wall St. Oversight,” The New York Times (Nov. 18, 2013)
  • Quoted in “Yellen May Be Forced To Defend Fed’s Role As Regulator,” Law360 (Nov. 13, 2013)
  • Quoted in “Massad Faces Rough Road Atop Resource-Strapped CFTC,” Law360 (Nov. 12, 2013)
  • Quoted in “Fed Data Could Be Precursor To Private Funds Oversight,” The Deal Pipeline (Nov. 5, 2013)
  • Quoted in “After JPMorgan, Banks Seek Protections In Future Bailouts,” (Oct. 22, 2013)
  • Quoted in “Prudential Doesn’t Sue U.S.; Other ‘SIFIs’ Aren’t Likely To Either,” The Deal Pipeline (Oct. 21, 2013)
  • Quoted in “Tougher Fed Rules Could Drive Banks From Commodity Biz,” Law360 (Oct. 17, 2013)
  • Quoted in “Fed’s Tarullo: Global Regulators Need Breathing Room To Reach Deal On Living Wills,” The Deal Pipeline (Oct. 11, 2013)
  • YouTube video, “The Good Bank Debate,” New York School of Law (Oct. 9, 2013)
  • Quoted in “Departing CFTC Head Gensler Put Agency On The Map,” Law360 (Oct. 3, 2013)
  • Interviewed on, “Has Dodd Frank Lived Up to the Hype?” NewsLook Videos The Street (Sep. 18, 2013)
  • Quoted in “Bank deal rules and derivatives moves helped do in Summers,” The Deal Pipeline (Sep. 16, 2013)
  • Quoted in “Volcker Rule Tops List of Banking Regs To Watch This Fall,” Law360 (Aug. 30, 2013)
  • Quoted in “United States: Actions Required Under Derivatives Reforms,”
  • Quoted in “Fed Looks Poised To Dial Back Banks’ Energy Biz,” Law360 (Jul. 22, 2013)
  • Quoted in “CFTC cross-border rules slammed as ‘rushed’,” Risk Magazine (Jul. 15, 2013)
  • Quoted in “US-Europe derivatives deal risks lawsuits ahead,” (Jul. 12, 2013)
  • Quoted in “Sewing Together Swaps Rules Tapestry,” The WSJ Morning Risk Report Blog (Jul. 12, 2013)
  • Quoted in “DERIVATIVES: Gensler risks cross-border litigation,” IFR (Jul. 11, 2013)
  • Quoted in “Prudential Financial Sifi appeal ‘futile’,” Insurance Risk (Jul. 5, 2013)
  • Quoted in “Prudential challenges designation,” The Portland Press Herald (Jul. 5, 2013)
  • Quoted in “What Do New Capital Rules Mean for U.S. Banks?” Wall St. Cheat Sheet (Jul. 4, 2013)
  • Quoted in “Prudential enters unchartered legal realm by appealing its regulatory label,” The Washington Post Business Page (Jul. 3, 2013)
  • Quoted in “Big bank stress tests are back,” MarketWatch (Jul. 3, 2013)
  • Quoted in “Fears of disjointed regulation of systemically risky insurers grow,” Insurance Risk (Jun. 12, 2013)
  • Quoted in “SEC Head White Passes 1st Test With Money Fund Reforms,” Law360 (Jun. 5, 2013)
  • Quoted in “Swap Dealers’ Overseas Branches Gain Exemptions in SEC Plan,” The Washington Post Business Page (May 2, 2013)
  • Quoted in “U.S. Swap Dealers’ Overseas Branches Gain Exemptions in SEC Plan,” Bloomberg News (May 1, 2013)


  • Georgetown University Law Center, J.D., 1980
  • Harvard College, B.A., 1977, cum laude


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