David A. Felt

Senior Counsel

Direct: 202.677.4044
Fax: 202.677.4045
1775 Pennsylvania Avenue, NW
Suite 1000
Washington, District of Columbia 20006


David is senior counsel in the Government & Regulatory Affairs practice, the Privacy & Consumer Regulatory practice, and member of the Payment Systems industry team. Widely recognized for his expertise in banking, payments, housing and consumer finance law, he brings three decades of experience working in financial regulatory agencies to AGG. As a leading legal advisor to the banking and financial services industries, David helps clients handle regulatory issues, investigations and litigation. He also serves as an expert witness on bank regulatory, examination, governance and compliance matters. As a result of his leadership roles in major examinations and enforcement cases, David helps clients mitigate risks when dealing with the Consumer Finance Protection Bureau (CFPB), the Federal Trade Commission (FTC), the Federal Deposit Insurance Corporation (FDIC) and other financial industry regulators. His practice includes governance studies, housing and government sponsored enterprise (GSE) issues, state and federal money service business licensing and registration, Bank Holding Company Act issues, mortgage origination and servicing rules, director and officer liability cases, consumer protection law, and privacy law.

Leveraging his agency experience, David offers a unique and extensive view into the regulatory and legislative landscape. He has drafted enforcement, capital, insurance, conservatorship and receivership regulations and frequently counseled agency heads regarding the scope and interpretation of statutes and regulations. He collaborated closely with legislators and Congressional staff on a number of legislative initiatives, including the bill that established the Federal Housing Finance Agency (FHFA) and created a new regulatory regime for Fannie, Freddie and the Federal Home Loan Banks. Before moving to management positions, David served as a trial attorney and appellate litigator at the FDIC, appearing before the U.S. Supreme Court and arguing cases in numerous federal and state courts of appeals

During his distinguished government career, David served as Deputy General Counsel for the FHFA and Acting General Counsel for the Office of Federal Housing Enterprise Oversight after holding senior jobs with bank and thrift regulators. As Deputy General Counsel for Conservatorships at the FHFA, he ran the legal teams that planned and executed the conservatorships of Fannie Mae and Freddie Mac. Thereafter, he headed an office for the conservator to oversee the hundreds of lawyers and all the legal work of those companies. David earlier served as legal advisor to the examination teams that uncovered multi-billion dollar accounting frauds at Fannie Mae and Freddie Mac and led the enforcement cases that his agency brought against those companies and their executives. During his career, he led teams that litigated numerous high profile director and officer liability cases, large commercial cases and bankruptcies, and challenges to agency regulatory authorities.


  • Correctly analyzed and predicted the outcome of a group of multibillion dollar securities cases involving the GSEs for private equity investors.

  • Conducted survey of money service business and money transmitter laws in all US states and territories for major payment processor, recommending numerous measures to address compliance gaps.

  • Identified compliance risks for a potential acquirer of a U.S. payments processor, after analyzing the target company’s potential liability under numerous state laws, permitting negotiation of appropriate protections in the multimillion dollar acquisition agreement.

  • Performed a corporate governance review for a billion dollar bank operating under an FDIC consent order and prepared recommendations that, when implemented, resulted in the lifting of the order.

  • On behalf of an international trade association, successfully petitioned the Comptroller of the Currency for a change in supervision policy that was critical to the association’s members.

  • Conducted a consumer compliance risk analysis and a mock examination for a national educational lender.

  • Drafted comments for a financial company that helped persuade FHFA to modify a proposed regulation that otherwise would have eliminated a line of business worth tens of millions of dollars annually to the client.

  • Successfully counseled class action plaintiffs lawyers, who had achieved a billion dollar settlement after 25 years of litigation, how to deposit the funds in banks in a manner that would maximize federal insurance and protect the funds during the multiyear process to identify class members and distribute the funds.

  • Testified as an expert in governance and conflict of interest regulation on behalf of a bank and its executives, who were being sued for millions of dollars by a disgruntled trust beneficiary, resulting in the case quickly settling on highly favorable terms for defendants.


  • Georgetown University Law Center, Juris Doctor
  • George Mason University, Bachelor of Arts,
    with High Honors
  • State of Virginia
  • District of Columbia
  • Supreme Court of the United States
  • Supreme Court of Virginia
  • United States District Court for the Eastern District of Virginia
  • United States Court of Appeals for the First Circuit
  • United States Court of Appeals for the Seventh Circuit
  • United States Court of Appeals for the Ninth Circuit
  • United States Court of Appeals for the District of Columbia Circuit
    • American Bar Association

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