Weil, Gotshal & Manges has a new chief for its Financial Regulatory practice.  Derrick Cephas will step down as Amalgamated Bank CEO  at the end of April and join the prestigious law firm.  Mr. Cephas, who spent the past 5 years with Amalgamated, had previously been with Cadwalader, Wickersham & Taft - where he represented banks and other financial firms in regulatory matters for over a decade.

Before Mr. Cephas defended the financial industry, he policed it - serving as superintendent of banks for New York State, from 1991 to 1994.  He's also got strong political ties in New York.   Mr. Cerf's serves on Gov. Andrew Cuomo’s council of economic advisers, which works with the governor on budget issues.

        Beefing Up Regulatory Groups.   Law firms around the county have been bulking up in this areas, with the advent of the Dodd-Frank Reform Act.  These rules crack down on derivatives trading and executive compensation, among other practices. 

Mr. Cephas said in the statement. “Financial institutions are still digesting the sweeping regulatory reforms that have been and are continuing to be introduced.  I am excited to be joining this world-class firm at a time when there is so much we can do to help our clients sort through these complex issues and strengthen their ability to compete in this ever-changing environment.”   [NYT Dealbook, 4/26]