Overview
Karen is a nationally recognized bank regulatory and mergers and acquisitions attorney, and a financial industry advisor.
She advises clients on examination matters, compliance and enforcement actions, mergers and acquisitions, the recapitalization and acquisition of troubled banks, private equity and other investments in banking organizations, corporate governance, risk management, and payment system and trust matters.
Prior to joining Fredrikson, she had a 14-year career with the Federal Reserve Bank of Minneapolis where she was initially in the Law Department and ultimately the Senior Vice President of the Banking Supervision and Risk Management Departments. In this position, she was the senior officer in charge of safety and soundness, consumer, CRA, trust, and IT examinations, as well as applications involving banks and holding companies.
Services
Credentials
Education
- Loyola University Chicago School of Law, J.D., 1982
- Concordia College-Moorhead, B.A., 1977, summa cum laude
Admissions
- Illinois, 1982
- Minnesota, 1984
- U.S. District Court for the Northern District of Illinois, 1982
- Trial Bar, U.S. District Court for the Northern District of Illinois, 1984
- U.S. District Court for the District of Minnesota, 1986
Recognition
- Best Lawyers in America, Banking and Finance Law, 2006-2025; Financial Services Regulation Law, 2011-2025
- Top Lawyer – Banking & Financial Service Law, Minnesota Monthly, 2024
- Lawyer of the Year in Minneapolis for Financial Services Regulation Law, Best Lawyers, 2012, 2017, 2019, 2021, 2024
- Alumni Achievement Award, Concordia College, 2020
- Recognized as a Midwest Top Rated Lawyer, American Lawyer Media and Martindale Hubbell, 2019
- Recognized as a Top Rated Business Attorney, American Lawyer Media and Martindale Hubbell
- Minnesota Super Lawyers, Banking, 2008-2019
- Amazing Outside Director Award, NW Financial Review, 2018
- Outstanding Director Award, Twin Cities Business Magazine, 2016
- Lawyer of the Year in Minneapolis for Banking and Finance Law, Best Lawyers, 2016
- Honoree, MNCREW Annual Spotlight on Success, September, 2012
- Top Women in Finance Circle of Excellence, Finance and Commerce, 2011
- Industry Leaders List, Minneapolis/St. Paul Business Journal, 25 2007
- Concordia College Regent’s Award, 2000
Civic & Professional
Professional Activities
- American Bar Association, Member
- MN State Bar Association, Member
- MN State Bar Association, Banking Law Committee, Co-Chair
- MN State Bar Association, Business Law Institute Planning Committee
- MN State Bar Association Business Law Section Executive Council, Past Chair
- Hennepin County Bar Association, Member
- Citizens Independent Bank, Director, 2023-present
- TCF Financial Corporation, Director, 2010-2021
- Mitchell Hamline School of Law Center for Law and Business, Advisory Board Member, 2016-2019
- MN State Bar Association Business Law Institute, Planning Committee, May 2015
- Hamline University School of Law, Business Law Institute, Advisory Board Member, 2011-2015
- Thrivent Financial Bank, Director, 2006-2010
- Minnesota Women’s Economic Roundtable, Member, 2000-present, President and Director, 2005-2008
- MN Women Corporate Directors, Member, 2010-present
- National Association of Corporate Directors, Member, 2015-present
- MN Institute of Legal Education and MN CLE, Faculty Member
- University of Wisconsin Graduate School of Banking, Speaker
- Professional Trade Association Conferences and Seminars, Speaker
- University of Minnesota, St. Thomas University, and Hamline University, Guest Lecturer
- University of Minnesota Law School, Legal Writing Instructor
- Federal Reserve Bank of Minneapolis, Banking Supervision and Risk Management, Equal Employment Opportunity Officer, Senior Vice President, 1985-1999
- Frankel and McKay Ltd., Chicago, Trial Attorney, 1983-1985
Community
- Minnesota Orchestral Association, Director, 2023-present
- Norway House, Director, 2022-present
- Concordia College, Mentor, 2011-2020
- Concordia College Board of Regents, Director, 2011-2020
- Minnesota Youth Symphonies, Director and Past Chair, 2003-2009
- Augsburg College Suzuki Talent Education Foundation, Director, 2004-2005
- Twin Cities Neighborhood Housing Services, Inc., Director and Past Chair, 1993-2001
News & Insights
News
- Firm News
- Firm News
- Firm News
- Firm News
- Firm News
- Firm News
- Firm News
- Firm News
Legal Updates
- Legal Update
- Legal Update
- Legal Update
- Legal Update
- Legal Update
- Legal Update
- Legal Update
- Legal Update
- Legal Update
- Legal Update
- Legal Update
Publications & Presentations
Quoted in “Experts Predict M&A Pace Will Pick Up Following Slow ‘23,” BankBeat, June 2024
“The Legal Issues Raised in Minn. Rate Exportation Opt-Out Bill,” Law360, May 2024
Quoted in “Federal Judge Blocks CRA Final Rule Until Lawsuit Settles,” BankBeat, April 2024
Guest Banking Expert on “Bloomberg Markets: The Close,” Bloomberg TV, 2:03:35, March 21, 2023
Quoted in “Experts: Bank Failures Unlikely to Spread to Community Banks,” BankBeat, March 2023
Presenter, “Regulatory Issues that May Affect Your Deal,” Bank Holding Company Association Seminar, October 2022
Quoted in “Investor Groups Allow Banks to Retain Community-Based Ownership,” BankBeat, September 2022
Panel Member, “Growth Through Mergers and Acquisitions,” Minnesota Bankers Association Summit Conference, June 2022
Quoted in “Where Have All the De Novos Gone?,” BankBeat, May 2022
Quoted in “Agenda Item No. 1: Good Governance,” BankBeat, May 2022
Co-Chair, “2022 Banking Law Institute,” MSBA Banking Law Committee and MN CLE, April 2022
Panel Member, “M&A Panel,” Eide Bailly Bankers Seminar, November 2021
Quoted in “Navigating the Perils of Reg O,” BankBeat, June 2021
Moderator, A Roadmap for the Decade Ahead, Gene Ludwig and Chip Mahan, Barlow Research Associates, Inc., 2021 Annual Business Banking Conference, May 17, 2021
Co-Chair, 2021 Banking Law Institute, MSBA Banking Law Committee and MN CLE, April 2021
Co-Chair, 2020 Banking Law Institute, MSBA Banking Law Committee and MN CLE, September 2020
Moderator, Recent Developments at the FDIC, Leonard Chanin, Deputy to the Chairman, FDIC, 2020 Banking Law Institute, September 2020
Panelist, Lessons Learned From Change and Disruption, NACD Minnesota Chapter Event, February 5, 2020
Presenter, What Banks Need to Know About the M&A Market, 39th Annual Eide Bailly Bankers Seminar, November 7, 2019
Presenter, Successful Strategies to Grow, Thrive and Remain Independent, Bank Holding Company Association (BHCA) Fall Seminar, October 7, 2019
‘Covered Savings Association’ Election for a Federal Savings Association, Minnesota Bankers Association Webinar, September 18, 2019
“Planning for an Economic Downturn is Key to Sustaining Independence,” BankBeat, September 5, 2019
Quoted in “How to Respond to an Unsolicited Offer,” Independent Banker, September 1, 2019
Quoted in “Regulatory Compliance Burden Eases Some as Industry Conditions Strengthen,” BankBeat, April 18, 2019
Co-Chair, 2019 Banking Law Institute, MSBA Banking Law Institute and MN CLE, April 2019
Moderator, A Word from the Regulators: The Latest Regulatory News from Washington and Beyond, 16th Annual Banking Law Institute, April 12, 2019
Presenter, Evolving Challenges and Competition for Small Business Banking, Barlow Research’s 1st Friday Web Conference, December 7, 2018
Presenter, What Banks Need to Know About the M&A Market, 38th Annual Eide Bailly Bankers Seminar, Mankato, MN, November 1, 2018
“The Trends, Conditions and Issues Driving Bank M&A,” BankBeat, September 7, 2018
Presenter, The M&A Landscape: Today's Trends, Conditions, Issues, Bank Holding Company Association (BHCA) Fall Seminar, October 1, 2018
Presenter, An Overview of Regulatory Changes & Consolidation Trends in the Banking Industry, Risk Management Association – Minnesota Chapter Luncheon/Meeting, May 16, 2018
Co-Chair, 2018 Banking Law Institute, MSBA Banking Law Institute and MN CLE, April 5, 2018
Featured in "Amazing Outside Directors,” NW Financial Review, March 2018
Co-Presenter, Bank M&A and the Regulatory Process, Bank Holding Company Association (BHCA) Fall Seminar, October 2, 2017
Co-Chair, 2017 Banking Law Institute, MSBA Banking Law Committee and MN CLE, April 2017
Moderator, A Conversation with Neel Kashkari, 2017 Banking Law Institute, March 2017
Quoted in “Still Eager to Serve,” NorthWestern Financial Review, March 2017
“2016 Compliance Developments and Projections for 2017,” NorthWestern Financial Review, December 2016
Presenter, Board Governance—Emerging New Legal and Regulatory Expectations for Bank Directors, Hot Topics, co-sponsored by the Center for Law & Business at Mitchell Hamline School of Law and the Banking Law Committee of the Minnesota State Bar Association, October 2016
Quoted in “Regulators are Using Guidance to Regulate Boards and Consumer Compliance,” Bank Owner, Bank Holding Company Association, Summer 2016
Presenter, Regulatory Hotbuttons—From the Boardroom to the Teller Line, Bank Holding Company Association Spring Seminar, May 3, 2016
Moderator, Mergers & Acquisitions Activity in Financial Institutions, Banking Law Institute, April 2016
Co-Chair, 2016 Banking Law Institute, MSBA Banking Law Committee and MN CLE, April 2016
Presenter, Compliance Issues the Board Can’t Ignore, Bank Holding Company Association Webinar, November 19, 2015
Moderator, Regulatory Panel, Eide Bailly 35th Annual Bankers Seminar, October 29, 2015
Quoted in “Relieving Compliance Clampdown,” NW Financial Review, October 2015
Planning Committee, 2015 MN State Bar Association Business Law Institute, May 2015
Co-Chair, Banking Law Institute, MSBA Banking Law Committee and MN CLE, April 2015
Panelist, Emerging New Legal and Regulatory Expectations for Bank Directors, Banking Law Institute, April 2015
Co-Presenter, Documenting the M&A Deal, Fredrikson & Byron’s Bank and Finance Seminar: Key Developments that Every Banker Should Know, August 20, 2014
Presenter, Legal Considerations for Bank Mergers & Acquisitions, Bank Holding Company Association Webinar, May 22, 2014
Presenter, Current Exam Trends and a Regulatory Update, Bank Holding Company Association Spring Seminar, May 6, 2014
Presenter, Doing Business With Your Bank: The New Beneficial Ownership Rules, Minnesota State Bar Association Business Law Institute, May 5, 2014
Co-Chair, Banking Law Institute, MSBA Banking Law Committee and MN CLE, April 2014
Presenter, Current Exam Trends and a Regulatory Update, Bank & Finance Seminar: Key Developments that Every Banker Should Know, September 12, 2013
Presenter, Considerations for Managing the OREO on Your Books, Bank Holding Company Association Webinar, June 13, 2013
Co-Chair, Banking Law Institute, MSBA Banking Law Committee and MN CLE, April 8, 2013
Panelist, Bank Mergers and Acquisitions—Analyzing the Current Landscape, Wells Fargo Conference, Charlotte, NC, May 1, 2013
Quoted in “Stress Tested: How U.S. Bank and Wells Fargo Performed in the Fed’s Simulated Economic Nightmare,” Twin Cities Business Journal, March 19, 2013
Testify, Amendments to MN UCC Article 4A Necessitated by Dodd-Frank Remittance Transfer Rule, Minnesota State Legislature, February 14, 2013
“M&A Transactions—The Next Phase,” FredNEWS: Bank & Finance, March, 2013
“Regulating or Managing? The Line is Growing Thin,” American Banker, March, 2013
Speaker, The Art of the Deal—It’s Alive & Well, 32nd Annual Eide Bailly Bankers Seminar, Mankato, MN, November 1, 2012
Moderator, Regulatory Panel, 32nd Annual Eide Bailly Bankers Seminar, Mankato, MN, November 1, 2012
Panelist, The State of the Financial Services Industry: A Compliance and Legal Update, Wipfli’s 2012 The Community Bankers Forum, MN, October 25, 2012
“The State of Banking,” FredNEWS: Bank & Finance, June 2012
Moderator, Regulator Panel, Minnesota Bankers Association President & Senior Management Conference, Alexandria, MN, June 19, 2012
Presenter, Parallel Planning is Essential for your Family Bank’s Structure, Independent Community Bankers of Minnesota, June 5, 2012
Planning Committee, MN State Bar Association Business Law Institute, May 2012
Co-Chair, MN State Bar Association Annual Banking Law Institute, April 16, 2012
Panelist, ‘Hot Topics!’ Learn the Basics about Banking from Three Experienced Women Practitioners, Minnesota Women Lawyers Professional Enrichment Committee, 2012
Making the Most of Your Bank Holding Company, Bank Holding Company Association Legal Live Webinar, February 9, 2012
Moderator, Regulatory Issues: A Moderated Discussion with the FDIC, OCC, and the Federal Reserve, Minnesota Bankers Association, November 8, 2011
Presenter, Key Developments that Every Banker Should Know, Fredrikson & Byron Bank & Finance Seminar, September 22, 2011
Speaker, Enterprise Risk Management for Boards, National Association of Corporate Directors, May 18, 2011
Speaker, Dodd-Frank Wall Street Reform & Consumer Protection Act and Banking Trends and Challenges, Risk Management Association, May 18, 2011
Speaker, Hottest Topics in Banking, Bank Holding Company Association, May 3, 2011
Speaker, Protecting Bank Capital: Enforcement Action Avoidance or Compliance, University of Wisconsin Graduate School of Banking, February 8, 2011
Co-Author with Karla Reyerson, “The Dodd-Frank Act: A Look at the Immediate Impacts,” FredALERT: Bank & Finance, August 26, 2010
Speaker, Regulatory Issues: A Moderated Discussion with State of Minnesota, Federal Reserve, FDIC and OCC, Minnesota Bankers Association, Duluth, MN, August 2010
Speaker, World Services Group 8th Annual Meeting, Costa Rica, November 12-13, 2009
“The Future of Supervision and Regulation,” FredNEWS: Bank & Finance, September, 2009
Co-Author with Karla Reyerson, “Recent Developments in Government Banking Programs,” FredALERT: Bank & Finance, May 29, 2009
Moderator, Regulatory Issues: A Moderated Discussion with the FDIC, OCC and the Federal Reserve, February 9, 2009
Co-Author with Karla Reyerson, “Treasury Publishes Capital Purchase Program Term Sheet for S Corporations,” FredALERT: Bank & Finance, January 16, 2009
Co-Author with Karla Reyerson, “Final Rule for FDIC’s Temporary Liquidity Guarantee Program: Important Changes,” FredNEWS: Bank & Finance, November 26, 2008
Co-Author with Karla Reyerson,“Financial Institutions Consider Participation in the Temporary Liquidity Guarantee Program,” FredNEWS: Bank & Finance, November 21, 2008
Co-Author with Karla Reyerson, “Financial Institutions Weigh Benefits and Costs of Participating in the Capital Purchase Program,” FredNEWS: Bank & Finance, November 21, 2008
Regulatory Panel and Legal Update and Bank Acquisitions in Today’s Economy, Eide Bailly’s 28th Annual Bankers Seminar, October 14, October 30, November 6, 2008
Co-Author with Karla Reyerson, “Update of Measures Taken to Create Financial Stability,” FredNEWS: Bank & Finance, October 13, 2008
Co-Author with Karla Reyerson, “President Bush Signs the Emergency Economic Stabilization Act of 2008,” FredNEWS: Bank & Finance, October 3, 2008
“Banking & Finance Q&A—The Industry as a Whole is ‘Sound and Stable and Undervalued,’” Minneapolis/St. Paul Business Journal, August 29, 2008
Speaker, Communicating with Regulators in a Challenging Lending Environment, RMA Minnesota Associates Annual Meeting, Minneapolis, June 25, 2008
“Ramifications of a Less Than Satisfactory Examination,” FredNEWS: Bank & Finance, June 2008
“A Focus on Mergers and Acquisitions,” Inside the Minds™, Winning Legal Strategies for Banking Law, Aspatore Books, 2005