On March 7, the Office of the Comptroller of the Currency (OCC) issued a significant update regarding the involvement of national banks and federal savings associations in cryptocurrency activities. Interpretive Letter 1183 reaffirms the permissibility of various crypto-asset activities and aims to streamline the regulatory process for banks engaging in these activities.
Troutman Pepper Locke advised Performance Trust Capital Partners, LLC in the successful completion of Chesapeake Financial Shares, Inc.’s private placement of $25 million in fixed-to-floating rate subordinated notes. The offering, which was significantly oversubscribed due to robust investor demand, will provide Chesapeake Financial Shares, Inc. with the capital needed to pursue growth opportunities and strengthen its balance sheet. For more information, read the press release.
On January 16, U.S. Representative Andy Barr (R-KY) introduced H.R. 478, the “Promoting New Bank Formation Act,” which was referred to the Committee on Financial Services. This bill aims to support the establishment and growth of new financial institutions, particularly in rural areas, by easing regulatory requirements.
On January 14, Patriot Bank, N.A. entered into an agreement with the Office of the Comptroller of the Currency (OCC) to address and rectify several unsafe or unsound practices and violations of law. This agreement follows the bank’s reported loss of nearly $27 million for the quarter ending September 30, 2024.
The payment stablecoin (PS) legislative endgame is near. There is a clear imperative from the White House to prioritize stablecoin legislation and preserve the U.S. dollar as the world’s reserve currency. Both chambers of Congress are forming a working group to deliver a clear regulatory framework for digital assets. Bipartisan agreement appears within reach.
Alex Barrage, a partner in Troutman Pepper Locke’s Financial Services Industry Group, was quoted in the February 6, 2025 Banking Dive article, “Concerns Mount Over FDIC Staffing Challenges.”
Thursday, February 6, 2025 | 12:00 – 1:00 pm ET
Please join Troutman Pepper Locke for a discussion hosted by the Atlanta Bar Association with Regional Securities and Exchange Commission Directors Nicholas Grippo (Philadelphia Regional Office) and Nekia Jones (Atlanta Regional Office) on the SEC’s 2025 enforcement and examination priorities.
Alex Barrage, a partner in Troutman Pepper Locke’s Financial Services Industry Group, was quoted in the January 27, 2025 Washington Post article, “Banking Regulator Rescinds More Than 200 Job Offers for Examiners It Needs.”
Troutman Pepper Locke attorneys Alexandra Steinberg Barrage, Matthew Bornfreund, and James Stevens, along with Michele Alt of Klaros Group and other leading banking and financial services professionals, released an open letter to the incoming administration outlining concrete ways the FDIC, OCC, and Federal Reserve Board (Agencies) could encourage new and innovative bank formation.
This week, President Trump designated National Credit Union Administration (NCUA) Vice Chairman Kyle Hauptman as the thirteenth Chairman of the NCUA Board. Hauptman succeeds Todd Harper as NCUA Chairman. In the press release announcing his appointment, Chairman Hauptman said, “I am deeply honored that President Trump has asked me to serve as Chairman of NCUA. I look forward to leading the agency’s dedicated professionals and working with my Board colleagues to create a regulatory structure that promotes growth, opportunity, and innovation within the credit union system.”