Troutman Pepper Partner James Stevens will be a featured speaker at PLI’s Banking Law Institute 2024 program on October 24, 2024 at 9 a.m. This program will focus on recent developments impacting banks, particularly given recent regulatory scrutiny and enforcement actions.
James Stevens, co-leader of Troutman Pepper’s Financial Services Industry Group, was quoted in the October 10, 2024 Bank Director article, “Braving the Bumps in Banking as a Service.”
Today, the Federal Deposit Insurance Corporation (FDIC) announced an extension of the comment period for its notice of proposed rulemaking (NPR) aimed at revising the 2020 Brokered Deposit Rule. To ensure that all interested parties have sufficient time to review the proposed changes and prepare their comments, the FDIC has extended the comment period from October 22, 2024, to November 21, 2024.
We previously posted on the Federal Deposit Insurance Corporation’s (FDIC) notice of proposed rulemaking aimed at enhancing recordkeeping for bank deposits received from fintech and other third-party, non-bank companies. Today, the proposed rule was published in the Federal Register and the FDIC is accepting public comments until December 2, 2024.
In a significant development since our last post, Fiserv’s application for a merchant acquirer limited purpose bank (MALPB) charter has been approved by the Georgia Department of Banking and Finance. This approval marks a pivotal moment for fintech and nonbank entities seeking direct access to card networks.
Guest Contributors: Jonah Crane and Adam Shapiro of Klaros Group
This is the second of three articles focused on a key question: as bank-fintech partnerships continue to play a vital role in driving financial services, how does the industry make this system safer and better?
In this second article,[i] we focus on encouraging the industry and regulators to adopt the right lessons from Synapse Financial Technologies’ (Synapse) bankruptcy by drawing from the root causes of its failure. We offer some best practices and discuss the potential role of the Federal Deposit Insurance Corporation’s (FDIC) recently proposed recordkeeping rule (Records NPR) — including areas of potential improvement — and conclude by noting how enhanced account ledgering by banks helps address one root cause of the Synapse failure: faulty account ledgering performed only by a third party.
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Monday, September 30 • 12:00 – 1:00 p.m. ET
Troutman Pepper partner Alexandra Steinberg Barrage will moderate the Women in Housing and Finance’s Public Policy Lunch Fireside Chat with FDIC VC Travis Hill on Monday, September 30, 2024 at K&L Gates and virtually via Zoom. They will discuss current topics of interest in
Troutman Pepper Partner Matthew Bornfreund spoke at the ABA Business Law Section Fall Meeting in San Diego on September 12, 2024. The discussion focused on the FDIC’s brokered deposits NPR.
This is the first of three articles focused on a key question: as bank-fintech partnerships continue to play a vital role in driving financial services, how does the industry make this system safer and better?
Fintechs and their partner banks are on edge. Regulators are concerned. But as counselors to a wide range of banks and nonbanks, we are confident that the bank-fintech partnership model is not broken. We have seen these partnerships work well — not just for clients, but for consumers and other end-users — with rigorous, risk-based controls that satisfy both the regulators and the public.
Alexandra Barrage, a partner in Troutman Pepper’s Corporate Practice Group, was quoted in the August 29, 2024 S&P Global Market Intelligence article, “FDIC Proposal on Change-in-Control Notices Has Potential Ripple Effects on M&A.”