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 Joins Klaros and Other Banking Professionals in Proposal to Facilitate New and Innovative Bank Formation
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.
NCUA’s New Board Chairman Hauptman Outlines His Priorities for Agency
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.”
FDIC Acting Chairman Hill Outlines Near-Term Policy Direction
On January 20, Travis Hill became the Acting Chairman of the Federal Deposit Insurance Corporation (FDIC). Following his remarks on FDIC policy issues on January 10 at the American Bankers Association, in his first statement as Acting Chairman, Hill highlighted various priorities and mentioned new initiatives, emphasizing a commitment to regulatory reform, innovation, and a focus on core financial risks.
Trump Administration Expected to Roll Back Biden-Era UDAP Rules
James Kim, a leader in Troutman Pepper Locke’s Payments + Financial Technology Group, was quoted in the January 16, 2025 Banking Risk & Regulation article, “Trump Administration Expected to Roll Back Biden-Era UDAP Rules.”
James Kim, head of law firm Troutman Pepper Locke’s fintech group, says: “UDAP has been controversial in the US
BaaS Outlook Brighter After Period of Growing Pains
James Stevens, co-leader of Troutman Pepper Locke’s Financial Services Industry Group, was quoted in the January 15, 2025 Banking Dive article, “BaaS Outlook Brighter After Period of Growing Pains.”
CFPB Renews Attempt to Regulate Crypto by Applying Reg E to Stablecoins and Other Digital Payment Mechanisms
On January 10, the Consumer Financial Protection Bureau (Bureau) issued a notice of proposed interpretive rule (Proposed Rule). The deadline for comments is March 31, 2025. The Proposed Rule would apply the Electronic Fund Transfer Act (EFTA)—which protects consumers against errors and fraud—to new types of digital payment mechanisms, including stablecoins and other digital currencies.
Court Rules Against Banco San Juan Internacional, Inc. in Master Account Dispute
On January 8, the United States District Court for the Southern District of New York dismissed the claims brought by Banco San Juan Internacional, Inc. (BSJI) against the Federal Reserve Bank of New York (FRBNY) and the Board of Governors of the Federal Reserve System (Board). BSJI alleged that the termination of its master account by the FRBNY violated various federal laws. The ruling in the BSJI case underscores the discretionary authority of Federal Reserve Banks in granting or denying master accounts.
CFPB Rules, M&A Standards Most Likely CRA Repeal Targets
Alex Barrage, a partner with Troutman Pepper Locke, was quoted in the January 9, 2025 American Banker article, “CFPB Rules, M&A Standards Most Likely CRA Repeal Targets.”
Wall Street Notches Another Win as Fed’s Barr Clears the Way for Gentler Banking Regulator
Alex Barrage, a partner with Troutman Pepper Locke, was quoted in the January 7, 2025 CNBC article, “Wall Street Notches Another Win as Fed’s Barr Clears the Way for Gentler Banking Regulator.”