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Last week, TZP Management Associates, LLC (TZP), a New York-based private equity investment adviser, agreed to pay more than $680,000 in monetary relief to settle charges brought by the Securities and Exchange Commission (SEC) for breaches of fiduciary duty related to the calculation of management fees for TZP’s private fund clients. This enforcement action highlights the importance of adhering to fund partnership agreements and providing adequate disclosure of fee calculation and management practices to mitigate potential conflicts of interest.

On August 1, the Securities and Exchange Commission (SEC) announced the formation of a new task force dedicated to harnessing artificial intelligence (AI) to enhance innovation and efficiency across the agency. This initiative, led by Valerie Szczepanik, SEC’s newly appointed Chief AI Officer, marks a significant step in the agency’s commitment to integrating this technology into its operations.

WASHINGTON, D.C. – Troutman Pepper Locke served as counsel to Simmons First National Corporation (Simmons), an Arkansas corporation and the bank holding company for Simmons Bank, an Arkansas state-chartered bank, in connection with Simmons’ underwritten public offering of 18,653,000 shares of its Class A common stock (including 2,433,000 shares pursuant to the underwriters’ option to purchase additional shares of common stock in the offering). The public offering price of shares of common stock sold in the offering was $18.50 per share, and the underwriters agreed to purchase the shares from Simmons pursuant to the underwriting agreement at a price of $17.575 per share.

We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging 2024. Courts across the country issued rulings that will have immediate and lasting impacts on the industry. Our team of more than 170 professionals has prepared this concise, yet thorough analysis of the most important issues and trends throughout our industry. We not only examined what happened in 2024, but also what to expect — and how to prepare — for the months ahead.

In this inaugural episode of Moving the Metal, Troutman Pepper attorneys Brooke Conkle and Chris Capurso examine the major requirements of the FTC’s proposed CARS Rule. After a refresher on the rule’s requirements, Brooke and Chris discuss the current status of the litigation surrounding the rule, including a discussion of the briefs and data submitted by the FTC and the trade groups fighting the rule. Tune in as Brooke and Chris look under the hood to examine the FTC’s fine print and where the rule currently stands in the courts, helping your auto finance company avoid regulatory pitfalls.