James Stevens, co-leader of Troutman Pepper’s Financial Services Industry Group, was quoted in the September 24, 2024 Payments Dive article, “Stripe Shows Signs of IPO, Despite CEO Comments.”
FDIC Proposes New Rule to Strengthen Recordkeeping for Third-Party Deposits
On September 17, the Federal Deposit Insurance Corporation (FDIC) announced a notice of proposed rulemaking (Proposal) aimed at enhancing recordkeeping for bank deposits received from fintech and other third-party, non-bank companies. The FDIC is accepting public comments on the Proposal for 60 days after publication in the Federal Register.
Where the F(BO) Is the Money? Part 1 – Synapse’s Clarion Call for Standards
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.
Legal and Regulatory Compliance Insights: Focus on BAAS
Later today, Troutman Pepper Partner James Stevens is presenting “Legal and Regulatory Compliance Insights: Focus on BAAS” to 10 founders from the Fintech South Innovation Challenge, the lead-up accelerator to Fintech South, and mentors assigned to those founders. The presentation is being held at the Advanced Technology Development Center at Georgia Tech. James
FDIC Proposal Would Classify More BaaS Deposits as Brokered, Not Core
Troutman Pepper Partners Alexandra Barrage and Matthew Bornfreund were quoted in the August 5, 2024 S&P Global article, “FDIC Proposal Would Classify More BaaS Deposits as Brokered, Not Core.”
Federal Banking Agencies Reiterate Guidance on Managing Risks Posed By Fintech Partnerships and Other Third Party Relationships
Yesterday, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued a joint statement highlighting potential risks associated with banks’ arrangements with third parties to deliver bank deposit products and services. While the information is not new, it clearly memorializes the issues that have been at the forefront of recent enforcement actions involving banks operating under a Banking-as-a-Service (BaaS) model.
SEC Approves Spot Ether ETFs
On July 22, 2024, the Securities and Exchange Commission (SEC) declared nine registration statements effective under the Securities Act of 1933 for spot Ether ETFs, clearing the way for the ETFs to begin trading on July 23. Spot Ether ETFs are exchange-traded funds (ETFs) that invest directly in Ether, a digital asset that supports the
Banking as a Service Explained: Why Some Financial Institutions Hesitate While Others Fully Engage
Troutman Pepper partner James Stevens was a featured speaker during National Fintech Organization’s webinar, “Banking as a Service Explained: Why Some Financial Institutions Hesitate While Others Fully Engage.”
Navigating the Regulatory Waters: The SEC’s Wells Notice to Uniswap and its Impact on DeFi
In this episode of The Crypto Exchange, Troutman Pepper Partner Ethan Ostroff welcomes his colleague Trey Smith to discuss the recent Wells notice issued by the Securities and Exchange Commission (SEC) to Uniswap, a major decentralized exchange.
FDIC Finalizes Amendments to Regulations Governing Official Signs, Advertising Requirements, and Misrepresentations Regarding Deposit Insurance Coverage
The Federal Deposit Insurance Corporation (FDIC) has recently issued a final rule amending its regulations governing the use of official FDIC signs and insured depository institutions’ (IDIs) advertising statements. The new rule took effect on April 1, 2024, with an extended compliance date of January 1, 2025. The extended compliance date is intended to provide sufficient time for financial institutions to put in place processes, systems, and technological updates to implement the new regulatory requirements.