On July 12, U.S. Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) reintroduced legislation, titled the Responsible Financial Innovation Act that would establish a comprehensive regulatory framework for crypto assets. This proposed bill expands on the bill the senators introduced in 2022 by adding new consumer protections and safeguards to further strengthen the industry against fraud and bad actors, among other additions.
On June 14, the Office of the Comptroller of the Currency (OCC) published the spring edition of its Semiannual Risk Perspective, which discusses key issues facing banks. The good news is that the federal banking system saw historic growth in net interest income in 2022. However, rising interest rates weigh on other aspects of bank performance, such as noninterest income, as mortgage activity continues to slow.
Firm Lands 58 Practice Area and 144 Attorney Recognitions in Latest Guide
Troutman Pepper, a national law firm with more than 1,200 attorneys in 23 strategically located cities across the United States, achieved 58 national and statewide practice area rankings in the latest edition of Chambers USA.
This year’s guide also recognized 135 firm attorneys
Troutman Pepper earned 17 nationwide practice rankings in The Legal 500 United States 2023, an independent ranking authority of law firms around the world.
The Troutman Pepper finance practices was ranked in the following nationwide areas:
Notably, this year Troutman Pepper also earned
On June 6, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (collectively, the agencies) issued guidance to banking organizations on managing the risks associated with third party relationships. This final guidance reflects the 82 comment letters the agencies received from banking organizations, financial technology (fintech) companies and other third party providers on the proposed guidance released in July 2021 and replaces each agency’s existing guidance to ensure consistency in supervisory enforcement. While the agencies acknowledge that “[t]he use of third parties can offer banking organizations significant benefits, such as quicker and more efficient access to technologies, human capital, delivery channels, products, services, and markets,” they caution that the use of third parties “does not remove the need for sound risk management.” The agencies emphasize, however, that supervisory guidance does not have the force and effect of law and does not impose any new requirements on banking organizations.
On June 1, House Financial Services Committee Chair Patrick McHenry (R-NC) and
House Committee on Agriculture Chair Glenn “GT” Thompson (R-PA) released a discussion draft of legislation intended to fill gaps in digital asset regulation and provide a framework that will provide the crypto industry and consumers with some much-needed certainty. The proposal includes a
Troutman Pepper client Payroc WorldAccess, LLC, (Payroc), a global payments leader, recently announced the acquisition of Atlantic Merchant Services, LLC, (Atlantic Merchant), a full-service merchant processing company based in Raleigh, North Carolina by one of Payroc’s subsidiaries. Payroc is backed by private equity firm Parthenon Capital who assisted Payroc in completing this acquisition. Read a company press release about the transaction.
Deborah Kovsky-Apap, a partner with Troutman Pepper, was quoted in the April 26, 2023 Fintech Nexus News article, “CeFi’s Transparency Problem: How 2022 Lifted the Curtain.”
Troutman Pepper recently partnered with Bank Director and our client Pathward, NA on Bank Director’s recent “Insights Report: The Secret to Success in Banking as a Service.” In the report, Financial Services Industry Partner and Co-Leader James Stevens and Pathward Senior Vice President and Managing Counsel Lauren Brecht provide insight on vendor risk