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On June 21, the Consumer Financial Protection Bureau (CFPB) released two reports detailing access to banking and the financial experience of consumers living in the Southern states. Many areas of the South are considered “banking deserts” because of the lack of banking options. In the press release announcing the release of the reports, CFPB Director Rohit Chopra stated, “[t]he rural South faces distinct challenges when it comes to fair access to banking. Understanding regional differences across the country will help us determine where financial marketplaces can work better for all.”

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:

  • Finance: Project finance: energy and power
  • Finance: Commercial lending: advice to borrowers

Notably, this year Troutman Pepper also earned…

On June 1, The Board of Governors of the Federal Reserve System (Board of Governors) and the California Department of Financial Protection and Innovation (CA DFPI) announced a mutual consent order with Silvergate Capital Corporation, a former leader in crypto lending, providing for the winding down of its operations.

Under the terms of the consent…

On May 31, the Federal Deposit Insurance Corporation (FDIC) released its First Quarter 2023 Quarterly Banking Profile showing a first quarter aggregate net income of $79.8 billion for its 4,672 insured commercial banks and savings institutions, an increase of $11.5 billion from fourth quarter 2022. In a statement accompanying the release of the Profile, FDIC Chairman Martin Gruenberg stated: “Despite the recent period of stress, the banking industry has proven to be quite resilient. Net income still remains high by historical measures even after deducting one-time transactions, asset quality metrics are favorable, and the industry remains well capitalized.” Chairman Gruenberg did acknowledge, however, that these results include only a few weeks of the banking stress that began in early March. The more lasting effects of recent bank failures may not be fully apparent until after the second quarter.

businessman hand working smart phone on wooden desk in office in morning light. The concept of modern work with advanced technology. vintage effect

On April 12, the U.S. Small Business Administration (SBA) announced that it is ending the moratorium that capped the number of small-business lending companies permitted to participate in its § 7(a) loan program at 14, and opening up participation in the program to fintech firms and other alternative lenders. The SBA’s loan program offers small businesses loans of up to $5 million, with the agency guaranteeing up to 85% on loans up to $150,000, and 75% for loans more than $150,000. The new rule will take effect on May 12.