James Stevens, co-leader of Troutman Pepper Locke’s Financial Services Industry Group, was quoted in the March 5, 2025 Banking Dive article, “FDIC Withdraws Merger Policy, Brokered Deposits Proposal.”
SEC Reportedly Plans to Cut Regional Directors as Cost-Saving Measure
According to news sources, including Reuters, on Friday, February 21, the U.S. Securities and Exchange Commission (SEC) reportedly informed regional directors at its 10 regional offices that it plans to eliminate their roles as part of cost-saving measures required by the new administration. The plan to remove the regional directors has not been made public at this time, but at least two anonymous sources reportedly spoke to Reuters about the announcement made on Friday.
Patriot Bank and OCC Sign Agreement to Strengthen Oversight and Payment Activities
On January 14, Patriot Bank, N.A. entered into an agreement with the Office of the Comptroller of the Currency (OCC) to address and rectify several unsafe or unsound practices and violations of law. This agreement follows the bank’s reported loss of nearly $27 million for the quarter ending September 30, 2024.
FDIC Releases Documents and Signals Easing of Restrictions on Crypto-Related Activities
Recently, the Federal Deposit Insurance Corporation (FDIC) released 175 documents concerning its supervision of banks engaged in, or seeking to engage in, crypto-related activities. This release marks a significant step towards transparency in the regulatory oversight of cryptocurrency and blockchain technologies.
Troutman Pepper Locke Publishes 2024 Consumer Financial Services Year in Review and A Look Ahead
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.
Treasury Secretary Bessent to Appoint Rodney E. Hood as First Deputy Comptroller of the OCC
On February 7, Secretary of the Treasury Scott Bessent announced that he will appoint Rodney E. Hood as a Deputy Comptroller and designate him as the First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC). This means Hood will also act as the Acting Comptroller of the Currency.
Congress Narrows in on Stablecoin Legislation: An Analysis of the STABLE and GENIUS Acts
The payment stablecoin (PS) legislative endgame is near. There is a clear imperative from the White House to prioritize stablecoin legislation and preserve the U.S. dollar as the world’s reserve currency. Both chambers of Congress are forming a working group to deliver a clear regulatory framework for digital assets. Bipartisan agreement appears within reach.
Banking Sector Girds for M&A Uptick in 2025
James Stevens, co-leader of Troutman Pepper Locke’s Financial Services Industry Group, was quoted in the January 31, 2025 Banking Dive article, “Banking Sector Girds for M&A Uptick in 2025.”
IRS Issues Proposed Regulations on the Expanded Definition of “Covered Employee” Under Code Section 162(m)
On January 16, the Internal Revenue Service (IRS) published proposed regulations (90 FR 4691) under Section 162(m) of the Internal Revenue Code. Section 162(m) generally limits the deductibility of compensation paid in any tax year to covered employees of a publicly held corporation to $1 million.
Securities Investigations and Enforcement Newsletter – January 2025
You Are Invited: SEC Enforcement Priorities Webinar
Thursday, February 6, 2025 | 12:00 – 1:00 pm ET
Please join Troutman Pepper Locke for a discussion hosted by the Atlanta Bar Association with Regional Securities and Exchange Commission Directors Nicholas Grippo (Philadelphia Regional Office) and Nekia Jones (Atlanta Regional Office) on the SEC’s 2025 enforcement and examination priorities.