Chris Willis, Co-Leader of Troutman Pepper’s Consumer Financial Services Practice Group, was quoted in the August 6, 2024 Corporate Counsel article, “Regulators Prowl for Financial Firms That Wield NDAs to ‘Muzzle’ Whistleblowers.”
Turning Back the Clock: FDIC Proposes Significant Changes to 2020 Brokered Deposit Rule
On July 30, 2024, the FDIC proposed substantive changes to the 2020 Brokered Deposit Rule (2020 Rule) that, if finalized, could meaningfully impact a wide group of bank and nonbank stakeholders who rely on the current rule’s definition of “deposit broker,” related exceptions, and Q&As. Many of the proposed changes effectively reverse the 2020 Rule.
Did Regulators Send Warning Shot at Already Roiled BaaS Space?
Alexandra Barrage, a partner in Troutman Pepper’s Corporate Practice Group, was quoted in the July 31, 2024 Banking Dive article, “Did Regulators Send Warning Shot at Already Roiled BaaS Space?“
Pledging ‘Accountability,’ Biden’s FDIC Pick Faces Senate Test
Alexandra Barrage, a partner in Troutman Pepper’s Corporate Practice Group, was quoted in the July 10, 2024 Law360 article, “Pledging ‘Accountability,’ Biden’s FDIC Pick Faces Senate Test.”
“She’s going to get lots of questions about her banking experience, her bank regulatory experience and her leadership and management experience,” said Alexandra Steinberg Barrage, a
What Is the Cost of Doing Banking as a Service ‘Well’?
Alexandra Barrage, a partner in Troutman Pepper’s Corporate Practice Group, was quoted in the July 26, 2024 American Banker article, “What Is the Cost of Doing Banking as a Service ‘Well’?”
“In my experience, there is always some tweaking,” said Alexandra Barrage, a partner at Troutman Pepper.
Leaders across the bank – from
Following FinCEN’s Lead, Four Federal Banking Regulators Announce AML/CFT Rulemaking
As discussed here, on June 28, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed significant amendments to the anti-money laundering and countering the financing of terrorism (AML/CFT) program requirements for financial institutions subject to the Bank Secrecy Act (BSA). Last week, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, the agencies) issued a joint statement announcing their own notice of proposed rulemaking for their supervised institutions. The purpose of the proposed rulemaking is to align the agencies’ respective AML/CFT program rules with FinCEN’s proposed revisions, ensuring a unified standard for compliance.
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
Loper Bright and Cantero Are Ushering in a New Era of Preemption
Alexandra Barrage, a partner in Troutman Pepper’s Corporate Practice Group, was quoted in the July 18, 2024 American Banker article, “Loper Bright and Cantero Are Ushering in a New Era of Preemption.”
“If I’m a national bank, I’m going to rethink my reliance on those preemption rules, given what the Supreme Court has
Supreme Court Limits SEC’s In-House Adjudication
On June 27, the U.S. Supreme Court released a 6-3 decision in SEC v. Jarkesy, et al., ending the Securities and Exchange Commission’s (SEC) long-standing use of in-house administrative law judge (ALJ) tribunals in cases where the SEC seeks civil penalties. The majority held that for actions in which SEC seeks civil penalties for securities fraud, the Seventh Amendment requires that the action be brought in a court of law where the defendant is entitled to trial by jury.
FinCEN Proposes Rule to Strengthen AML/CFT Programs
On June 28, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule aimed at strengthening and modernizing financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. The Treasury’s priority is to promote a more effective risk-based regulatory regime that directs financial institutions to focus their AML/CFT programs on the highest priority threats.