Alexandra Barrage, a partner in Troutman Pepper’s Corporate Practice Group, was quoted in the July 18, 2024 Banking Dive article, “Hsu Signals OCC to Review Preemption Rules.”
Hsu’s comments suggest the OCC’s preemption rules following Dodd-Frank can’t really be relied on anymore, said Alexandra Steinberg Barrage, a partner at law firm Troutman Pepper
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
In this inaugural episode of Moving the Metal, Troutman Pepper attorneys Brooke Conkle and Chris Capurso examine the major requirements of the FTC’s proposed CARS Rule. After a refresher on the rule’s requirements, Brooke and Chris discuss the current status of the litigation surrounding the rule, including a discussion of the briefs and data submitted by the FTC and the trade groups fighting the rule. Tune in as Brooke and Chris look under the hood to examine the FTC’s fine print and where the rule currently stands in the courts, helping your auto finance company avoid regulatory pitfalls.
When borrowers struggle to meet their debt obligations, they may negotiate with creditors to modify the terms of their debt instrument. This could involve changes to the interest rate, repayment period, collateral, or other aspects of the debt. However, these modifications could potentially result in a taxable exchange of the original note for a modified one, a fact that may not be immediately apparent to the involved parties.
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.
A bank’s positive, cooperative relationship with its banking regulators is particularly important when seeking regulatory approval for significant transactions, including mergers. An effective communications strategy that promotes an open, consistent and prompt flow of information, specific regulatory issues and areas of risk under review is key to maintaining a good relationship before, during and after the application review process.
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.
Today, the U.S. Supreme Court issued a landmark decision in Loper Bright Enterprises v. Raimondo overruling the Chevron doctrine. This decision marks a watershed moment in administrative law, fundamentally altering the landscape for judicial review of agency actions under the Administrative Procedure Act (APA).
In the realm of bankruptcy cases, debtors sometimes enter the process with pre-packaged or pre-negotiated plans, offering significant advantages over traditional “free fall” cases. Pre-packaged plans are fully drafted and accepted by necessary creditor classes before filing for bankruptcy, allowing for a swift resolution. Pre-negotiated plans, on the other hand, are negotiated with key creditors prior to filing but are not yet voted on. To ensure the agreed-upon plan is followed, a Restructuring Support Agreement (RSA) is entered into, balancing certainty of outcome and flexibility.
On June 24, the Office of the Comptroller of the Currency (OCC) announced it is requesting comments on proposed amendments to its recovery planning guidelines. A recovery plan’s purpose is to provide a covered bank with a framework to effectively and efficiently address the financial effects of severe stress events and avoid failure or resolution. Among other things, the proposed amendments aim to expand the guidelines to apply to banks with average total consolidated assets between $100 billion and $250 billion. The proposal also seeks to incorporate a testing standard and clarify the role of non-financial risks in recovery planning.