In this special crossover episode of The Consumer Finance Podcast and Regulatory Oversight, Chris Willis, Stefanie Jackman, and Mike Yaghi discuss California Governor Gavin Newsom’s appointment of former CFPB Director Rohit Chopra to lead the state’s newly created Business and Consumer Services Agency (BCSA).
On September 17, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission’s (CFTC) Market Participants Division each announced relief for onchain trading: the SEC an Innovation Exemption for tokenized stock, and CFTC staff a no-action position for passive trading software. Both came two days after the Senate failed to invoke cloture
James Stevens, partner and co-leader of Troutman Pepper Locke’s Financial Services Industry Group, was quoted in a recent Reuters article by Saeed Azhar, Nupur Anand, and Pete Schroeder, “US Fed plans to raise bank oversight thresholds, sources say.” The article reports that the Federal Reserve is working on a plan to reindex the asset thresholds
WASHINGTON, D.C. – Troutman Pepper Locke served as counsel to Burke & Herbert Financial Services Corporation (Burke & Herbert), the holding company for Burke & Herbert Bank & Trust Company, in connection with Burke & Herbert’s underwritten public offering of $100 million in aggregate principal amount of its 7.00% Fixed-to-Floating Rate Subordinated Notes due 2036.
Welcome to the first issue of the Digital Assets + Blockchain Newsletter. In this newsletter, we’ll track the regulatory, legislative, and enforcement developments reshaping the crypto and digital assets landscape — from the GENIUS Act’s stablecoin framework to the SEC’s and CFTC’s evolving posture on digital commodities to custody rules, licensing regimes, and beyond.
On September 24, the Federal Reserve Board (FRB) requested public comment on two proposed rules that, together, establish how the FRB will regulate payment stablecoin issuance under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The first proposal lays out the substantive regulatory framework that FRB-supervised issuers, and related custodians, must
Key Points
On September 17, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a notice of proposed rulemaking that would amend the agency’s regulations to promote parity between out-of-state state banks and national banks with respect to the application of host state laws.
On September 15, the Senate failed to advance the Digital Market Clarity Act (CLARITY Act), a comprehensive cryptocurrency regulatory framework bill backed by President Trump and the digital asset industry. The bill would have split oversight for cryptocurrency between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), established registration requirements, and
On September 11, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) issued a joint statement addressing how they will approach risk-based supervision of core service providers that support community banking organizations. The statement does