The Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC) yesterday jointly issued an interim final rule that doubles the asset threshold for qualifying small insured depository institutions (IDIs) to be eligible for an extended 18-month on-site examination cycle.
Troutman Pepper Locke Partner James Stevens will serve as a panelist for “The 21st Century ROAD to Unlocking Community Bank Growth” webinar, hosted by S&P Global Market Intelligence on September 17. The webinar will bring together industry leaders to examine how the 21st Century ROAD to Housing Act could reshape the community banking landscape, with
ATLANTA – Troutman Pepper Locke advised Georgia Banking Company, Inc. (GBC), parent company of Georgia Banking Company, in the completion of a $55.0 million private placement of 6.75% Fixed-to-Floating Rate Subordinated Notes due September 1, 2036. The Notes have been structured to qualify as Tier 2 capital under bank regulatory capital guidelines. GBC intends to
James Stevens, partner and co-leader of Troutman Pepper Locke’s Financial Services Industry Group, was quoted in a recent article by Emily McCormick, “When the Holding Company Isn’t a Source of Strength.” The article examines the tensions that can arise between bank holding companies and their subsidiary banks, and what directors should do when those interests
On August 31, the U.S. Securities and Exchange Commission (SEC) and the U.S. Food and Drug Administration (FDA) executed a Memorandum of Understanding (MOU) establishing a formal framework for sharing nonpublic information between the two agencies. The MOU takes effect immediately upon signature and reflects a significant step toward coordinated regulatory and enforcement activity at
On August 27, the Office of the Comptroller of the Currency (OCC) announced a series of significant actions designed to improve transparency, consistency, and clarity in bank supervision and enforcement. The actions — which include a joint final rule with the Federal Deposit Insurance Corporation (FDIC), two revised policies and procedures manuals (PPMs), and a
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On August 18, the U.S. Department of the Treasury (Treasury) published a notice of proposed rulemaking in the Federal Register to implement § 3 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act or Act) — the first comprehensive federal regulatory framework for payment stablecoins in the U.S., enacted on July
FinCEN’s decision to exempt all domestic reporting companies from beneficial ownership information (BOI) reporting has significant implications for financial institutions’ anti-money laundering (AML) compliance programs. The change removes a filing obligation for many U.S. businesses, but it does not change the need to determine who owns, controls, and benefits from a legal entity. Covered financial
James Stevens, partner and co-leader of Troutman Pepper Locke’s Financial Services Industry Group, was quoted in a recent S&P Global Market Intelligence article by Claire Lawson, “Bank7 Eyes Expansion, Low-Cost Deposits in Unconventional Century Financial Play.” The article examines Bank7 Corp.’s unusual attempt to acquire a 71% ownership stake in Century Financial Services Corp. through