NEW YORK – Troutman Pepper ranks among the top law firms globally for its fintech practice in the Chambers FinTech Guide 2024 released this week. The firm achieved four new department Band ratings, and Partners James Kim and Kim Phan continue to be recognized as leading practitioners in the space.
On November 3, the Financial Stability Oversight Council (FSOC) voted unanimously to finalize the procedures for designating a nonbank financial company for Federal Reserve supervision. FSOC’s Interpretive Guidance aims to establish a “durable” process for using its nonbank financial company designation authority, maintain rigorous procedural protections for companies reviewed for potential designation, and remove “unwarranted hurdles” to designation imposed by the 2019 Interpretive Guidance. FSOC had issued a proposed Interpretive Guidance in April 2023, which received 47 comments. The final version takes into account those comments.
September 12-14, 2023
Keith Barnett, Jason Cover, James Kim, Kim Phan, Jean Smith-Gonnell, James Stevens, Misha Tseytlin, Rich Zack, Ketan Bhirud, Carlin McCrory, and Caleb Rosenberg will be speaking on a variety of topics during the TPPPA 2023 Solving the Payments Puzzle Conference, which will be held September 12 – 14, 2023 in…
As discussed here, in April 2023, Colorado introduced HB 1229 that proposed to limit certain charges on consumer loans and simultaneously opt Colorado out of sections 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Sections 521-523 of DIDMCA empower state banks, insured state and federal savings associations and state credit unions to charge the interest allowed by the state where they are located, regardless of where the borrower is located and regardless of conflicting state law (i.e., “export” their home state’s interest-rate authority). However, section 525 of DIDMCA gives states the authority to opt out of sections 521-523. Indeed, Colorado initially opted out of DIDMCA when it was enacted, but later repealed its opt-out. This week HB 1229 was signed into law by Governor Jared Polis joining Colorado with Iowa and Puerto Rico as the only jurisdictions currently opting out.
On April 12, the U.S. Small Business Administration (SBA) announced that it is ending the moratorium that capped the number of small-business lending companies permitted to participate in its § 7(a) loan program at 14, and opening up participation in the program to fintech firms and other alternative lenders. The SBA’s loan program offers small businesses loans of up to $5 million, with the agency guaranteeing up to 85% on loans up to $150,000, and 75% for loans more than $150,000. The new rule will take effect on May 12.