Troutman Pepper Partner Matthew Bornfreund spoke at the ABA Business Law Section Fall Meeting in San Diego on September 12, 2024. The discussion focused on the FDIC’s brokered deposits NPR.
Where the F(BO) Is the Money? Part 1 – Synapse’s Clarion Call for Standards
This is the first of three articles focused on a key question: as bank-fintech partnerships continue to play a vital role in driving financial services, how does the industry make this system safer and better?
Fintechs and their partner banks are on edge. Regulators are concerned. But as counselors to a wide range of banks and nonbanks, we are confident that the bank-fintech partnership model is not broken. We have seen these partnerships work well — not just for clients, but for consumers and other end-users — with rigorous, risk-based controls that satisfy both the regulators and the public.
FDIC Proposal on Change-in-Control Notices Has Potential Ripple Effects on M&A
Alexandra Barrage, a partner in Troutman Pepper’s Corporate Practice Group, was quoted in the August 29, 2024 S&P Global Market Intelligence article, “FDIC Proposal on Change-in-Control Notices Has Potential Ripple Effects on M&A.”
Episode 559: Hot Takes: The ERAS Tour of Brokered Deposits
Alexandra Barrage, a partner in Troutman Pepper’s Corporate Practice Group, was a guest on the August 26, 2024 Breaking Banks podcast, “Episode 559: Hot Takes: The ERAS Tour of Brokered Deposits.”
Brokered Deposits Rule Threatens to Upend Bank Balance Sheets
Alexandra Barrage, a partner in Troutman Pepper’s Corporate Practice Group, was quoted in the August 23, 2024 Bank Director article, “Brokered Deposits Rule Threatens to Upend Bank Balance Sheets.”
“In the worst case, these [newly designated brokered deposits] will have to get offloaded in a way that potentially puts those banks at even
FDIC’s Brokered Deposit Proposal Expected to Face Industry Pushback
Matthew Bornfreund, a partner in Troutman Pepper’s Corporate Practice Group, was quoted in the August 21, 2024 S&P Global Market Intelligence article, “FDIC’s Brokered Deposit Proposal Expected to Face Industry Pushback.”
Currently, deposit accounts enabling payment transactions are automatically non-brokered, but the new rule will eliminate this designation, meaning parties relying on the
FDIC Proposal Would Classify More BaaS Deposits as Brokered, Not Core
Troutman Pepper Partners Alexandra Barrage and Matthew Bornfreund were quoted in the August 5, 2024 S&P Global article, “FDIC Proposal Would Classify More BaaS Deposits as Brokered, Not Core.”
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