Troutman Pepper was recently engaged by the Financial Technology Association (FTA) to draft its response to the Federal Deposit Insurance Corporation’s (FDIC) Request for Comment on its Brokered Deposit Notice of Proposed Rulemaking.
Preparing for the FDIC’s Final Enforceable Guidelines on Corporate Governance and Risk Management: State Nonmember Banks with Assets Above — and Potentially Also Below — $10 Billion Take Note
Over one year ago, on October 3, 2023, the Federal Deposit Insurance Corporation (FDIC) proposed supervisory guidelines that would establish standards for corporate governance and risk management for all state non-member banks with assets greater than $10 billion (Proposed Guidelines). Unlike guidance, which does not have the force and effect of law, any final guidelines based on the Proposed Guidelines (Final Guidelines) would be issued as Appendix C to the FDIC’s standards for safety and soundness in part 364, pursuant to Section 39 of the FDI Act.
DOJ Updates Guidance on Corporate Compliance Programs With Focus on AI
On September 23, Principal Deputy Assistant Attorney General Nicole M. Argentieri announced that the U.S. Department of Justice (DOJ) updated its guidance on the Evaluation of Corporate Compliance Programs (ECCP). The DOJ’s ECCP serves as a roadmap for federal prosecutors to use when evaluating the effectiveness of corporate compliance programs. Therefore, companies should also pay close attention to this guidance when reviewing their compliance programs. Ultimately, a company’s efforts to design, regularly evaluate, and update its compliance program in line with this guidance could inform criminal investigations, charging decisions, and case resolutions.
ABA Business Law Section Fall Meeting
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.
Federal Reserve Bank of San Francisco and DFPI Office of Financial Technology Innovation’s Office Hours
Troutman Pepper Partner Alexandra Steinberg Barrage was a featured speaker at the Federal Reserve Bank of San Francisco and DFPI Office of Financial Technology Innovation’s office hours on September 12. The discussion focused on the impact of financial data on access and financial health.
Legal and Regulatory Compliance Insights: Focus on BAAS
Later today, Troutman Pepper Partner James Stevens is presenting “Legal and Regulatory Compliance Insights: Focus on BAAS” to 10 founders from the Fintech South Innovation Challenge, the lead-up accelerator to Fintech South, and mentors assigned to those founders. The presentation is being held at the Advanced Technology Development Center at Georgia Tech. James
Banking as a Service Explained: Why Some Financial Institutions Hesitate While Others Fully Engage
Troutman Pepper partner James Stevens was a featured speaker during National Fintech Organization’s webinar, “Banking as a Service Explained: Why Some Financial Institutions Hesitate While Others Fully Engage.”
Georgia Bankers Association 2024 Annual Meeting
Troutman Pepper partner James Stevens spoke at the annual Georgia Bankers Association meeting alongside Jonathan Hightower, a partner at Fenimore Kay Harrison. Their discussion focused on how, after a challenging year in 2023, many banks are seeking opportunities to regain forward momentum. During the session, James and Jonathan explored various growth opportunities for banks, including the resurgence of community bank mergers and acquisitions, strategies for nontraditional deposit growth, compensation and retention tactics, and leadership succession planning. Additionally, they addressed ways to mitigate emerging risks amidst heightened expectations from regulators and other stakeholders.
Federal Banking Agencies Issue New Guidebook for Community Banks Managing Third-Party Relationships
On May 3, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (collectively, the agencies) released a guidebook aimed at assisting community banks in managing risks associated with third-party relationships (the TPRM Guide). The TPRM Guide builds upon the principles introduced in the third-party risk management guidance for banking organizations issued by the agencies in June 2023 (the June 2023 Guidance, discussed here) as well as the agencies’ community bank guide for conducting due diligence on fintech companies from October 2023 (discussed here) but does not displace or substitute that prior guidance.
Troutman Pepper’s Financial Services Practice Continues Momentum with Addition of Bank Regulatory Partner Alexandra Steinberg Barrage
Former FDIC Executive Join Firm’s Dynamic D.C. Office
Alexandra Steinberg Barrage, a former FDIC executive with over a decade of bank regulatory experience, has joined Troutman Pepper’s Washington D.C. office.