In this episode of The Crypto Exchange, Troutman Pepper Partner Ethan Ostroff welcomes his colleague Trey Smith to discuss the recent Wells notice issued by the Securities and Exchange Commission (SEC) to Uniswap, a major decentralized exchange.
FDIC Finalizes Amendments to Regulations Governing Official Signs, Advertising Requirements, and Misrepresentations Regarding Deposit Insurance Coverage
The Federal Deposit Insurance Corporation (FDIC) has recently issued a final rule amending its regulations governing the use of official FDIC signs and insured depository institutions’ (IDIs) advertising statements. The new rule took effect on April 1, 2024, with an extended compliance date of January 1, 2025. The extended compliance date is intended to provide sufficient time for financial institutions to put in place processes, systems, and technological updates to implement the new regulatory requirements.
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.
Will Resiliency Carry the Digital Asset Sector Through 2024?
In 2023, the digital asset industry demonstrated remarkable resilience amidst significant challenges, including the dissolution of several digital asset financial services companies, numerous bank failures, and a $4.7 billion fine imposed on Binance by the U.S. government. Despite these adversities, the digital asset market rebounded, recapturing over 50% of the market capitalization lost in 2022, bringing the total to $2.59 trillion.
FDIC Announces Two More Consent Orders Containing Third-Party Risk Management and Fintech Partnership Orders
On March 29, the Federal Deposit Insurance Corporation (FDIC) announced two more consent orders containing provisions relating to banks’ third-party risk management programs with respect to banking as a service (BaaS) partnerships.
What Regulators Want From Banks Partnering With Third Parties, Fintechs
James Stevens, co-leader of Troutman Pepper’s Financial Services Industry Group, was quoted in the March 28, 2024 FinXTech article, “What Regulators Want From Banks Partnering With Third Parties, Fintechs.”
Troutman Pepper Continues Expansion of Financial Services Practice with Addition of Two Partners
Kevin Petrasic and Matthew Bornfreund Enhance Firm’s Bank Regulatory Practice
WASHINGTON, D.C. – Kevin Petrasic and Matthew Bornfreund, two highly regarded financial services partners with a focus on bank regulation, have joined Troutman Pepper in Washington, D.C. Arriving from Davis Wright Tremaine, where they spearheaded the bank regulatory and financial institutions advisory practice, Petrasic and Bornfreund bring a wealth of experience representing U.S. banks and bank holding companies, foreign banks in their U.S. regulatory needs, including those with multifaceted governance issues and transactions, and payments companies in their bank relationships.
FDIC Announces Lineage Bank Consent Order Containing Third-Party Risk Management Program and Fintech Partnership Orders
The Federal Deposit Insurance Corporation (FDIC) recently announced a consent order with Tennessee-based Lineage Bank containing orders relating to the bank’s third-party risk management program and its financial technology (fintech) partners.
2023 Year-In-Review: Key Enforcement Initiatives and Cases in Crypto, Cyber, SPACs, Whistleblowers, and the Future of Administrative Law Proceedings
It was a busy year for enforcement activity in the cyber, crypto, SPAC, and whistleblower spaces, with several pending actions that will likely have wide-ranging implications in 2024. We are also awaiting a ruling from the U.S. Supreme Court that could alter the landscape on administrative law proceedings. From the SEC’s release of expansive cybersecurity rules to the largest whistleblower award ever issued, 2023 had plenty of exciting developments. A detailed summary of key developments by category can be found below.