On March 12, at the Institute of International Bankers Annual Washington Conference, Acting Comptroller of the Currency Michael J. Hsu discussed the importance of operational resilience in the banking sector and hinted that potential regulations aimed to promote the same
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Acting Comptroller Michael J. Hsu’s Advice on Preventing the “Next Great Blurring”
In a recent speech at Vanderbilt University, Acting Comptroller of the Currency Michael Hsu discussed his views on the potential risk of financial instability due to the merging boundaries between banking and commerce. In his speech, Comptroller Hsu underscored the…
What Is a Stalking Horse Bidder in a Section 363 Sale and Why Might I Want to Be One?
In the realm of bankruptcy sales, the role of a stalking horse bidder in a Section 363 sale is crucial. This bidder sets the baseline bid, protecting the debtor from receiving unreasonably low bids for its assets. In return, the…
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…
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…
Georgia Clarifies Merchant Acquirer Law as Firms Submit First Applications in a Decade
James Stevens, co-leader of Troutman Pepper’s Financial Services Industry Group, was quoted in the February 27, 2024 Vixio article, “Georgia Clarifies Merchant Acquirer Law as Firms Submit First Applications in a Decade.” “There is at least one large…
Can I Net Amounts Owed to the Debtor Against Amounts Owed to Me?
In the complex landscape of bankruptcy, creditors often seek ways to offset amounts owed to the debtor against amounts owed by the debtor. Two mechanisms, setoff and recoupment, provide this opportunity, each with its unique characteristics and implications in a…
FinCEN Proposes Extending AML/CFT Requirements to Certain Investment Advisors
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently announced a Notice of Proposed Rulemaking (NPRM) aimed at keeping bad actors from exploiting the U.S. financial system and assets through investment advisers. Specifically, it would require certain…
How to Avoid a Similar Fate? SEC Charges Firms With Record-Keeping Violations for Off-Channel Communications
On February 9, the Securities and Exchange Commission (SEC) announced settlements with 16 firms relating to record-keeping violations stemming from off-channel communications totaling $81 million. The 16 firms were five broker-dealers (BD firms), seven dually registered broker-dealers and investment advisers,…