On February 21, President Biden issued an executive order blocking property of certain persons, and prohibiting transactions regarding Russia’s invasion of the Ukraine. The following day, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) issued restrictions on activities with Russian individuals and entities. On February 25, these lists were updated to include political leaders
On February 14, the Consumer Financial Protection Bureau (CFPB) updated its Supervision and Examinations Manual to reflect changes it made to the Remittance Transfer Rule (Rule) in a final rule published on June 5, 2020. The changes made to Subpart B of Regulation E, effective July 21, 2020, (1) increased the Rule’s safe harbor for
On January 20, the Federal Trade Commission (FTC) issued an advisory opinion on the impact of the Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses (Holder Rule) on the recovery of attorneys’ fees and costs above the amount paid on a consumer receivable arising out of a financed sale of goods or services.
Will 2022 be the year of comprehensive digital asset legislation in the U.S.?
In 2021, Congress waded into the digital asset policy waters through its inclusion of expanded cryptocurrency and digital asset rules as part of the $1 trillion Infrastructure Investment and Jobs Act (HR 3584), which was signed into law by President Joe Biden
On October 27, the Office of the Comptroller of the Currency (OCC) issued its final rule on how to determine when a national bank or federal savings association (referred to collectively as a national bank) is the “true lender” in the context of a partnership between a national bank and a third party. The final
With a hot national spotlight on issues of racial diversity, equality, and inclusion, the composition of corporate boards of directors is facing increased scrutiny from the American public, legislators and the plaintiffs’ bar. The plaintiffs’ bar fired their first shot in July 2020 with a shareholder derivative complaint against the board of a Fortune 100
Please join Troutman Sanders attorneys, Ronald Raether, Ashley Taylor, Avi Schick, and Sadia Mirza for a Complimentary Webinar, “COVID-19: CCPA and Regulatory and Governmental Litigation Update” on Thursday, May 7, 2020 from 1:00 – 2:00 p.m. ET.
With the California Consumer Privacy Act (CCPA) enforcement date around the corner, we will provide
Richmond — Troutman Sanders LLP advised Trustar Bank in Fairfax County, Virginia in connection with its organization, equity offering, and regulatory applications and approvals from the Federal Deposit Insurance Corporation and the Virginia Bureau of Financial Institutions as the first de novo bank in Virginia since 2009. Trustar Bank was formed to serve customers in
On April 3, 2019, the Strategic Hub for Innovation and Financial Technology (“FinHub”) released a framework for analyzing the application of U.S. federal securities laws to digital assets (the “Framework”).[1] At the same time, the Division of Corporation Finance (the “Division”) of U.S. Securities and Exchange Commission (the “Commission”) issued a no-action response to
2018 was a busy year in the consumer financial services world. As we navigate the continuing heavy volume of regulatory change and forthcoming developments from the Trump administration, Troutman Sanders is uniquely positioned to help its clients successfully resolve problems and stay ahead of the compliance curve.
In this report, we share developments on