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1 month ago | 
jdsupra.com | Alexandra Steinberg Barrage |Matthew Bornfreund |Ethan G. Ostroff
Last Friday, the Federal Deposit Insurance Corporation (FDIC) announced the rescission of Financial Institution Letter (FIL-16-2022) and issued new guidance clarifying the process for FDIC-supervised institutions to engage in crypto-related activities. The new Financial Institution Letter (FIL-7-2025) represents a 180 degree turn from the prior Chairman’s position, which required prior notification and relevant information by banks seeking to engage in crypto-related activities.
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1 month ago | 
openlegalblogarchive.org | Ethan G. Ostroff |Alexandra Steinberg Barrage |Joanna J. Cline |Jay A. Dubow
In this episode of Crypto Exchange, Ethan Ostroff and Alexandra Barrage are joined by partners Joanna Cline and Jay Dubow to discuss the evolving landscape of the SEC’s enforcement actions involving cryptocurrencies. The episode highlights the demand for clear regulatory guidelines in the digital asset space, particularly regarding the classification of tokens and cryptocurrencies as securities.
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2 months ago | 
jdsupra.com | Alexandra Steinberg Barrage |Matthew Bornfreund |Ethan G. Ostroff
On March 7, the Office of the Comptroller of the Currency (OCC) issued a significant update regarding the involvement of national banks and federal savings associations in cryptocurrency activities. Interpretive Letter 1183 reaffirms the permissibility of various crypto-asset activities and aims to streamline the regulatory process for banks engaging in these activities.
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2 months ago | 
lexology.com | Matthew Bornfreund |Ethan G. Ostroff |Alexandra Steinberg Barrage |James Stevens
On March 7, the Office of the Comptroller of the Currency (OCC) issued a significant update regarding the involvement of national banks and federal savings associations in cryptocurrency activities. Interpretive Letter 1183 reaffirms the permissibility of various crypto-asset activities and aims to streamline the regulatory process for banks engaging in these activities.
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2 months ago | 
lexology.com | Matthew Bornfreund |James Kim |Caleb Rosenberg |Alexandra Steinberg Barrage |Christopher J. Capurso |Taylor Gess
On January 8, Senate Bill No. 1252 (SB 1252) was introduced to the Virginia General Assembly, aiming to amend and reenact sections of the Code of Virginia related to the application of usury rates. Just two weeks ago, the bill was passed by both the House and Senate. Opponents of the bill contend that the language and effect is very unclear, but that broad language and stringent provisions could stifle innovation and ultimately harm consumers by limiting their access to credit.
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Jan 15, 2025 | 
jdsupra.com | Alexandra Steinberg Barrage |Matthew Bornfreund |James Kim
On January 10, the Consumer Financial Protection Bureau (Bureau) issued a notice of proposed interpretive rule (Proposed Rule). The deadline for comments is March 31, 2025. The Proposed Rule would apply the Electronic Fund Transfer Act (EFTA)—which protects consumers against errors and fraud—to new types of digital payment mechanisms, including stablecoins and other digital currencies.
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Jan 14, 2025 | 
jdsupra.com | Alexandra Steinberg Barrage |Matthew Bornfreund |Kevin Petrasic
On January 8, the United States District Court for the Southern District of New York dismissed the claims brought by Banco San Juan Internacional, Inc. (BSJI) against the Federal Reserve Bank of New York (FRBNY) and the Board of Governors of the Federal Reserve System (Board). BSJI alleged that the termination of its master account by the FRBNY violated various federal laws.
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Jan 10, 2025 | 
jdsupra.com | Alexandra Steinberg Barrage
Alex Barrage, a partner with Troutman Pepper Locke, was quoted in the January 9, 2025 American Banker article, “CFPB Rules, M&A Standards Most Likely CRA Repeal Targets.”Alexandra Barrage, a partner at Troutman Pepper Locke, said the CRA will likely not be a primary tool for regulatory rollbacks because many of the same rules that the incoming administration is most opposed to are already being fought in court.
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Jan 8, 2025 | 
jdsupra.com | Alexandra Steinberg Barrage
Alex Barrage, a partner with Troutman Pepper Locke, was quoted in the January 7, 2025 CNBC article, “Wall Street Notches Another Win as Fed’s Barr Clears the Way for Gentler Banking Regulator.”Bowman, a former community banker and Kansas bank commissioner, could take on “industry-friendly reforms” around a number of sore spots for banks, according to Alexandra Steinberg Barrage, a former FDIC executive and partner at Troutman Pepper Locke.
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Dec 5, 2024 | 
jdsupra.com | Alexandra Steinberg Barrage |Matthew Bornfreund |James Kim
In the last two weeks, several amicus briefs were filed in the Tenth Circuit in the ongoing litigation concerning Colorado’s opt-out from the Depository Institutions Deregulation and Monetary Control Act (DIDMCA).
