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Jan 16, 2025 | 
jdsupra.com | James Stevens
James Stevens, co-leader of Troutman Pepper Locke’s Financial Services Industry Group, was quoted in the January 15, 2025 Banking Dive article, “BaaS Outlook Brighter After Period of Growing Pains.”The most recent regulatory cycle addressed many of the BaaS sector’s weak programs and bad actors through enforcement actions the past two years, said James Stevens, a partner at law firm Troutman Pepper Locke, and that puts BaaS in a position to grow in the coming years.
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Nov 20, 2024 | 
jdsupra.com | Alexandra Steinberg Barrage |Matthew Bornfreund |James Stevens
In a previous post, we discussed the Federal Deposit Insurance Corporation’s (FDIC) notice of proposed rulemaking aimed at enhancing recordkeeping for bank deposits received from fintech and other third-party, non-bank companies. The proposed rule initially set a public comment period ending on December 2, 2024. This week, the FDIC announced a 45-day extension to this comment period, now allowing stakeholders until January 16, 2025, to submit their feedback.
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Oct 11, 2024 | 
jdsupra.com | James Stevens
James Stevens, co-leader of Troutman Pepper’s Financial Services Industry Group, was quoted in the October 10, 2024 Bank Director article, “Braving the Bumps in Banking as a Service.”“You have to have a robust ability to do due diligence on your partner,” said James Stevens, a partner at Troutman Pepper Hamilton Sanders.
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Oct 8, 2024 | 
jdsupra.com | James Stevens
James Stevens, co-leader of Troutman Pepper’s Financial Services Industry Group, was quoted in the October 4, 2024 Banking Dive article, “Fiserv Nets Special Banking Charter in Georgia.”The Georgia agency approved the Credorax application, but card networks refused to work with that company, said James Stevens, co-leader of the financial services industry group at the law firm Troutman Pepper.
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Oct 7, 2024 | 
jdsupra.com | Alexandra Steinberg Barrage |Matthew Bornfreund |James Stevens
We previously posted on the Federal Deposit Insurance Corporation’s (FDIC) notice of proposed rulemaking aimed at enhancing recordkeeping for bank deposits received from fintech and other third-party, non-bank companies. Today, the proposed rule was published in the Federal Register and the FDIC is accepting public comments until December 2, 2024.
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Oct 7, 2024 | 
jdsupra.com | Keith Barnett |Carlin McCrory |James Stevens
In a significant development since our last post, Fiserv’s application for a merchant acquirer limited purpose bank (MALPB) charter has been approved by the Georgia Department of Banking and Finance. This approval marks a pivotal moment for fintech and nonbank entities seeking direct access to card networks.
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Sep 26, 2024 | 
jdsupra.com | James Stevens
James Stevens, co-leader of Troutman Pepper’s Financial Services Industry Group, was quoted in the September 24, 2024 Payments Dive article, “Stripe Shows Signs of IPO, Despite CEO Comments.”Stripe has options to provide liquidity to investors beyond an IPO, one of which is a stock buyback, said James Stevens, a partner at the law firm Troutman Pepper who works with fintech companies. But “that takes away money that could be deployed back into the business,” he said.
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Sep 19, 2024 | 
jdsupra.com | Gregory Parisi |Brenna Sheffield |James Stevens
Yesterday, both the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) finalized new guidelines regarding bank mergers. According to the agencies, these updates aim to enhance transparency and provide clearer guidance on the evaluation of merger applications under the Bank Merger Act (BMA).
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Sep 19, 2024 | 
jdsupra.com | Alexandra Steinberg Barrage |Matthew Bornfreund |James Stevens
On September 17, the Federal Deposit Insurance Corporation (FDIC) a notice of proposed rulemaking (Proposal) aimed at enhancing recordkeeping for bank deposits received from fintech and other third-party, non-bank companies. The FDIC is accepting public comments on the Proposal for 60 days after publication in the Federal Register. Banks typically hold direct customers’ funds in individual deposit accounts designated for each customer on their own ledger.
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Sep 5, 2024 | 
jdsupra.com | James Stevens
James Stevens, co-leader of Troutman Pepper’s Financial Services Industry Group, was quoted in the September 3, 2024 American Banker article, “Where Have All the New Banks Gone?“James Stevens, co-leader of the financial services industry group at law firm Troutman Pepper in Atlanta, is far from convinced regulatory action or inaction lies at the heart of the de novo drought. “The regulators I deal with are open for business,” Stevens said.
