Latest news with #TroutmanPepperLocke
Yahoo
22-05-2025
- Business
- Yahoo
Environmental challenges in the E&P and midstream sectors
May 21—Join law firm Troutman Pepper Locke for an in-depth Continuing Legal Education (CLE) presentation focused on pressing environmental issues facing the E&P and midstream sectors. This timely program will address the recent changes in Railroad Commission rules governing waste and pit permitting and will also provide insights into steps the industry should take to adapt to these new regulations. Additionally, they will explore ongoing air quality issues and the implications of the new EPA administration's policies on the oil and gas industry. The event is scheduled from 3 p.m. to 6 p.m. June 18 at Midland Country Club, One Wildcatter Way, Midland. Troutman Pepper Locke's expert panel will provide a comprehensive overview of the regulatory landscape, discuss compliance strategies, and offer practical advice for navigating these challenges. This presentation is essential for legal professionals, environmental consultants, and industry stakeholders who need to stay informed about the latest developments in environmental regulations affecting the E&P and midstream sectors, event information said. AGENDA 3 p.m. — 3:10 p.m. — Welcome and Introduction — Overview of the program and objectives 3:10 p.m. — 3:30 p.m. — New Waste and Pit Permitting Rules by the Railroad Commission — Detailed analysis of the new permitting rules — Implications for oilfield operations — Compliance strategies and best practices 3:30 p.m. — 3:50 p.m. — Ongoing Air Quality Issues in the E&P and Midstream Sectors — Overview of current air quality challenges — Regulatory requirements and enforcement trends — Mitigation strategies and technological solutions 4:10 p.m. — 4:30 p.m. — Navigating the New EPA Administration — Key policy changes and regulatory priorities — Impact on the oil and gas industry — Strategies for compliance and advocacy 4:30 p.m. — 5 p.m. — Panel Discussion — Interactive discussion on the topics covered — Experts in the field share hands on experience and valuable insights 5 p.m. — 6 p.m. — Happy Hour — Networking opportunity with speakers and attendees — Light snacks and beverages provided
Zawya
19-03-2025
- Business
- Zawya
Fintechs and crypto companies seek bank charters for growth
NEW YORK - Financial technology firms and crypto companies are seeking to become state or national banks in a bid to expand their business under the Trump administration that they view as more industry-friendly, according to more than half a dozen industry executives. Firms that had been seeking to expand and gain credibility with customers see an opportunity under U.S. President Donald Trump to get licenses that regulators were previously slow or reluctant to approve. "We have seen a lot more interest. We are working on several applications now," said Alexandra Steinberg Barrage, a partner at law firm Troutman Pepper Locke. "Is it in full swing yet? I don't think so. Our clients are being cautiously optimistic, they're waiting for things to settle," as the administration installs heads of banking agencies. Discussions and preparations for bank charters have increased significantly, according to two other sources who are working on potential applications. It has yet to be seen how many firms will follow through, they said. While an institution needs to deal with more regulatory checks if it becomes a bank, its cost of capital and doing business can go down in certain instances. A license can also give more legitimacy to the business in the eyes of customers and allow it to increase business and market opportunities. This will also allow firms to reduce their borrowing costs by drawing on deposits, another big advantage, said Carleton Goss, partner at law firm Hunton Andrews Kurth who is working on three such applications. New banks will also boost industry competition and cater to specific customer groups or regions, industry sources and analysts said. The Office of the Comptroller of the Currency has granted approval to fintech firm SmartBiz to acquire a Chicago-based community bank, Centrust Bank, which gives it a national bank charter, it said in an announcement Monday. It is the first bank charter approval for a fintech firm since 2021, and industry experts expect this trend to continue. CHANGE IN ADMINISTRATION The surge in activity comes after the number of new bank charters granted by U.S. regulators plunged since the financial crisis, reaching a low of only four applications being approved in 2023, according to S&P Global. "Online companies know that they will be coming under greater regulatory scrutiny," said Goss. "It makes sense for them to get ahead of the curve, and in turn, get more credibility and capital at a lower cost by applying for a charter." Between 2010 and 2023, an average of only five new bank charter applications were approved annually by regulators, compared with 144 a year between 2000 and 2007, Barrage and other regulatory lawyers wrote in a recent open letter that made suggestions about streamlining the process. Approvals sometimes took years and in some cases were withdrawn by the applicants, the letter said. Applications dropped because low interest rates squeezed profits, reducing the appeal of bank status, while burdensome regulations deterred potential applicants. After the collapse of bank-fintech middleman Synapse Financial Technologies last year, regulators have also proposed strengthening rules for banks working with fintechs. There are expectations that Trump will usher in a deregulatory regime which is more pro-growth for businesses which could pave the way for some more bank charters in the current administration. "We haven't seen a flurry of charter applications since the financial crisis period, but we certainly saw more in the first Trump administration," said Nathan Stovall, director of the financial institutions research at S&P Global Market Intelligence. Trump's newly-installed regulators have indicated that they are focused on innovation and technology, sending positive signals to fintechs, Stovall added. The administration "is encouraging regulators to adjust risk appetite and take a more pro-growth line," said Nigel Moden, global banking and capital markets leader at EY. "That could lead to an opening up of the market to some more competition." Earlier, the Federal Deposit Insurance Corporation's (FDIC) acting chair Travis Hill said the agency would encourage more firms to pursue bank charters in the coming months to ensure a healthy pipeline of new entrants in the sector. Federal Reserve Governor Michelle Bowman, who has been nominated by Trump as vice chair for supervision, has emphasized the need for speedier approval for new banks. CHALLENGES Industry experts believe that the high scrutiny on granting bank charters is a necessary step for financial stability, but they believe the turnaround process for these applications could be faster. Typically, between $20 million and $50 million is required to set up a new bank, two legal sources said. Access to capital and complying with anti-money laundering laws and the Bank Secrecy Act are some of the biggest challenges for firms applying for charters. Both sources declined to be identified because the discussions are private. "There are still rigorous licensing processes in place and so time will tell as to how quickly new applications can move through the system," Moden said, adding that charter-related activity was picking up. The U.S. has more than 4,500 banks. With an expected rebound in mergers and acquisitions among regional lenders, that number is expected to shrink even as some new entrants jump in. (Reporting by Nupur Anand in New York, additional reporting by Saeed Azhar, editing by Lananh Nguyen and Nick Zieminski)
Yahoo
18-03-2025
- Business
- Yahoo
Crypto firms are reportedly pushing for National Bank status
According to a Reuters report dated March 18, industry insiders are allegedly saying that crypto firms see this as an opportunity to gain regulatory legitimacy and broaden their markets. Though such applications have historically taken regulatory bodies a long time to approve, legal experts have seen a recent uptick in interest. 'We have seen a lot more interest. We are working on several applications now,' said Alexandra Steinberg Barrage, a partner at the law firm Troutman Pepper Locke, as quoted by Reuters. However, with the administration appointing new banking regulators, Locke said, many firms are feeling cautiously optimistic, even as enthusiasm builds. National bank status would enable crypto firms to lower borrowing costs by accessing deposits, enhancing credibility, and creating new business opportunities. 'It makes sense for them to get ahead of the curve and gain credibility and capital at a lower cost by applying for a charter,' told Carleton Goss, a partner at Hunton Andrews Kurth, to Reuters. The report also said that approvals for bank charters have historically been few and far between, with U.S. regulators granting just four in 2023. For the years between 2010 and 2023, however, the average approvals per year were only five, in stark contrast to the 144 approvals between 2000 and 2007. Thus, obtaining charters will be difficult for the crypto enterprises entering the banking sector. Following the news, many crypto industry netizens are unhappy about this move. One X user, who goes by the username Cedric Beau said, 'Bitcoin doesn't need banks. Any crypto company trying to become a national bank isn't decentralizing; it's integrating into the same system $BTC was built to replace.' Another user named MooseyB17 said, 'NO! The whole point of crypto is to get away from banks." However, many within the crypto community believe this could help in adopting cryptocurrencies, saying, 'Regulatory clarity incoming? This could be a game changer for Bitcoin and crypto adoption.'
Yahoo
26-02-2025
- Automotive
- Yahoo
Court Overturns Biden's Car Dealer Scam Protections — 3 Red Flags To Watch For
Buying a car can be a hassle. Not only do you have to spend time shopping around for the best deal within your budget, but you also have to ensure you're not being swindled in the process. Until recently, a proposed rule aimed to shield consumers from car-buying scams and deceptive practices by car dealers. Learn More: Try This: Under President Joe Biden's administration, the Federal Trade Commission (FTC) introduced the Combating Auto Retail Scams (CARS) rule. It was designed to protect consumers from deceptive car dealer practices and junk fees while benefiting honest dealers. Here are the rule's four basic principles, according to the FTC: Prohibits misrepresentations about material information: Deceptive claims about financing, pricing or add-ons are not allowed. Requires car dealers to disclose the actual offering price: Consumers have a right to know the drive-off-the-lot price before visiting the dealership and throughout the buying process, excluding any required government charges. Makes it illegal for car dealerships to charge consumers for unnecessary add-ons: Dealers cannot charge extra for add-ons that do not benefit the consumer. Requires car dealers to obtain consumers' explicit, informed consent before charging them: This provision ensures there are no surprise fees or hidden charges. Dealers must receive a clear 'yes' from the buyer before applying any charges. However, a recent court ruling overturned CARS, which will impact the way we purchase cars. According to Troutman Pepper Locke, on Jan. 27, 2025, the U.S. Court of Appeals for the Fifth Circuit issued an opinion vacating the FTC's CARS Rule after two major automobile trade associations, the National Automobile Dealers Association (NADA) and the Texas Automobile Dealers Association (TADA), filed petitions. Discover More: NADA and TADA challenged the rule's legality, arguing that the FTC violated its regulations by failing to issue an advance notice of proposed rulemaking (ANPRM) before introducing the rule. An ANPRM is a preliminary notice stating that a government agency is considering regulatory action. Generally, agencies must issue an ANPRM before developing a new rule. The trade associations also argued that the FTC conducted a rushed and inadequate cost-benefit analysis before finalizing the rule. 'Monday's (Jan. 27, 2025) decision by the 5th Circuit Court of Appeals on NADA's and TADA's legal challenge is a victory for the rule of law and a great outcome for consumers,' stated a recent NADA press release. NADA and TADA celebrated the court's decision, claiming the rule would have added significant time and undue burden to both consumers and dealers. However, without the rule, consumers may continue to face deceptive practices and junk fees from dishonest dealers. Here's what to watch for. Now that this key consumer protection rule has been struck down, here are three red flags to be aware of when shopping for your next car: If you're in the car-buying process, question every fee listed. An honest dealership should be able to clearly explain all charges and why they are required. If they can't, consider taking your business elsewhere to avoid overpaying. If you see an advertisement for a vehicle at a significantly lower price than the market rate, be cautious. For example, if a car typically sells for $35,000 but is advertised for $25,000, there may be hidden fees or conditions. Shop around at multiple dealerships to ensure you're getting a fair and honest deal. If a dealer promotes financing terms with interest rates significantly lower than the average car loan, proceed with caution. They may not be disclosing all the terms upfront. Consider securing financing through your bank or credit union instead of relying on dealership offers. With the CARS Rule overturned, it's more important than ever for consumers to stay informed and vigilant during the car-buying process. More From GOBankingRates This article originally appeared on Court Overturns Biden's Car Dealer Scam Protections — 3 Red Flags To Watch For
