NEW YORK – On the heels of another transformative year for the financial industry, Troutman Pepper’s Consumer Financial Services Practice Group is today releasing the eighth edition of its Consumer Financial Services Year in Review & A Look Ahead. The report compiles insights from the practice’s 140+ attorneys and professionals nationwide, who bring extensive experience in CFS litigation, regulatory enforcement, and compliance.

Reflecting on 2023
2023 saw several industry-changing rulings across both the federal and state legislature levels. The Consumer Financial Services Year in Review & A Look Ahead provides a thorough analysis of the year’s most pressing issues, including:

  • Developments to multiple lending areas, including fair lending, small dollar lending, student lending, and tribal lending
  • The launch of the FedNow Service and regulatory scrutiny surrounding the payment processing and fintech spaces
  • The CFPB and FTC’s intensified focus on background screeners
  • Mortgage servicing trends, ranging from loss mitigation and fee violations to evolving interpretations of debt acceleration and statute of limitations triggers
  • The crackdown on medical debt collection by the CFPB

Michael Lacy, Consumer Financial Services Practice Group Leader, explained: “2023 presented unique challenges for financial services litigation and regulatory professionals. We continue to help clients navigate the regulatory landscape, and we are proud to share the developments and lessons learned from our work – and how companies can prepare for what’s ahead.”

Looking Ahead
Reflecting upon 2023’s developments, Troutman Pepper’s Consumer Financial Services Practice Group also provides solutions for staying ahead of the compliance curve in 2024 throughout the report. Forward-looking insights include:

  • The continuation of federal regulators’ “war on fees” in the auto finance space
  • Rising consumer bankruptcy filings in line with rising interest rates
  • The anticipated requirement for digital asset services companies to issue clear and conspicuous disclosures to their customers
  • Tightening of perceived loopholes in gathering and revoking consent in regards to the Telephone Consumer Protection Act (TCPA)
  • The increased pursuit of redlining investigations and enforcement actions by federal regulators

Chris Willis, Consumer Financial Services Regulatory Practice Group Co-Leader, said: “Our report provides actionable takeaways for clients navigating this highly regulated space. In 2024, we expect federal and state regulators to continue their trend of hyperactivity and anticipate more consequential litigation. As always, our highly experienced team will be on-hand to guide clients through what is to come.”

In addition to producing this annual report, Troutman Pepper’s Consumer Financial Services Practice Group provides year-round insights on its Consumer Financial Services Law Monitor, a blog offering timely updates regarding changes in the law, upcoming regulatory deadlines and significant judicial opinions impacting the financial industry. The group also produces weekly episodes of The Consumer Finance Podcast and multiple educational webinars throughout the year.

Clients in the financial services industries depend on Troutman Pepper’s top-ranked, national team to litigate, provide regulatory guidance, and assist with investigations and actions initiated by government agencies. Law360 has recognized the firm twice with a Consumer Protection Practice Group of the Year award, and it is ranked by Chambers USA at the national level for consumer finance compliance, enforcement + investigations, and litigation. Since January 2022, the CFS practice has added more than 30 experienced professionals to its ranks, who both add to its areas of expertise and deep bench.

About Troutman Pepper
Troutman Pepper is a national law firm with more than 1,100 attorneys strategically located in 23 U.S. cities. The firm’s litigation, transactional, and regulatory practices advise a diverse client base, from startups to multinational enterprises. The firm provides sophisticated legal solutions to clients’ most pressing business challenges, with depth across industry sectors, including energy, financial services, health sciences, insurance, and private equity, among others. Learn more at troutman.com.

WASHINGTON – Donna Byrne, a leading energy regulatory lawyer with a specialty in Federal Energy Regulatory Commission (FERC) enforcement matters, has joined Troutman Pepper as a partner in its nationally recognized Energy Practice Group, resident in the Washington, D.C. office. Byrne previously practiced at Steptoe LLP.

Byrne joins the firm’s 20-plus member FERC team where she will lead the enforcement practice. Having represented clients in some of the most high-profile matters since the inception of FERC’s modern enforcement program, Byrne has a strong record of achieving favorable resolutions for clients. Beyond enforcement matters, Byrne is a seasoned energy lawyer with decades of experience representing clients before FERC and in the federal courts.

“Donna’s expertise in FERC enforcement defense will significantly strengthen our capabilities in this area and provide immense value to our clients. Her addition to our team is a testament to our commitment to providing top-tier service to our clients in the energy sector,” said Partner John Leonti, chair of the firm’s Regulatory and Finance department.

Amie Colby, the firm’s managing partner and a member of the FERC practice added, “I am so excited to practice with Donna and for our clients to get the benefit of her considerable expertise.”

“We are excited to welcome Donna to our FERC practice and our thriving D.C. office,” said Chris Jones, the firm’s FERC practice lead and managing partner of the firm’s Washington, D.C. office. “We have known and admired Donna for years and are thrilled to add her to our ranks. We are excited to have her lead our enforcement practice and lend her demonstrable expertise in energy litigation and other FERC matters.”

“Troutman Pepper is a recognized leader in the energy space and has built a dynamic team that aligns with my practice and the added value that I am committed to delivering to my clients,” Byrne said. “I look forward to working with my new colleagues in DC and across the country.”

Troutman Pepper’s market-leading energy practices help clients with their most important and complex matters throughout the United States. From renewables to conventional and emerging technologies, the cross-disciplinary team has extensive experience across the energy landscape. The firm regularly advises independent power producers, banks, utilities, private equity funds, and large corporations. Learn more at troutman.com/energy.

About Troutman Pepper
Troutman Pepper is a national law firm with more than 1,100 attorneys strategically located in 23 U.S. cities. The firm’s litigation, transactional, and regulatory practices advise a diverse client base, from startups to multinational enterprises. The firm provides sophisticated legal solutions to clients’ most pressing business challenges, with depth across industry sectors, including energy, financial services, health sciences, insurance, and private equity, among others. Learn more at troutman.com.

RICHMOND, Va. – Dave Meyers, a partner in Troutman Pepper’s Corporate Practice Group, has been named to the Virginia Law Foundation’s 2024 Class of Fellows.

Nominated confidentially by their peers, fellows are recognized for leadership in their practices, their communities, and the Commonwealth. The Class of 2024 joins a group of more than 775 of the best and brightest legal practitioners in Virginia who are committed to the highest ideals of the law and exemplify the concept of citizen lawyer.

Focusing his practice on corporate governance, Meyers serves as a valued advisor for public companies, helping them break down barriers and implement strategies that achieve financial and business success. His technical knowledge and collaborative approach help clients achieve their commercial goals and position themselves for long-term growth. Meyers’ many years of experience enable him to strategically guide business decisions that are critical to clients’ growth strategies.

Consistently recognized as a top-tier national practice, Troutman Pepper’s corporate attorneys regularly handle multimillion- and multibillion-dollar transactions. Core areas of service include capital markets transactions and other significant domestic and cross-border transactions, mergers and acquisitions, corporate governance, securities laws compliance, and corporate finance. The firm has particular expertise in the private equity and private fund services space, advising clients on matters from fund formation to investments and exit transactions.

Meyers, along with the rest of the 2024 class, was inducted into the Fellows of the Virginia Law Foundation in a ceremony held on January 18th.

About Troutman Pepper
Troutman Pepper is a national law firm with more than 1,100 attorneys strategically located in 23 U.S. cities. The firm’s litigation, transactional, and regulatory practices advise a diverse client base, from startups to multinational enterprises. The firm provides sophisticated legal solutions to clients’ most pressing business challenges, with depth across industry sectors, including energy, financial services, health sciences, insurance, and private equity, among others. Learn more at troutman.com.

NEW YORK – State attorneys general are poised to influence more policy and practice in 2024, including in several key areas, according to Troutman Pepper’s State AG Year in Review released today. The report points to the growing regulatory power of state AGs and explores seven areas of hyperfocus: (1) artificial intelligence (AI); (2) consumer financial services; (3) privacy; (4) pharmaceuticals/health sciences; (5) marketing and advertising; (6) environmental, social, and corporate governance (ESG); and (7) solar energy.

“In 2023, we continued to see state AGs focused on the industries that have traditionally been highly regulated – financial services and health care, to name a couple – and we saw a growing focus on newer areas like artificial intelligence and solar energy,” said Ashley Taylor, co-leader of the firm’s nationally ranked State Attorneys General practice. “We expect these focuses to continue and intensify in the year ahead and companies would do well to review their policies to ensure regulatory compliance.”

The new report also highlights the 10 state AG offices up for election in 2024, with notable open seats in Oregon, Pennsylvania, North Carolina, Utah, Washington, and West Virginia. At least six new AGs will come to power.

“As we speculate on what the year ahead holds, we know state AGs will continue to shape the regulatory landscape, influencing policy and practice,” said Clay Friedman, co-leader of Troutman Pepper’s State Attorneys General practice. “Their political agility and ability to bring the full power of the sovereign to address both local and national issues might make them the most formidable regulatory authority of the day.”

Troutman Pepper’s State Attorneys General practice has become a go-to for clients seeking assistance with state AG enforcement, litigation, and compliance matters, and is one of only five ranked nationwide by Chambers USA in the category. The practice comprises more than 40 attorneys, including numerous former state AG officials, with team members handling AG investigations involving all 50 states, the District of Columbia, and U.S. territories.

In addition to Troutman Pepper’s expertise across venues and bench strength, clients benefit from its carefully cultivated relationships with AGs and senior staff across the country and related ability to stay in front of the shifting regulatory landscape to navigate changes in enforcement priorities. The firm is active with the National Association of Attorneys General (NAAG), Attorney General Alliance (AGA), the Republican Attorneys General Association (RAGA), and the Democratic Attorneys General Association (DAGA).

About Troutman Pepper
Troutman Pepper is a national law firm with more than 1,100 attorneys strategically located in 23 U.S. cities. The firm’s litigation, transactional, and regulatory practices advise a diverse client base, from startups to multinational enterprises. The firm provides sophisticated legal solutions to clients’ most pressing business challenges, with depth across industry sectors, including energy, financial services, health sciences, insurance, and private equity, among others. Learn more at troutman.com.

CHARLOTTE – Rakesh Gopalan and David Wolpa, two esteemed securities partners with a wealth of experience in the life sciences and technology sectors, have joined Troutman Pepper’s Corporate Practice Group in Charlotte. The pair joins the firm from McGuireWoods LLP.

“The arrival of Rakesh and David underscores our commitment to providing our clients with top-tier legal counsel,” said Mason Bayler, chair of Troutman Pepper’s Transactional Department. “Their sophisticated skill sets and industry knowledge will be invaluable as we continue to grow and strengthen our corporate securities practice.”

Focusing on both securities law and technology transactions, Gopalan has broad experience in the areas of public securities issuances, complex technology and outsourcing deals, as well as both private and public company mergers and acquisitions. His securities practice includes serving as a trusted advisor for public companies and investment banks acting as underwriters or placement agents, advising on a broad range of securities matters, including initial public offerings (IPOs), follow-on offerings of debt, equity, derivative and hybrid securities, private investments in public equity (PIPE) transactions and other SEC disclosure matters.

“I am thrilled to join Troutman Pepper’s highly regarded securities team and dynamic Charlotte office,” Gopalan said. “Troutman Pepper’s existing roster of transactional attorneys in the life sciences, financial institutions, and fintech spaces makes this the ideal platform to continue serving my clients. It’s been extraordinary to watch the Troutman Pepper growth in Charlotte from the outside and I am excited to be a part of that growth story now. I look forward to partnering with my new colleagues across the firm, and locally, to add value to my clients’ businesses.”

Gopalan earned his J.D. from Washington and Lee University School of Law and his B.A. from the University of Virginia.

Wolpa focuses his practice on securities offerings and disclosure matters, capital markets transactions, mergers and acquisitions, and general corporate matters. Wolpa’s experience spans various industries such as healthcare, life sciences, manufacturing, and technology. He also represents investment banks acting as underwriters or placement agents in public or private securities offerings, further showcasing his versatility and transactional capabilities.

“The firm’s impressive corporate and life sciences practices, long-standing client relationships, and collaborative work style makes this a great move for my practice,” Wolpa said. “I am looking forward to working with teams across the firm to provide superior client service.”

Wolpa earned his J.D. from the Loyola University Chicago School of Law and his B.A. from The University of Illinois at Urbana-Champaign.

“The addition of Rakesh and David to our team will significantly enhance our capabilities here in the Queen City,” said Jason Evans, managing partner of Troutman Pepper’s Charlotte office. “We’re thrilled to welcome them and look forward to the value they will bring to our community and beyond.”

Consistently recognized as a top-tier national practice, Troutman Pepper’s corporate attorneys regularly handle transactions ranging in size from tens of millions of dollars to multibillion dollars. The group’s client base spans from industry-leading Fortune 100 corporations to emerging companies, for whom the firm serves as trusted outside general counsel, offering strategic insights from an enterprise-level perspective.

About Troutman Pepper
Troutman Pepper is a national law firm with more than 1,100 attorneys strategically located in 23 U.S. cities. The firm’s litigation, transactional, and regulatory practices advise a diverse client base, from startups to multinational enterprises. The firm provides sophisticated legal solutions to clients’ most pressing business challenges, with depth across industry sectors, including energy, financial services, health sciences, insurance, and private equity, among others. Learn more at troutman.com.

NEW YORK – The M&A Advisor has awarded Troutman Pepper Three Turnaround Awards – Financial Deal of the Year, SEC.363 Sale of the Year (over $250MM), and Restructuring of the Year ($10MM to $50MM). The awards are part of The M&A Advisor’s 18thAnnual Turnaround Awards program, which recognizes the leading distressed transactions, restructuring, refinancing, products and services, firms, and professionals in the United States and international markets. The nominations, representing over 250 participating companies, were judged by an independent panel of industry experts.

Financials Deal of the Year

The Financials Deal of the Year award recognized the Section 363 acquisition of Plastiq, Inc. by Priority Technology Holdings, Inc. Troutman Pepper’s Matthew Brooks, James Stevens, Brenna Sheffield, Sarah Hanna, David Fournier and Tori Lynn Remington advised Priority Technology Holdings, Inc. in the acquisition.

SEC.363 Sale of the Year (Over $250MM)

Troutman Pepper received the SEC.363 Sale of the Year (Over $250MM) for its representation of Hikma Pharmaceuticals USA as the successful bidder for the assets of Akorn, a generics manufacturer. Troutman Pepper’s Deborah Kovsky-Apap, Chris Miller, Judith O’Grady, Erin Whaley, Matthew Swett, Samantha Peruto, and Emma Trivax advised Hikma in the transaction.

Restructuring of the Year ($10MM to $50MM)

Troutman Pepper represented the QHC Facilities, LLC Committee of Unsecured Creditors and now the liquidating trust in connection with a Chapter 11 pending in Iowa involving ten assisted living and nursing home facilities that service more than 300 residents. Troutman Pepper’s Francis Lawall and Deborah Kovsky-Apap advised QHC in the restructuring.

The firm is a market leader in both the financial services and health sciences industries which these deals span.

Troutman Pepper’s Financial Services Group provides comprehensive support to all types of financial services businesses in today’s challenging and ever-changing environment. The team includes more than 200 attorneys who regularly advise national, regional, and community banks, financial technology companies, payments companies, consumer and commercial lenders, and a wide variety of other financial services businesses on the most crucial aspects of their business, from structuring major transactions to dealing with regulatory scrutiny and litigation.

The firm is also a go-to firm for life sciences transactions with a large, multidisciplinary team with a deep understanding of the space. The firm regularly advises pharmaceutical, biotech, medical device, diagnostics, and other life sciences clients on all types of corporate matters — governance and general corporate advice; M&A transactions; licensing transactions and other complex collaborations; IPOs, follow-on public offerings, PIPE transactions, and other capital markets transactions; seed and later-stage venture capital financings; and much more.

Winners of the 18thAnnual Turnaround Awards will be recognized at the 2024 Distressed Investing Summit on March 19.

About Troutman Pepper
Troutman Pepper is a national law firm with more than 1,100 attorneys strategically located in 23 U.S. cities. The firm’s litigation, transactional, and regulatory practices advise a diverse client base, from startups to multinational enterprises. The firm provides sophisticated legal solutions to clients’ most pressing business challenges, with depth across industry sectors, including energy, financial services, health sciences, insurance, and private equity, among others. Learn more at troutman.com.

ATLANTA – Jim Calvert, principal at Troutman Pepper eMerge has been named a 2024 AI Visionary by Relativity, a leading legal and compliance software provider. Relativity’s annual list of AI Visionaries recognizes and celebrates changemakers who are reshaping the legal landscape through AI.

Calvert is among 20 leaders selected for this year’s AI Visionaries list. According to Relativity, the annual list of industry luminaries “recognizes and celebrates individuals who have explored, promoted, or experimented with AI in novel ways in legal applications.”

“It is an honor to be recognized among my industry peers on Relativity’s annual AI Visionaries list,” Calvert said. “At Troutman Pepper eMerge, we are steadfast in our commitment to utilize cutting-edge technology to provide strategic and tailored discovery plans for our clients. The potential of AI to redefine how the legal field provides service to clients is immense, and we are thrilled to be among those leading the charge in this exciting era of innovation.”

At Troutman Pepper eMerge, Calvert consults with case teams and external clients to develop strategies and matter-specific discovery plans for a wide array of litigation matters in state and federal courts, as well as arbitrations, governmental investigations, and regulatory proceedings. He has extensive knowledge in discovery law and technology and devotes his practice to advising clients on all phases of discovery and advocating for clients involved in discovery disputes. Before Calvert focused on eDiscovery, his practice included antitrust and trade regulation and commercial litigation.

Founded in 2012, Troutman Pepper eMerge combines legal strategy with advanced technology for the management of ESI in litigation and internal and governmental investigations. Several leading industry authorities, including Chambers USA, have recognized Troutman Pepper eMerge with awards and accolades. Learn more at troutmanemerge.com.

About Troutman Pepper
Troutman Pepper is a national law firm with more than 1,200 attorneys strategically located in 23 U.S. cities. The firm’s litigation, transactional, and regulatory practices advise a diverse client base, from startups to multinational enterprises. The firm provides sophisticated legal solutions to clients’ most pressing business challenges, with depth across industry sectors, including energy, financial services, health sciences, insurance, and private equity, among others. Learn more at troutman.com.

CHARLOTTE, N.C. – Troutman Pepper client evolve Consulting, a leading, data-driven digital and business consulting firm, has secured a strategic growth investment from Interlock Equity, a Los Angeles-based growth-oriented private equity firm. This investment is poised to rapidly and effectively reinforce evolv’s market presence, extend solutions offerings, deepen evolv’s industry expertise, and broaden its geographic footprint. Read a company press release about the investment.

evolv is a team of cloud-native, business problem solvers who bring a fresh perspective to help clients overcome management and technology challenges. The company specializes in a comprehensive suite of services, including business strategy, data & analytics, and digital transformation.

The Troutman Pepper team advising evolv was led by Manny Clark and included Regina Tisdale, Sakia Delaney, and Ethan Zook (Corporate); Howard Goldberg and Michael Crumbock (Tax); Robyn Lin (Privacy); Dan Anziska (Antitrust); Jessica Rothenberg (Labor + Employment); and Rusty Close (IP), among others.

Consistently recognized as a top-tier national practice, Troutman Pepper’s corporate attorneys regularly handle multimillion- and multibillion-dollar transactions. Core areas of service include capital markets transactions and other significant domestic and cross-border transactions, mergers and acquisitions, corporate governance, securities laws compliance, and corporate finance. The firm has particular expertise in the private equity and private fund services space, advising clients on matters from fund formation to investments and exit transactions.

About Troutman Pepper
Troutman Pepper is a national law firm with more than 1,200 attorneys strategically located in 23 U.S. cities. The firm’s litigation, transactional, and regulatory practices advise a diverse client base, from startups to multinational enterprises. The firm provides sophisticated legal solutions to clients’ most pressing business challenges, with depth across industry sectors, including energy, financial services, health sciences, insurance, and private equity, among others. Learn more at troutman.com.

ATLANTA – Brian Harms, a partner in Troutman Pepper’s national Energy practice, has been appointed to serve on the Board of Directors for the Georgia Appleseed Center for Law & Justice, which works to advance justice for the most underrepresented children across the state. The legal nonprofit focuses on housing and school justice, behavioral health, and foster care. Harms succeeds Troutman Pepper’s Bob Edwards who recently retired after years of service.

“I am proud to support the life-changing work of Georgia Appleseed and look forward to continuing to help advance its efforts to keep kids in school, in stable, healthy housing, and out of the criminal justice system,” Harms said.

Harms’ professional practice focuses on energy and renewable energy project development and finance, as well as on the trading, hedging, and marketing of energy products. He represents energy companies in a variety of matters, from larger and more complex financings, project development, and acquisitions to procurement, construction, and services contracts, in addition to a niche practice in the energy trading and derivatives fields.

Each year, Troutman Pepper attorneys dedicate thousands of pro bono hours in support of nonprofits, immigrants, military veterans, children, the wrongfully convicted, civil rights and social justice initiatives, and so many more. Learn more at troutman.com/pro-bono.

About Troutman Pepper
Troutman Pepper is a national law firm with more than 1,200 attorneys strategically located in 23 U.S. cities. The firm’s litigation, transactional, and regulatory practices advise a diverse client base, from startups to multinational enterprises. The firm provides sophisticated legal solutions to clients’ most pressing business challenges, with depth across industry sectors, including energy, financial services, health sciences, insurance, and private equity, among others. Learn more at troutman.com.

LOS ANGELES – Troutman Pepper secured a full grant of summary judgment and complete dismissal, with prejudice, on behalf of ManPow, LLC, a New Western company, in a False Claims Act (FCA) lawsuit in the Central District of California. New Western is a dynamic player and industry leader in the real estate investment field. The win marks the first Paycheck Protection Program (PPP) fraud lawsuit under the qui tam provision of the FCA to be decided on summary judgment, which could set a precedent for future PPP litigation.

The lawsuit centered around two PPP loans acquired by ManPow during the pandemic, which were subsequently forgiven by the Small Business Administration (SBA). Allegations brought forth by three former employees, known as qui tam relators in this lawsuit, asserted primarily that ManPow falsely certified that it needed the PPP loans and that it had no real payroll expenses.

The court, however, found that ManPow had fully complied with PPP requirements as to reporting its payroll costs, and that ManPow necessarily certified its need for the PPP loans in good faith in light of a safe harbor provision adopted by the SBA with respect to PPP loans of less than $2 million. The court also found that there was no genuine issue of material fact with respect to the materiality of all the allegedly false statements, relying in part on the SBA’s decision not to reconsider its approval of ManPow’s PPP loan and forgiveness applications and its decision not to ask ManPow to return any of the PPP proceeds, despite its knowledge of all the relators’ allegations.

Troutman Pepper’s legal defense was led by Partners Callan Stein and Michael Lowe and included Associates Avrohom Einhorn, Christy MacGregor, and Zachary Epstein.

Troutman Pepper’s award-winning White Collar + Government Investigations practice includes former government prosecutors, in-house compliance counsel, and seasoned defense attorneys who proactively resolve sensitive government investigations and proceedings. With decades of experience handling high-stakes civil and criminal government investigations throughout the country, the team can respond quickly to minimize risk. The group has extensive experience handling FCA and other whistleblower matters, whether brought by the government or individual whistleblowers, in a wide array of areas, including government contracting, health care, education, and financial services.

About Troutman Pepper
Troutman Pepper is a national law firm with more than 1,200 attorneys strategically located in 23 U.S. cities. The firm’s litigation, transactional, and regulatory practices advise a diverse client base, from startups to multinational enterprises. The firm provides sophisticated legal solutions to clients’ most pressing business challenges, with depth across industry sectors, including energy, financial services, health sciences, insurance, and private equity, among others. Learn more at troutman.com.