Law Firms Jockey for Payments Action
Keith Barnett, a partner in Troutman Pepper's Consumer Financial Services Industry Group, was quoted in the January 22, 2024 Payments Dive article, " Law Firms Jockey for Payments Action."
Innovators in financial services were asking Troutman to interpret state money transmitter laws, Regulation E regarding electronic fund transfers and the Credit Card Accountability Responsibility and Disclosure Act, among other laws and regulations, as they pursued new strategies, said Keith Barnett, a partner at Troutman in Atlanta. Those strategies included buy now, pay later and earned wage access.
"Clients were starting to ask us to do more and more innovative things," Barnett explained in an interview last week. "The next thing you know, we're representing the same clients not only in the boardroom, but we're representing them in the courtroom and also before the regulators."
Snatching lawyers from Ballard gave Troutman an assist. "It was a big shot in the arm, two years ago now, when that group of my partners from Ballard Spahr came over with their expertise," Barnett said. "We all just came together and built up this practice even more."