Timothy R. McTaggart is a partner in the Washington office of Pepper Hamilton LLP and a member of the Virginia Financial and Securities Fraud Response Team. He focuses his practice on bank and financial services regulatory matters. He also assists financial services clients on transactional and enforcement issues. Earlier in his career, Mr. McTaggart served as the Delaware State Bank Commissioner (1994-1999) and as counsel to the U.S. Senate Banking Committee (1991-1994).
Mr. McTaggart has represented clients before the federal bank regulatory agencies, including the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of Thrift Supervision and the Board of Governors of the Federal Reserve System, as well as various state banking departments across the country.
Recent assignments include:
- providing regulatory assistance in connection with the Pennseco Financial Services Corporation acquisition of Old Forge Bank
- representing an investment entity not regulated under Section 2a-7, before the Federal Reserve System to extend the scope of the MMIFF Lending facility to such investment entities
- providing advice to a financial institution on executive compensation limits under TARP, the Emergency Economic Stabilization Act of 2008 (EESA) and the American Recovery and Reinvestment Act of 2009 (ARRA)
- assisting an investor group register a hedge fund family of funds to bid on assets offered by the FDIC
- assisting a client comply with state escheat law issues on a 50-state basis
- assisting a client comply with Delaware bank franchise tax requirements
- assisting a creditors committee in connection with banking issues arising in a savings and loan holding company bankruptcy
- assisting the independent directors of an audit committee in connection with issues arising in the sale of the banking company
- assisting clients with respect to custodian issues under federal and state law related to the operation of health savings accounts.
As the Delaware State Bank Commissioner, Mr. McTaggart supervised and set policy for retail banks, trust companies, wholesale banks, credit card banks, saving banks, mortgage companies and other financial services companies with operations in Delaware and across the nation. He also was responsible for administering escheat laws and the bank franchise tax applicable to all financial institutions operating in Delaware. Additionally, he served as a member of the Delaware Economic and Financial Advisory Committee (DEFAC), which advises the Governor on fiscal policy, including the state’s balanced budget requirement.
Mr. McTaggart started his legal career in the Legal Division of the Board of Governors of the Federal Reserve System. Mr. McTaggart has published numerous articles on bank regulation and corporate law issues pertaining to financial services firms, and related corporate law topics. He also has spoken at conferences on various topics such as private equity investment in banks, M&A due diligence, privacy, bank compliance, data regulation and security, trust law developments and health savings accounts.
A leader in the bar and the community, Mr. McTaggart served as chair of the Trust and Investment Services Subcommittee of the American Bar Association’s Banking Law Committee from 2004-2007, and previously served as that Subcommittee’s vice chair from 2001-2004. He also served as a director of the Harvard Club of Washington, D.C., and has served as a director of various nonprofit educational and cultural organizations in Washington, D.C., and Wilmington, Delaware.
