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Timothy R. McTaggart

Timothy R. McTaggart is a partner in the Washington office of Pepper Hamilton LLP. Mr. McTaggart 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 Consumer Financial Protection Bureau and the federal bank regulatory agencies, including the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System, as well as various state banking departments across the country.

Recent assignments include:

  • advising clients on the regulatory, data security, and risk management issues associated with mobile banking and payments systems matters
  • providing ongoing regulatory advice to retail commercial banks and specialty financial firms in connection with the implementation of the Dodd Frank Act and related regulatory developments
  • counseling financial institutions with threatened formal enforcement actions from the federal bank regulatory agencies, as well as responding to informal MOU and other actions involving bank regulatory issues
  • 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 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 and presented seminars and webinars on bank regulation and corporate law issues pertaining to financial services firms, and related corporate law topics, including mobile banking, risk management, banking regulation, investment and transactional issues, and many other areas. 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.

Mr. McTaggart was named to the 2010 Legal Elite list by Washington SmartCEO magazine.



Education
J.D. 1985 Harvard Law School
A.B. 1982, cum laude, Harvard University


Bar Admissions
Admitted to practice in the District of Columbia and Massachusetts

Timothy R. McTaggart
Partner
Phone: 202.220.1210
Fax: 202.220.1665
mctaggartt@pepperlaw.com
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Office(s)
Washington, D.C.

Practice Area(s)
Canadian
Commercial Financial Services

Community Reinvestment Act
Consumer Financial Services

Crowdfunding and Peer-to-Peer Lending
Financial Services

Financial Services Enforcement Response Team
International

Privacy, Security and Data Protection
Securities and Financial Services Enforcement Group

Small Business Investment Company (SBIC) Practice
U.S.-India


Articles


Compliance in 140 Characters or Less: FFIEC Supervisory Guidance on Financial Institutions’ Use of Social Media

FFIEC Increasingly Focuses on Cybersecurity Awareness


Top 5 Things You Should Know About Online Direct (P2P) Lending Law and Regulations — Before You Do Anything Else!

The CFPB Issues Proposed International Money Transfer Larger Participant Rule


The New Enforcement Landscape for Financial Institutions

Observation 1.2 on the Volcker Rule: Foreign Banking Entities – Location, Location, Location


The Community Reinvestment Act (CRA): New and Revised Interagency Questions and Answers Leaves Some Questions

Bitcoin as a Medium of Exchange


The Rise of Bitcoin

Virtual Currency: Recent Federal Regulatory Considerations


The OCC’s New Stance: FDIC Insurance Required for ‘Trust-Only’ National Banks

Will New U.S. Court of Appeals Decision on ‘Recess Appointments’ Stay Dodd-Frank Powers Granted to CFPB and Vacate Certain Actions?


The Impact of the CFPB’s Appraisal Rule

FSOC Recommends and Seeks Comment on Money Market Mutual Fund Reform


Mobile Banking and Payments: Trends, Impacts and Emerging Risks

Pricing Risk - Contracting with a SIFI: Private Equity Firms, Insurance Companies, and Hedge Funds


OFAC Issues Final Rule Implementing Provisions of Iranian Sanctions; President Makes Initial Oil Supply Determinations Needed to Begin Imposing Sanctions

New U.S. Sanctions Against Iran Impose Significant Restrictions on Banks


Basel III’s New Liquidity Requirements Will Likely Increase Costs to Banks with Respect to Unused Lines of Retail Credit

Challenges Currently Facing Community Banks, Including Requirements of the Dodd-Frank Act


Potential Effects of The Dodd-Frank Act on Community Banks (PowerPoint Presentation)

Constitutionality Analysis of Certain of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s Most Significant Grants of Regulatory Power


Mobile Banking: What Banks Need to Know When Outsourcing Their Platforms

The Dodd-Frank Act’s Effect on Industrial Banks, Credit Card Banks and Trust Banks


Dodd-Frank Act Will Have Specific Effects on Community Banks

Dodd-Frank Act Creates Financial Stability Oversight Council to Identify, Respond to Economy’s Systemic Risks


Comprehensive Financial Reform Legislation Becomes Law

An Overview of Mobile Payments and Their Regulation


Senate Passes Financial Services Reform Bill

Federal Reserve Board Issues Final Rule on Gift Cards


House Mortgage Reform Bill Offers Major Changes for Lenders, Securitizers, and Others

House Passes Major Financial Services Reform Package


FDIC Issues Policy Statement on Private Equity Investments in Failed Banks

Supreme Court Approves State Actions Against National Banks, Rejects OCC Rule


FDIC Deposit Insurance Disclosure Requirements for Sweep Accounts

The Treasury Department Announces Plan to Purchase Toxic Loans and Debt


Congress Imposes Retroactive Executive Compensation Limits on TARP Recipients

Understanding and Managing Risks in a Volatile Environment


Private Equity Investment in U.S. Financial Institutions

Federal Reserve Board Expands Access to Money Market Investor Funding Facility to Local Government Investment Pools


Treasury Department Outlines Implementation of Bailout Bill

The Rise, Fall, and Rise Again of the Financial Bailout Bill


Federal Reserve Eases Restrictions on Investments By Private Equity Companies

Government Bails Out Fannie and Freddie: Bondholders Are Saved


Summary of IRS Notice 2008-59 Providing Updated Guidance Regarding Health Savings Accounts

Investment In Financial Institutions


OCC Rules on Operating Subsidiary Interest Rate Exportation

Significant Potential Change in Accounting Treatment for Qualified Special Purpose Entities: Bank Regulatory Implications


Federal Officials Propose Rescue Plan and Full Support For Fannie Mae and Freddie Mac

Regulators Propose to Regulate Credit Card and Overdraft Practices


Treasury Department Proposes Regulatory Reform

Middle East Financial Developments: Brief Status Report on Recycling Petrodollars and Broader Economic Diversification by Middle East Financial Centers


State of the Mortgage Markets in 2008

Red Flag Issues for Health Savings Accounts


And Then There's Fraud

Mortgage Fraud Investigations


It's a Small World After All - SEC Considers Allowing U.S. Issuers to Prepare Financial Statements in Accordance with IFRS

Health Savings Accounts: An Overview


Federal District Court Holds Ohio State Licensing Law Not Preempted by OTS Chief Counsel Opinion Letter

First Circuit Holds New Hampshire Law Gift Card Law Preempted


Supreme Court Upholds National Bank Operating Subsidiary Preemption


Articles


Obama and McCain: What Would They Do For (Or To) You?

Crisis on Wall Street: Implications for the Financial Services Industry


Mobile Payments: Legal and Business Issues on the Latest Payments Frontier

Capital Markets Challenges for Community Banks


What You Need to Know About the CFPB's Short-Term, Small-Dollar Lending Examination Procedures

A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules


A New World for Mortgage Banking - What You Need to Know About the CFPB's Final Qualified Mortgage Rule

What Are the Drastic Ramifications of the New York State Anti-Money Laundering Actions and Penalty Enforcement?


The Digital Currency Phenomenon: What Payments Industry Players Should Know

The Community Reinvestment Act (CRA): Recap and What to Expect in 2014


The International Regulation of Mobile Payments: What’s Coming Next?

Treasury and FDIC's PPIP Legacy Asset Program: Are You Ready?


What the Financial Reform Legislation Means for You

A Closer Look at the Dodd-Frank Act - Systemic Risk and the Role of Federal Regulators


What You Need to Know About Working with the CFPB Supervision and Examination Process

Obama and Romney - What Would They Do For (Or To) You?


The Volcker Rule and Foreign Banking Entities – Location, Location, Location!

A Closer Look at the Dodd-Frank Act - The Dodd-Frank Act One Year Later: What's New and What to Expect


The Consumer Financial Protection Agency Act: What Does It Mean to You?


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