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.
