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Articles by Robert L. Carothers
Be Mindful Of The Change In Bank Control Act
Jones Walker are most popular: within Antitrust/Competition Law, Law Practice Management and Privacy topic(s) An issue that often gets overlooked when a person is acquiring significant shares of a bank holding company’s stock is compliance with the Change in Bank Control Act (CIBC). This article focuses on bank holding company stock and the Federal Reserve regulations, since most banks are owned by a bank holding company. However, similar rules apply to stand-alone banks.
"Be Mindful of the Change in Bank Control Act"
An issue that often gets overlooked when a person is acquiring significant shares of a bank holding company's stock is compliance with the Change in Bank Control Act (CIBC). This article focuses on bank holding company stock and the Federal Reserve regulations, since most banks are owned by a bank holding company. However, similar rules apply to stand-alone banks. Continue reading >
Nuggets Of Wisdom On M&A Or Otherwise From AOBA
JW Jones Walker More At Jones Walker, we look beyond today’s challenges and focus on the opportunities of the future. Since our founding in May 1937 by Joseph Merrick Jones, Sr., and Tulane Law School graduates William B. Dreux and A.J. Waechter, we have consistently asked ourselves a simple question: What can we do to help our clients succeed, today and tomorrow?
"Nuggets of Wisdom on M&A or Otherwise from AOBA"
By Thomas E. Walker, Jr., Robert L. Carothers, Jr. Members of our Banking & Financial Services Industry Team attended the "Acquire or Be Acquired" (AOBA) conference hosted by Bank Director on February 1–3 in Phoenix, Arizona.
"Industry Issues Panel"
Rob Carothers, a partner on the Banking and Financial Services Industry Team and head of the Mobile office, presented at the Alabama Bankers Association (ABA) CEO, Bank Executive & Directors Conference in Point Clear, Alabama, on August 2, 2025. Rob participated in the "Industry Issues Panel" and discussed cybersecurity issues in banking relating to vendor due diligence and vendor contracts.
"Cybersecurity in Banking: How to Navigate Vendor Risk with Jones Walker LLP," Digital Banking Podcast
By Robert L. Carothers, Jr., Lara Sevener, Thomas E. Walker, Jr. Rob Carothers, Lara Sevener, and Tom Walker, partners and co-authors of the firm's 2024 Community and Mid-Size Banks Cybersecurity Survey, were featured on Tyfone's Digital Banking Podcast episode titled "Cybersecurity in Banking: How to Navigate Vendor Risk with Jones Walker LLP" published on June 13, 2025.
"IFA/AFA Update," International Factoring Association Annual Conference, Palm Desert, California
Rob Carothers, a partner on the Banking & Financial Services Industry Team in the Mobile office, participated in the panel "IFA/AFA Update" during the International Factoring Association (IFA) Annual Conference on May 8, 2025, in Palm Desert, California. The panel discussed current trends in the factoring industry as well as an update on pending legislation affecting the factoring industry.
"2024 Community and Mid-Size Banks Cybersecurity Survey Report"
By Robert L. Carothers, Jr., Jason M. Loring Rob Carothers, Jason Loring, and Ron Snider, partners on the Banking & Financial Services Industry Team, participated in the 14th Annual Auburn University Bank Directors' College on February 20, 2025, in Auburn, Alabama.
Jones Walker LLP Community and Mid-Size Banks Cybersecurity Survey
Jones Walker LLP released the findings of its 2024 Community and Mid-Size Banks Cybersecurity Survey, examining cybersecurity preparedness in US-based community and mid-size banks. Based on responses from 125 banking executives, including senior risk, technology, and information security leaders, the survey provides a detailed assessment of the current state of cybersecurity awareness, confidence, and preparedness in the banking sector.
Update On 2024 State Legislative Session And Disclosure Bills
As expected, during this year's state legislative sessions, several state legislatures entertained proposed commercial finance disclosure bills that would impact the factoring industry. Many of the state legislative sessions have concluded for 2024, but there are still a few that do not adjourn until later in the year. While it has been a busy year on the disclosure legislation front, only one state (so far) has enacted legislation. The following is a summary of the status of each proposed bill.
Banking Agencies Re-Propose Rules On Incentive-Based Compensation
On May 6, the Federal Deposit Insurance Corp. (FDIC), Office of the Comptroller of the Currency (OCC), and Federal Housing Finance Agency (FHFA) issued a Notice of Proposed Rulemaking addressing incentive-based compensation arrangements (the Proposed Rule). The Proposed Rule is designed to implement Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
"Banking Agencies Re-Propose Rules on Incentive-Based Compensation"
By Linda Bounds Keng, Robert L. Carothers, Jr. On May 6, the Federal Deposit Insurance Corp. (FDIC), Office of the Comptroller of the Currency (OCC), and Federal Housing Finance Agency (FHFA) issued a Notice of Proposed Rulemaking addressing incentive-based compensation arrangements (the Proposed Rule). The Proposed Rule is designed to implement Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
"Refresher on Data Security Breach Customer Notice Requirements"
Since the recent MOVEit Transfer data breach incident, various vendors utilizing the software have notified a significant number of banks that their customer information may have been compromised during the breach. Many banks are asking whether they will be required to notify their customers of the breach.
"CFPB Sets Out Rulemaking Agenda," Jones Walker LLP Banking & Financial Services Newsletter
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Consumer Financial Protection Bureau Shared Rulemaking Agenda
Last week, the Consumer Financial Protection Bureau (CFPB) quietly released its spring rulemaking agenda, which sets forth five rules that the CFPB expects to complete before May 31, 2023. Unlike in the past, the CFPB did not issue a press release or post the agenda on its website. As required by law, the CFPB submitted the agenda to the Office of Budget and Management, which subsequently published it.
CFPB & OCC Attention on Bank Overdraft Practices
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PPP Guidance Update
October 21, 2020 What Legal Protections Exist for Employees who Use Medical Marijuana? by: Kathryn Evans A Review of Recent Whistleblower Developments: October 21, 2020 by: Lisa M. Noller and Pamela L. Johnston Global Solutions, Episode 17: Global Mask Requirements by: Rebecca L. Marks and Andre Appel Plan Sponsor and Plan Administrator Escape 401(k) Plan Cybertheft... by: Kimberly A. Jones and K. Elise Norcini The Intersection of State Escheatment Laws and Patient Credit... by: Colleen S.
Banks Withheld Fees Owed to Application Agents
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
New Interim Final Rule on SBA Loan Review Procedures and Related Lender Responsibilities Regarding the Paycheck Protection Program
Friday, May 29, 2020 On Friday, May 22, 2020, the Small Business Administration (SBA) released two new Interim Final Rules (collectively, the Rules) governing Paycheck Protection Program (PPP) loans: (1) the Loan Forgiveness Requirements (Forgiveness Rule) and (2) the SBA Loan Review Procedures and Related Borrower and Lender Responsibilities (Lender Responsibility Rule).
New Interim Final Rule on SBA Loan Review Procedures and Related Lender Responsibilities Regarding the Paycheck Protection Program
On Friday, May 22, 2020, the Small Business Administration (SBA) released two new Interim Final Rules (collectively, the Rules) governing Paycheck Protection Program (PPP) loans: (1) the Loan Forgiveness Requirements (Forgiveness Rule) and (2) the SBA Loan Review Procedures and Related Borrower and Lender Responsibilities (Lender Responsibility Rule).
Litigation and Regulatory Risks to Banks from Paycheck Protection Program
The Paycheck Protection Program (PPP) presents various risks to banks, including litigation from customers, prospective customers, and third parties, as well as enforcement actions from the government and bank regulatory agencies.
Litigation and Regulatory Risks to Banks from Paycheck Protection Program
Thursday, May 21, 2020 The Paycheck Protection Program (PPP) presents various risks to banks, including litigation from customers, prospective customers, and third parties, as well as enforcement actions from the government and bank regulatory agencies.
Updated FAQ Issued Regarding the Paycheck Protection Program and Qualification for Loans
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On Thursday, April 23, the Small Business Administration (SBA) and United States Department of Treasury released a new question 31 and related answer as a supplement to the Paycheck Protection Program (PPP) Loan Frequently Asked Questions (FAQs), which they previously published and have periodically updated since the program began.
By Curt Hearn, Ron Snider, Craig N. Landrum, Tom Walker Verified, Robert L. Carothers, Marshall Page
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LexBlog
Updated FAQ Issued Regarding the Paycheck Protection Program
April 23, 2020 COVID-19: (Australia) QLD Parliament introduces Code of Conduct... by: Christopher Wille Appellate Court Reverses $13 Million Gender Discrimination Verdict by: Anthony J Oncidi Un-PAUSE New York: What Empire State Employers Need to Know About... by: Stephanie L. Aranyos COVID-19 Executive Order: EB-5 FAQ by: Dillon R. Colucci Congress Supplements the Paycheck Protection Program and Emergency...
SBA Clarifies Paycheck Protection Program Rules
Friday, April 17, 2020 On Tuesday, April 14, the Small Business Administration (SBA) issued several important clarifications to its rules regarding the Paycheck Protection Program (PPP) in respect to the following: Partners in a partnership may not submit separate PPP applications as self-employed individuals, but must file on behalf of the partnership. Calculation of maximum loan amount for self-employed individuals and payroll/net monthly profit documentation.
Restriction on PPP Loans to Insiders and Their Close Relatives
Tuesday, April 7, 2020 On Friday, April 3, we posted that under the Interim Final Rule issued by the Small Business Administration (SBA) on April 2, businesses owned by an officer, director, key employee, or 20% or more shareholders of a lender are not eligible for a Paycheck Protection Program (PPP) loan from that lender.
Restriction on PPP Loans to Insiders and Their Close Relatives
On Friday, April 3, we posted that under the Interim Final Rule issued by the Small Business Administration (SBA) on April 2, businesses owned by an officer, director, key employee, or 20% or more shareholders of a lender are not eligible for a Paycheck Protection Program (PPP) loan from that lender.
Loans to Directors Under the SBA Paycheck Protection Program
Craig Landrum is a partner in the firm's Banking & Financial Services Practice Group and practices from the firm's Jackson office. His practice focuses on bank regulatory law, corporate law, mergers and acquisitions law, and securities law. He also has experience representing insurance companies and agencies with regard to corporate and regulatory matters, including the licensing of bank subsidiaries as general insurance agencies and underwriters.
Loans to Directors Under the SBA Paycheck Protection Program
We wanted to make you aware that under the Interim Final Rule issued by the SBA yesterday, businesses that are not eligible for Payroll Protection Program (“PPP”) loan guaranties are identified in 13 C.F.R. 120.110 and SOP50 10. Under those guidelines, businesses of which a Lender or any of its Associates owns a financial or equity interest are not eligible for a loan guaranty under Section 7(a).
Summary of Federal Reserve Credit Facilities Announced March 17-23, 2020
March 27, 2020 Summary of Federal Reserve Credit Facilities Announced March 17-23,... by: Robert L. Carothers CARES Act Expands and Extends Jobless Benefits by: Annie L. Eiden and Aaron P. McCann COVID-19: Paycheck Protection Program: Is this the solution you have... by: Suzanne King and Katharine I. Rand U.S. EPA Issues Enforcement Discretion Policy Addressing Coronavirus by: Linda E. Benfield and Sarah A. Slack DOL Provides Additional Guidance On New Paid Leave Laws by: Bruce R. Alper and Elizabeth N.
Alan Shawn Feinstein still doing good deeds
By ROBERT CAROTHERS Alan Shawn Feinstein is 88 years old and still one of Rhode Island’s most important philanthropists. Much like Andrew Carnegie’s libraries, the monuments to Alan’s good works are everywhere. Over 180 elementary and secondary schools are “Feinstein Schools,” where 250,000 Junior Scholars have made a commitment to doing good deeds, helping to build their communities and making the world a better place.
FFIEC Updates Interagency Statement on Pandemic Planning
In response to the coronavirus (COVID-19) outbreak, the Federal Financial Institutions Examination Council (FFIEC) updated its 2007 Interagency Statement on Pandemic Planning to provide guidance to financial institutions on actions they can take to mitigate the potential adverse effects of a pandemic to their operations. It requires financial institutions to have plans in place that describe how they will manage a pandemic event.
Federal Financial Institutions Pandemic Planning Statement
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Agencies Issue Statement on SAR Filings Relating to Hemp Production
You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Federal Reserve Announces Plan to Develop Real-Time Payment System
You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Key Things to Consider in the Early Stages of M&A Process
You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Democrats Officially Take Control of House Financial Services Committee
You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Did North America's Longest Painting Inspire Moby-Dick?
In 1820, the whaler Essex was attacked by a sperm whale. The damage sank the Nantucket ship in the southern Pacific Ocean, and its crew was driven to cannibalism to survive. The event inspired Herman Melville’s 1851 Moby-Dick; or, The Whale, but before that two Massachusetts men visualized the disaster as part of their colossal 1848 “Grand Panorama of a Whaling Voyage ‘Round the World.” This summer, for the first time in decades, all 1,275 feet of the panorama are going on view.
FDIC’s De Novo Handbook Part III: Preopening Activities
On May 1, 2017, the FDIC released its "Applying for Deposit Insurance – A Handbook for Organizers of De Novo Institutions" (the handbook) to assist potential organizers of new, or "de novo," institutions with the deposit insurance application process and the path to obtaining deposit insurance for newly chartered banks. The Handbook highlights three primary activities: (1) Prefiling Activities, (2) the Application Process, and (3) Preopening Activities.
The FDIC’s De Novo Handbook Part II: The Application Process
On May 1, 2017, the FDIC released its "Applying for Deposit Insurance – A Handbook for Organizers of De Novo Institutions" (the "Handbook") to assist potential organizers of new or "de novo" institutions with the deposit insurance application process and the path to obtaining deposit insurance for newly chartered banks. The Handbook highlights three primary activities: (1) Pre-Filing Activities, (2) the Application Process, and (3) Pre-Operating Activities.
Be Mindful of Change in Bank Control Act Compliance
Each federal banking agency has a regulation implementing the Change in Bank Control Act, which essentially requires a person to file a notification with the banking agency and receive its approval prior to obtaining "control" of a bank or bank holding company. For bank holding companies, the Federal Reserve is the banking agency with which the notice is filed, and for stand-alone banks it is the bank’s primary federal regulator (FDIC, Federal Reserve, or OCC).
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