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AFC CEO Network Roundtable

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Morrison Foerster hosted a Fintech CEO Roundtable in its New York office on June 10, 2024, with the American Fintech Council (AFC), a premier fintech trade association representing innovative fintech companies and banks.

Morrison Foerster hosted a Fintech CEO Roundtable in its New York office on June 10, 2024, with the American Fintech Council (AFC), a premier fintech trade association representing innovative fintech companies and banks.Nearly 30 CEOs and company leaders from community banks and fintech’s united for this event, which featured industry-focused roundtables facilitated by MoFo Financial Services and Fintech partners Maria Earley, Jeremy Mandell, Evan Minsberg, and Jeff Silberman, and special guest speaker, Senate Majority Leader Chuck Schumer, who shared the latest update on the bipartisan senate efforts on AI. We were also joined by Brandon Milhorn, president and CEO of the Conference of State Bank Supervisors (CSBS) who participated in a fireside chat with AFC’s CEO, Phil Goldfeder, to discuss Brandon’s experiences at the FDIC and the current priorities of the CSBS that include fostering innovation in financial services.MoFo Sessions Included:Session 1: Bank Partnerships and Sponsorships: Market Landscape and Regulatory Roundup, Led by Evan MinsbergSession 2: Partnering and Providing Services to Banks: Key Considerations and Risk Management Measures, Led by Jeremy MandellSession 3: Consumer Credit Regulation and Earned Wage Access: CFPB Developments, Consequences, and Outlook, Led by Maria Earley<a href="/sign-up" target="_self">Sign Up</a> to receive MoFo fintech industry insights and event invites.<hr>

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Evan Minsberg advises fintech companies, banks, and other financial services providers on developing new products, services, and strategic partnerships. Evan provides practical regulatory counsel and transactional support for a wide variety of payments, credit, and other financial technology business models. Evan’s focus includes payment processors, money transmitters, bank-fintech partnership arrangements, marketplaces, and other online and app-based financial services providers.With over a decade of experience in the financial services space, Evan is readily familiar with numerous fintech models and provides strategic, practical, and digestible advice. Evan’s clients are looking for help navigating the complex federal and state financial regulatory requirements applicable to the products they bring to market and finding the most efficient compliance solutions for achieving their goals – whether on their own or in partnership with other regulated entities and service providers. His transactional clients want support negotiating the best arrangements possible for their budget, timeline, and priorities, while maintaining productive relationships with their contractual counterparties. Evan’s clients range from start-ups, to fintech market leaders, to multinational public companies.Prior to joining MoFo, Evan worked in the financial services teams of two other leading law firms.<h4>Representative Experience</h4>Payment Processing and Money Movement<ul><li>Advise clients, from unlicensed start-ups to leading fintech payments companies, on compliance with federal and state money transmission and money services business laws, including licensing requirements and exemptions, bank partner and authorized delegate arrangements, funds flows, and use of “FBO accounts” and other structures.</li><li>Negotiate merchant processing and sponsorship agreements for multiple merchant, payment facilitator, and marketplace clients and advice on compliance with Card Network rules.</li><li>Structure, draft, and negotiate ACH origination, third-party sender, and third-party service provider agreements for multiple bank and fintech clients and advise on compliance with NACHA rules.</li><li>Counsel digital assets platforms on application of federal and state money transmission laws to cryptocurrency transactions.</li></ul>Banking as a Services (BaaS)<ul><li>Structure, draft, and negotiate program management agreements for multiple sponsor bank clients for deposit account programs with fintech companies, including use of “FBO Account” structures.</li><li>Advise sponsor bank clients on compliance requirements and appropriate division of rights and responsibilities with fintech partners, including end-user relationships, AML issues, customer data sharing, and program agreements.</li><li>Counsel sponsor bank clients on wind-down procedures, including timing, customer notice, return of customer funds, and other relevant issues.</li></ul>Bank Secrecy Act (BSA) and Anti-Money Laundering (AML)<ul><li>Counsel multiple bank, money services business, and other financial services clients on compliance with statutory and contractual BSA/AML requirements for BaaS, payment processing, “FBO Account” arrangements, and other models and structures.</li><li>Assist clients in preparing BSA/AML policies and procedures, including for money services business, digital assets and cryptocurrency, and cannabis-banking models. </li></ul>Credit Products and Services<ul><li>Develop consumer and commercial financing programs, including Buy Now, Pay Later, retail installment sales, and revenue-based financing arrangements.</li><li>Advise on state licensing requirements and exemptions and usury laws for consumer and commercial lenders, brokers, lead generators and others.</li><li>Structure, draft, and negotiate agreements for various credit arrangements, including card issuing agreements, bank partner / platform models, and lead generation arrangements.</li></ul>

Evan Minsberg

Partner

Jeremy Mandell is the co-chair of our Financial Services Group. His practice focuses on financial services regulation, with particular attention to payment and emerging payment issues.Jeremy advises bank, non-bank, and fintech clients on financial services regulatory issues, including issues arising under the Electronic Fund Transfer Act, the Truth in Lending Act, and the Equal Credit Opportunity Act. He has particular experience working on issues related to interbank and emerging payments systems, including blockchain-based payment solutions and stablecoin platforms. He has counseled clients with award-winning apps and innovative products and services on complex issues, bringing a practical, broad-market perspective to product development, ongoing compliance needs, and regulatory engagement.He also has extensive experience working with banks and non-banks on strategic partnerships. As partnerships between banks and fintechs become more prevalent, Jeremy draws on this experience to advise clients on the financial services regulatory and commercial issues that arise in the context of these partnerships.Jeremy is co-editor of The Consumer Finance Law Review, surveying the legal and regulatory approaches to consumer finance law in jurisdictions around the world.Before joining Morrison Foerster, he served as a senior financial services analyst at the Board of Governors of the Federal Reserve System in the Division of Reserve Bank Operations and Payment Systems, where he focused on policy issues related to large-value payments systems. Jeremy leverages this experience to advise clients on various legal and regulatory issues.Jeremy earned his J.D. from The George Washington University Law School in 2010. He earned his M.A. in applied economics from Johns Hopkins University in 2004 and his B.A in economics and international relations from Lehigh University in 2001.

Jeremy Mandell

Co-Chair of Financial Services Group

Maria B. Earley is a financial services regulatory, enforcement, and litigation partner in the Washington D.C. office of Morrison Foerster.Maria is a former Consumer Financial Protection Bureau (CFPB) enforcement attorney with significant experience advising on issues related to consumer protection laws and emerging technology. She advises financial services and fintech companies with respect to product development, regulatory compliance, state and federal litigation, enforcement and examination, state licensing, and transactional matters.Maria works with early- and growth-stage startups as well as large incumbents, providing strategic, business-focused support and often serving as outside general counsel. Her advice spans a range of credit products, bank-enabled products, payments, income share agreements (ISA) and other alternative financing arrangements, and mortgage technology. She represents companies that touch all aspects of these products, including marketplace lending participants, program managers and investors, money transmitters, credit-reporting agencies, and numerous platform service providers.Maria leverages her experience as a former CFPB attorney to help companies navigate the complex and unique issues that arise when interfacing with the CFPB and other financial regulators. She has handled numerous matters involving federal and state regulators, including the CFPB, several state attorneys general, the California Department of Financial Protection and Innovation (CA DFPI) and other state regulatory agencies, the Federal Trade Commission (FTC), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC).Maria is committed to creating and sustaining collaborative, innovative, and inclusive environments in the legal community. She serves on the board of the Filipino American Lawyers Association of D.C. She previously served on the boards of the Legal Aid Society of D.C. and the Anacostia Watershed Society, and was co-vice chair of the Litigation and Arbitration subcommittee of the ABA’s Consumer Financial Services Committee.<h4>Representative Matters</h4><ul><li>Represent several companies in CFPB, OCC, FTC, and state enforcement actions concerning alternative lending technology, ISAs, payment services, credit reporting, banking practices, marketing practices, and for-profit education.</li><li>Lead counsel on litigation matters involving federal and state consumer protection laws, including EFTA, FCRA, RESPA, TILA, UDAAP and state credit and licensing laws.</li><li>Served as lead counsel in a True Lender litigation involving the Office of the Attorney General for the District of Columbia.</li><li>Advise fintech platforms and banks concerning strategic partnerships in connection with several as-a-service verticals, including lending, banking, and software.</li><li>Develop consumer and business financing programs for a range of assets, including energy efficient technology, mobile devices, alarm monitoring equipment, and POS systems.</li><li>Provide product development support, develop state licensing strategies, and advise on regulatory requirements related to alternative credit products, mortgage products, unsecured consumer lending, commercial lending, money transmission and ISAs.</li></ul>

Maria B. Earley

Jeff Silberman is co-chair of the firm’s Financial Services Group and co-lead of our Fintech practice, where he provides business-oriented and strategic advice to fintech companies and financial institutions.​​​Jeff’s focus includes bank/fintech partnerships, online and app-based financial services, digital assets and blockchain based payment systems, marketplace business models, and capital markets matters. He has extensive experience negotiating commercial and strategic relationships in highly regulated markets and is known for advising financial institutions and high-growth companies on the various legal, regulatory, and operational complexities associated with financial infrastructure, digital-first financial products, Software-as-a-Service (SaaS) and licensing arrangements, and the adoption and scale of online, app, and cloud-based business models.Jeff regularly acts as external general counsel advising early and growth stage startups, as well as incumbent fintech companies and financial institutions, on all areas affecting their organizations. He works closely with senior management and boards of directors to provide practical legal and business advice.Jeff has over two decades of legal experience in the fintech, financial services, and capital markets space, including nine years as in-house and general counsel at prominent fintech and financial services companies. Prior to joining Morrison Foerster, he served as global co-chair of the fintech practice at another leading international firm.<h4>Representative Experience</h4>Fintech<ul><li>Represent an international B2B e-commerce marketplace in transactional and regulatory matters related to integrated financial products and payment services.</li><li>Represented a public fintech company in its initial and additional bank sponsorships, including negotiation of program management, processor, network, and other third-party agreements and arrangements.</li><li>Represent a global cryptocurrency exchange in the creation and support of domestic and cross-border payment products.</li><li>Represent a U.S. challenger bank in the creation of its platform, including a sponsor bank, processing, card network, and other third-party service provider agreements.</li><li>Represented an app-based investment adviser in its formation and registration of an RIA and commercial relationships with executing broker-dealers and other supporting service providers.</li><li>Represented a fintech platform on its mobile solar loan application, loan origination, and forward flow facility.</li><li>Represented a leading fintech platform in the negotiation and execution of master service agreements integrating its technology with marketplace lenders and online small business lenders.</li><li>Represent various blockchain-based service providers, DAOs, and cryptocurrency exchanges in product creation and associated digital asset regulatory considerations.</li><li>Represented a SaaS platform in the creation and negotiation of master service agreements for broker-dealer, asset manager, and insurance company integrations.</li><li>Advised a digital asset advisory boutique in its regulatory matters.</li><li>Counseled an income share agreement platform in various forward flow purchase agreements.</li><li>Represented a point-of-sale finance platform offering consumer loans, deposit accounts, and debit cards in its sponsor bank relationship, processor, and related third-party service provider agreements.</li></ul><ul><li>Represented a cloud-based voice trading and data collection platform in strategic partnerships and integrations with a global investment bank and other broker-dealer integrations.</li><li>Negotiated strategic partnerships, joint ventures and service agreements on behalf of a leading Lending-as-a-Service fintech platform.</li><li>Counseled a digital point of sale finance platform in the creation of forward flow relationships for the sale of consumer loans.</li><li>Represented a leading fintech lending platform in the creation of forward flow facilities for consumer loans.﻿</li></ul>Financial Institutions<ul><li>Advised several U.S. banks on their core systems and various technology integrations to support direct and sponsored business units.</li></ul><ul><li>Represented a top U.S. bank in the structuring of its online wealth management platform, and related fintech integrations.</li><li>Represented several sponsor banks entering the Banking-as-a-Service space, including creation of program documentation, issuer processor arrangements, and other key third-party service provider arrangements.</li><li>Advised a growth stage venture capital fund in its Series C investment in a fintech platform focused on mortgage loan origination.</li><li>Counseled a U.S. bank evaluating digital lending business models, and the due diligence and creation of vendor relationships with fintech service providers.</li><li>Advised multiple credit unions in the origination and sale of digitally originated whole loans and loan participations.</li><li>Represent a broker-dealer in the expansion of its platform to enable online transactions.</li><li>Advised a growth stage venture capital fund in its Series B investment in a fintech platform offering AI solutions to reduce losses in auto, mortgage, and retail lending.</li><li>Represent a broker-dealer establishing its Capital Acquisition Broker registration.</li><li>Represented a New York based broker-dealer in fintech and trading system licensing matters.</li><li>Counseled a regional bank in the creation of its digital lending platform, including creation of related disclosure documents, loan agreements, and internal operating procedures.</li><li>Provided general counsel in corporate and strategic matters, to NY based broker dealer including establishment of new business lines, FINRA continuing membership applications, technology and other vendor licensing and service agreements, and general employment matters.</li></ul>

Jeff Silberman

Fintech

Financial Services

AFC CEO Network Roundtable

10 Jun 2024