Financial Services: Technology

Overview

Our nationwide team represents a wide variety of entities in the banking, insurance, lending, and payments industries that provide B2B and consumer services, including payment processors, third-party integrators, data analytics providers, online marketers, payment gateways, technology solution providers, resellers, and other traditional and emerging financial products companies. We are experienced in developing and implementing mobile payment systems, and in structuring, documenting, and negotiating agreements for mobile payment processing platforms. Our clients turn to us for counsel regarding such diverse issues as the evolution of financial technology involving data sharing, credit scoring models, crowdfunding initiatives, marketplace lending, data-driven loan decision-making, and more.

We are adept at advising clients operating in this highly regulated space, and addressing the issues that arise where federal and state laws and regulations intersect with contractual obligations and industry best practices. We understand the business realities facing our clients and take a thoughtful and pragmatic approach to resolving the myriad compliance issues they confront on a daily basis.

Our multidisciplinary team is a recognized leader in advising clients who are deploying blockchain technologies and virtual currencies – whether they are integrating the technologies into established operations, re-engineering business practices or creating new and disruptive applications.

We leverage our knowledge and experience across practice areas to tailor solutions that reflect each client’s business needs, risk tolerance, regulatory posture, and industry-specific concerns. We provide full-spectrum support for all manner of intellectual property, privacy and data protection, corporate, and litigation matters.

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Our Clients

Our clients are among the most innovative companies and recognizable brands in the world, and include:

  • Commercial banks and other lenders
  • Credit card issuers
  • Credit unions
  • Financial planning and consulting firms
  • Financial product marketers
  • Independent sales organizations (ISOs)
  • Insurance companies
  • Loan servicers
  • Mobile application developers
  • Payday lenders
  • Payment processors and gateways
  • Personal finance websites and online services
  • Private wealth and investment management companies
  • Public pension funds
  • Retailers
  • Technology development and manufacturing companies
Our Services
  • Commercial litigation
  • Counseling on protection of intellectual property rights
  • Cybersecurity and data privacy compliance advice, incident response, regulatory enforcement defense, and litigation
  • Dodd-Frank technology implementation projects
  • Fair Credit Reporting Act compliance counseling
  • Governance and risk assessment advice
  • IP litigation
  • Money transmitter licensing analysis
  • Product design, launch, and maintenance
  • Representation in regulatory proceedings
  • Securities and bank regulatory compliance advice and litigation (including the Dodd-Frank Act, the Electronic Funds Transfer Act, the Fair Credit Reporting Act, the Gramm-Leach-Bliley Act, and state law counterparts)
  • Service provider contract negotiation

Select Experience

  • Counseled clients on developing and taking to market various financial products, including short-term small-dollar consumer credit products offered to account holders; on various obligations relative to third-party vendors; and on various consumer-related issues under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Truth in Lending Act, the Electronic Funds Transfer Act, and state law counterparts.
  • Advised a banking client on the development and eventual rollout of a short-term, small-dollar consumer lending product. Our work included an in-depth analysis of the potentially applicable state and federal laws, and drafting the products’ terms and conditions.
  • Advised a banking client on a dispute with a third-party service provider of an early mortgage payment processing product. The bank sought to move the product in-house, and we were able to achieve a favorable settlement with the third-party service provider, which had a long-term contract with the bank. Our advice also included compliance with relevant state and federal consumer laws.
  • Served for more than 10 years as corporate and compliance counsel to a global payment card network, handling internal investigations, compliance gap analyses, and audit-related reviews in operating divisions in Europe, Asia, Africa, and the United States. Matters have involved export control compliance for the hardware, software, and technology in the company’s core payment systems global business, trade sanctions, anti-money laundering, anticorruption, securities- and accounting-related issues, and employee fraud.
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Experience

  • Counseled clients on developing and taking to market various financial products, including short-term small-dollar consumer credit products offered to account holders; on various obligations relative to third-party vendors; and on various consumer-related issues under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Truth in Lending Act, the Electronic Funds Transfer Act, and state law counterparts.
  • Advised a banking client on the development and eventual rollout of a short-term, small-dollar consumer lending product. Our work included an in-depth analysis of the potentially applicable state and federal laws, and drafting the products’ terms and conditions.
  • Advised a banking client on a dispute with a third-party service provider of an early mortgage payment processing product. The bank sought to move the product in-house, and we were able to achieve a favorable settlement with the third-party service provider, which had a long-term contract with the bank. Our advice also included compliance with relevant state and federal consumer laws.
  • Served for more than 10 years as corporate and compliance counsel to a global payment card network, handling internal investigations, compliance gap analyses, and audit-related reviews in operating divisions in Europe, Asia, Africa, and the United States. Matters have involved export control compliance for the hardware, software, and technology in the company’s core payment systems global business, trade sanctions, anti-money laundering, anticorruption, securities- and accounting-related issues, and employee fraud.
  • Served as longtime outside privacy and data security counsel to a large regional financial services entity that includes a collection of banks, providing incident response advice, developing privacy policies, and addressing affiliate data-sharing compliance issues as well as mobile payment concerns.
  • Advised a multibrand consumer financial services company on compliance with myriad privacy and security laws and regulations applicable to its online personal finance platform and related websites and Internet applications, including cross-site marketing initiatives.
  • Advised a financial services organization on privacy issues arising in connection with a major corporate reorganization.
  • Represented multiple financial institutions, including banks and entities in the automobile industry, in managing compliance obligations under the Gramm-Leach-Bliley Act. Our work included developing appropriate notice and opt-out forms and procedures as required by the Privacy Rule, crafting information security policies and standards to comply with the Safeguards Rule, implementing vendor due diligence and oversight procedures, and negotiating privacy- and security-oriented contract provisions.
  • Represented multiple financial services clients, advising on their information-sharing practices with law enforcement and participation in groups such as the Financial Services Information Sharing and Analysis Center (FS-ISAC).
  • Represented merchants, data analytics providers, and mobile payments solutions providers in response to information requests and civil investigative demands by the Federal Trade Commission.
  • Advised client on proposed integration of blockchain processes into existing infrastructure and operations associated with origination, fulfillment, settlement, and mortgage servicing in support of client information governance and records and information management services.
  • Advised a digital currency platform services provider in response to a multimillion-dollar cyber theft of bitcoin from a digital currency exchange.
  • Advised a gold-backed digital currency system in its launch.

Recognition

  • Recognized as one of the top law firms for client service, we were named to the 2018 BTI Client Service 30 for the fourth consecutive year.

Publications

Memberships

  • Affiliate member of the Ohio Bankers League (OBL) (2016-2018)

Key Contacts

Blog

In The Blogs

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Financial Services Blog
Supreme Court Resolves Circuit Split Over Application of Section 546(e) to Transactions Involving Conduits
By Adam L. Fletcher, Eric R. Goodman
May 31, 2018
The Supreme Court’s recent decision in Merit Management Group, LP v. FTI Consulting, Inc., 138 S.Ct. 883 (2018), held that transfers made by or to entities that are not “financial institutions” or other covered entities fall outside the...
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Financial Services Blog
Congress Passes Repeal of CFPB Guidance on Indirect Auto Lender Liability for Discriminatory Lending
By M. Mitchell Oates
May 16, 2018
The U.S. House of Representatives voted last Tuesday to reject a 2013 Consumer Financial Protection Bureau (CFPB) bulletin that provided guidance regarding liability for discrimination in indirect auto lending. The same measure passed the...
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Financial Services Blog
Eleventh Circuit Sides with Wells Fargo on Post-Class Certification Motion to Compel Arbitration
By Douglas L. Shively
May 14, 2018
Wells Fargo achieved a significant victory on Thursday in decade-old litigation over allegedly unlawful overdraft fees when the Eleventh Circuit held that Wells Fargo had not waived its right to compel arbitration as to the unnamed...
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Financial Services Blog
CFPB Auto Lending Rule May Be on the Way Out
By Kyle T. Cutts
April 30, 2018
An Obama-era regulation intended to restrain discriminatory lending practices by automobile lenders appears to be on its way out. On April 18, under the Congressional Review Act (CRA), the Senate voted to repeal the Consumer Financial...
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Financial Services Blog
Mulvaney Issues Report Outlining Proposals to Reform CFPB
By Ruth E. Hartman
April 17, 2018
Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued its semiannual report (the “Report”) to the President and Congress. In the Report, Acting CFPB Director Mick Mulvaney proposes to significantly reform the CFPB’s...
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