Payments

Bank Regulation and Enforcement

Key Contacts

Areas of Focus

Expand All Collapse All

Experience

  • REGULATORY COMPLIANCE

    • Representing one of the world’s largest peer-to-peer payments networks on a variety of compliance issues, including privacy, data protection, EFTA/Regulation E, UDAAP (Unfair, Deceptive, or Abusive Acts or Practices), and AML and sanctions compliance issues.
    • Assisting one of the world’s largest money transfer businesses in navigating AML, sanctions and anti-corruption issues in locations around the world.
    • Guiding multinational financial institutions in the ongoing development of their ransomware awareness and resiliency programs and policies, including detailed analysis of the numerous legal implications of actions taken to respond to, and resolve, ransomware attacks.
    • Advising one of the world’s largest banks on processes for investigating consumer claims of unauthorized use and errors in payments, including assessing the processes for compliance with EFTA/Regulation E and prohibitions against UDAAP.
    • Counseling an online payments company that acquired a large payments processor in Asia on the interplay of US sanctions and AML requirements, local counter-sanctions regulations, and regulations related to the cross-border transmission of information.
    • Advising a major media company on the applicability of state and federal money services business regulations to a planned content distribution and payment service.
    • Representing a nonbank emerging payments company in its dealings with nearly a dozen state regulators.
    • Representing numerous blockchain and cryptocurrency companies on a wide range of regulatory analyses at the intersection of money transmission, securities and bank regulation.
    • Providing ongoing counseling to financial institution and other clients on the full spectrum of requirements applicable to electronic payments, including EFTA/Reg E, UCC Article 4A, and the NACHA Rules.
  • INVESTIGATIONS AND ENFORCEMENT

    • Serving as lead counsel to a technology company in cybersecurity and privacy investigations involving Congress and all US state attorneys general, a matter involving global data handling issues, international and domestic litigation, privacy issues under the Fair Credit Reporting Act (FCRA), internal investigations, and internal privacy compliance.
    • Representing a large technology company in responding to a market monitoring order on payments issued by the CFPB.
    • Representing a large bank in responding to a CFPB civil investigative demand involving compliance with requirements around the handling of consumer claims related to peer-to-peer payments.
    • Representing a structured payments company in connection with a CFPB enforcement inquiry raising novel issues of CFPB jurisdiction.
    • Assisting cryptocurrency companies in state and federal investigations related to a wide range of matters.
    • Assisting a large national bank with a CFPB inquiry related to its international consumer remittance transfer service.
    • Advising a large national bank in connection with efforts to recover hundreds of millions of dollars in fraudulent wire transfers executed by a faithless employee at the bank’s client.
  • LITIGATION

    • Representing major payment processors in putative class actions challenging the disclosure and implementation of fees and pricing structures.
    • Representing payment processors in business-to-business disputes over performance, pricing, and termination of processor and licensing agreements.
    • Representing a large national bank in multiple class actions related to prepaid cards, including payroll cards and cards used to deliver government payments.
    • Representing a large national bank in UCC 4A litigation regarding a canceled multi-hundred-million-dollar wire transfer.
    • Defeating a putative class action brought by a merchant asserting contract-related claims related to payment processing services.
  • TRANSACTIONAL

    • Representing a money transmitter on a 50-state rollout of a payment processing service.
    • Advising clients on significant matters involving their relationships with payment systems organizations.
    • Representing a multinational hospitality client in several payment services transactions, including a transaction with one payments company for the provision of global payments processing, one for US-related processing and another for the provision of payments processing in Europe.
    • Representing numerous technology companies in developing the strategy for partnerships with payments companies and executing these partnership strategies to ensure that activity requiring licensure remains in the appropriate entity.
    • Advising a major financial institution on the procurement of gateway processing services on a white label basis.
  • BLOCKCHAIN AND CRYPTOCURRENCY

    • Representing a large financial services company in the development of a bitcoin exchange-traded fund (ETF), a process that has included submission of a filing with the SEC for a bitcoin ETF.
    • Representing an innovative international stablecoin issuer in obtaining a limited purpose trust company charter from the NYDFS.
    • Advising a global, systemically important financial institution on the development and commercial expansion of a settlement platform for digital assets.
    • Handling multiple engagements related to the proposed launch of a stablecoin payments network, which included analyzing the regulatory framework applicable to the network, engaging with executive branch and congressional officials on the matter, and developing AML and sanctions compliance programs for wallet providers and others participating in the network.
    • Advising market participants on CFTC treatment of stablecoins.
    • Advising non-US government agencies on the regulation of cryptocurrency.
    • Advising a major international hospitality company in its partnership with a cryptocurrency exchange to offer cryptocurrency payment options to customers.
    • Advising a major international advertising firm and Fortune 50 company on federal and state regulations applicable to the launch of non-fungible tokens in connection with a major advertising campaign.
    • Advising the largest exchanges and trading platforms on compliance with a wide range of state and federal regulations related to cryptocurrency matters.
    • Advising numerous cryptocurrency companies and token issuers on applicable state and federal law.