Opening Remarks from the Co-Chairs

Jodi Golinsky
Director, Associate General Counsel (Financial Solutions)
Shopify

Tina Robertson
Assistant General Counsel
Chime

Eric Goldberg
Partner
Akerman LLP

2020 IN THE REAR-VIEW AND THE TOP CHALLENGES FOR 2021

What Changes and Innovations Are Here to Stay, Which Are Ephemeral, and What Will Drive the Industry Forward

Ky Tran-Trong
Vice President and Associate General Counsel, Global Regulatory Affairs
Visa

Emily Goodman
Associate General Counsel
Brex

Linda Odom
Partner
K&L Gates

Rusty Pickering
President and Chief Operating Officer
Ingo Money

• How the FinTech industry saved 2020 from the worst: The acceleration of digitization, contactless payments, faster transactions – and the concomitant legal challenges
• Key innovations in the products and technological space – and their legal and practical implications for companies and consumers
• The importance that companies focus on “responsible innovation” via technological breakthroughs that maintain best practices and compliance
• Analyzing the legal risks associated with the accelerated adoption of new payments solutions, such as contactless payments
• What could have gone better? Where more innovation is needed now – and where the legislative hurdles lie

HOW THE NEW U.S. ADMINISTRATION SETS THE TONE FOR 2021
Regulatory and Enforcement Priorities for the Industry: What Leadership Changes at Key Agencies Portend for Companies’ Legal Obligations and Business Prospects

Jonice Gray Tucker
Partner
Buckley LLP

Catherine Brown
Partner
Klaros Gorup

THINK TANK

A GOVERNMENT-INDUSTRY COLLABORATION Sandbox Partnerships, Providing PPP Loans, and Distribution of EIP: How Closer Cooperation Between the Fintech Industry and Government Agencies Could Help Consumers

Brian Tate
President & Chief Executive Officer
Innovative Payments Association (Washington, DC)

David Reidy
Chief Legal Officer
PayActiv

Eric Goldberg
Partner
Akerman LLP

Laurie Sellick Tauberg
Senior Regulatory Counsel
Affirm, Inc.

• PPP and EPI: How the government and the FinTech and emerging payments industry might collaborate better on getting stimulus payments to businesses and consumers quickly and securely
• After experimenting with prepaid cards, what kind of innovation is the government open to in order to get money to businesses and consumers other than via checks?
• What legal hurdles exist and how to overcome them to forge a closer and more effective partnership between government and industry/private enterprise.
• The product perspective: How FinTechs can approach bank charters, lending licenses, bank partnerships and their various underlying legal structures and challenges as they evaluate how to engage with the U.S. government

1:1 Networking

Break

CASE STUDY

NEXT-GEN KYC AND CDD FOR A FULLER PICTURE OF CUSTOMERS VIA NETWORK ANALYSIS AND MACHINE-LEARNING How to Go Beyond the Four Corners to Truly Know Your Customer Based on Their Traditional KYC, Transactional Signals and Wider Digital Footprint

Matthew Murray
Risk & Compliance Manager
GoFundMe

Carlo Bruno
Product Lead Identity Risk
Adyen (Netherlands)

Adyen and GoFundMe are a case-in-point when it comes to working closely together to protect their products and customers from misuse. To achieve this, the two companies cooperate to develop a comprehensive profile of who their customers are, an explanation of their behavior, and an understanding of how payers inform seller risk. In developing this fuller understanding of who their customers are, Adyen and GoFundMe are able to understand customer risks more comprehensively and effectively mitigate those risks in a targeted manner. Topics will include:

• Explaining the effective use of KYC and payment data to detect and understand anomalies
• How to use network analysis to inform one’s approach towards efficient case management
• Co-designing risk and compliance solutions to improve accuracy, increase “explainability”, and drive visibility

SPOTLIGHT ON INSTALLMENT LENDING

“Buy Now, Pay Later”: Deciphering the Legal Must-Knows of Instalment Payment Business Models and How to Effectively Communicate the Rules to Your Customer

Michelle Harold
Chief Operating Officer
BorrowWorks

Gary Stein
Chief Product & Compliance Officer
Opy USA

Kimberly Monty Holzel
Partner
Goodwin Procter LLP

• Disentangling the legal challenges with installment lending
• The role of banks and the legal implications of creating network-based solutions
• How “traditional institutions” such as banks and card providers will need to adapt, innovate and forge new partnerships to keep a pace with new FinTech market entrants and the latest technological developments

Break

AML RISKS WITH VIRTUAL CURRENCIES FOLLOWING THE ANTI-MONEY LAUNDERING ACT OF 2020

How Recent Developments Affect the Landscape for Cryptocurrencies and Digital Assets Market Participants

Mandeep Walia
Chief Compliance Officer and Head of Enterprise Risk Management
Novi (Facebook)

Jai R. Massari
Partner
Davis Polk & Wardwell LLP

Jeanine P. McGuinness
Partner
Orrick Herrington & Sutcliffe LLP

Melissa G. Goldstein
Special Counsel
Schulte Roth & Zabel LLP

• How FinCEN’s proposed rule would change the legal requirements for certain transactions with convertible virtual currency (CVC) or digital assets with legal tender status (LTDA)
• Anticipating the likely impact of the AMLA on the cryptocurrency industry and market, new entrants and companies’ existing plans to launch their own virtual currency (e.g., BlackRock)
• Pinpointing the legal implications of the SEC’s announcement that banks can engage in crypto activities and launch their own digital currencies to exist alongside fiat currencies

Conference Day 1 Concludes

Opening Remarks from the Co-Chairs

MAKING A FINTECH PARTNERSHIP WORK

How to Minimize the Biggest Legal Pitfalls When Partnering with Banks, Credit Unions and Card Companies to Roll Out a Product or Service

Tim Sullivan
Legal Counsel
Shopify

Smitha Mortis
General Counsel
Branch

Samer M. Musallam
Partner
Ropes & Gray LLP

Andrew J. Lorentz
Partner
Davis Wright Tremaine LLP

As the bundling of financial services products accelerates and continues on overdrive, this panel examines the potential for operational risk and legal challenges with FinTech partnerships. Topics discussed will include:

• Deciding when a bank partnership is the right path
• Selecting a bank partner: product fit, business fit, risk fit
• Negotiating partnership terms and program agreements to mitigate legal, regulatory, and key business risks
• Managing the bank partner relationship
• Transitioning from a bank partner relationship
• Potential challenges to the bank partnership model (true lender issues)

FEDERAL V. (MULTI-)STATE REGULATION OF FINTECH COMPANIES: WHAT’S NEW, WHAT’S NEXT?

Evaluating the Latest FinTech Regulation Efforts at the Federal and State Levels: The Must-Knows for B2Bs And B2Cs to Operate Nationwide

Marina Gracias
General Counsel
Varo Bank

Brian Crist
VP of Payments, Legal
eBay

Laurel Loomis Rimon
Partner
O’Melveny & Myers LLP

Kathy Tomasofsky
Director
Money Services Business Association (MSBA)

• Evaluating recent state enhancements and innovations in FinTech regulation and the latest initiatives aimed at harmonizing and strengthening multi-state supervision
• Analyzing whether under the Biden administration federal regulation of FinTech companies will change materially and discussing the administration’s view on supervision of non-bank FinTech companies
• Assessing trends in government enforcement activity involving FinTech companies and whether they suggest companies may face more risk and complexity in the near term
• A legal analysis of modifications to state money transmitter licensing requirements that have recently taken place
• Legal status update on recent CFPB rulemaking

1:1 Networking

Break

MOVING BEYOND OPEN BANKING TO OPEN FINANCE

Think-Tank on How to Overcome Complex Legal and Regulatory Hurdles to Achieve Open Finance in the U.S.: International Perspectives on “How to Make it Work” for Industry and Consumers

John Pitts
Policy Lead
Plaid (Washington, DC)
(Former Deputy Assistant Director, Intergovernmental Affairs at Consumer Financial Protection Bureau, CFPB 2013-2018)

George Parks Davie
Senior Product Manager – Open Banking
Klarna (Germany)

• Industry perspectives on what it will take to move from the current “regulatory sandboxes” for FinTechs in the U.S. to a system conducive to stimulating more innovation and better benefitting businesses’ bottom lines and their consumers
• The legal implications for open banking platforms’ use of APIs (Application Program Interfaces) for financial institutions to communicate and move money around (“Venmo on steroids”)

Fireside Chat with a FinTech General Counsel

Jonathan Joshua
General Counsel
Vemo Education

Hear from Jonathan Joshua, General Counsel, Vemo Education, on the trials and tribulations of developing the legal function at a growing FinTech. Point has developed a product that allows homeowners to access their home equity. Matt will discuss challenges many FinTechs face, including how to handle fundraising, regulators, and outside counsel. He will further provide his perspective on how a FinTech can develop a legal and compliance function, potential challenges faced by a small legal department, and how a legal function can be key part of a FintTech’s early success.

Break

DISENTANGLING THE MANY Ds OF PAYMENTS REGULATION FOR FINTECHS

Debit, Durbin, Disclosures, Disputes, and Direct Deposits: A Comprehensive Analysis and Compliance Roadmap for Companies

David Beam
Partner
Mayer Brown LLP

Barrie VanBrackle
Partner
Orrick, Herrington & Sutcliffe

• What aspects of the prepaid rule continue to pose the greatest challenges for FinTech companies and how are they adapting two years after it took effect
• What the U.S. might learn from Canada and its new prepaid card rules coming into effect in June 2021
• Complying with regulations governing investigations of consumer transaction disputes, and provisional crediting – without “breaking the bank”
• How FinTech companies responding to PayPal’s initial win in its litigation against the CFPB
• Recent developments with respect to the Durbin Amendment, including The Clearing House’s letter to the Fed
• The scope of a financial institution’s obligation to fight benefits fraud—is it the FinTech’s responsibility, and how should it balance the rights of innocent customers?

THE INTRICACIES OF CONSUMER PRIVACY, PERSONAL DATA AND AVOIDANCE OF DISCRIMINATION

The Legal Risks Associated with the Use of “Alternative Data” to Underwrite Credit: How to Maximize Your Customer Base While Ensuring Equal Lending

Sheryl Ann Yamuder
Global Chief Privacy Counsel
Fiserv

Robin McGrath
Partner
Duane Morris LLP

Edward R. McNicholas
Partner
Ropes & Gray LLP

Jessica Sklute
Special Counsel
Schulte Roth & Zabel LLP

• A brief overview of recent changes to national and international data privacy and protection laws (e.g., CCPA) and their legal impact for FinTech companies
• What the expansion of the CCPA means for FinTech and emerging payments companies operating outside of California
• “Alternative data” and what the legal obligations are for companies to protect their customers’ privacy and personal data
• Why and how the use of alternative data increases the risk of “discrimination”, and what companies can do to ensure equal lending
• Key challenges faced by in-house counsel regarding international data transfers and the use of customer/consumer data being transferred across borders
• Who owns the data? Addressing the debate around personal financial data ownership and portability: Assessing what the EU has done and what it means for the U.S.

Conference Concludes