Prepaid Accounts Compliance

Registration and Continental Breakfast

Co-Chairs’ Opening Remarks

Donald Mosher
Partner
Shulte Roth & Zabel LLP

Lisa M. Liban
Managing Director, Chief Counsel Business and Regulatory Affairs
The Bancorp Bank, N.A

Future Predictions: Senior Executives Discuss Changing Demographics and Consumer Preferences and How That Will Impact the Future Direction of the Industry

Brad Fauss
SVP and General Counsel
Greenlight Financial Technology

Nadia Dombrowski
Chief Legal and Administrative Officer
Pathward

• Digital first – huge spike in e-commerce during COVID
• Many new entrants with limited prepaid experience
• Growing prepaid adoption among millennials
• Intersection of FinTech and Prepaid
• Prepaid vs. DDA programs
• Rise and challenges of BNPL

Enforcement Landscape: Deep Dive into Recent Enforcement Actions and Important Takeaways

Eric Goldberg
Partner
Akerman LLP

Gerry Sachs
Vice President of Legal, New Product Initiatives
Remily

• OCC Consent Order for Blue Ridge Bank
• OFAC enforcement action against Tango Cash
• Industry change in response to PayPal vs. CFPB case
• 5th Circuit’s opinion on CFPB funding
• CFPB report on BNPL
• FDIC advisory re incorrectly marketing financial products
• OCC requires improved monitoring of fintech partners
• Cease & Desist letter issued to five crypto currency firm

Morning Coffee

Compliance Best Practices: Essential Strategies to Ensure Compliance and Strengthen Your Program

Jason Honeycutt
Chief Compliance Officer
Netspend

B.J. Moravek
Director of AML and Sanctions
Kaufman Rossin & Co

Azba Habib
Global Chief Compliance Officer
FleetCor

• Importance of transactions monitoring
• Need for distributor and asset oversight
• Tools to validate your model
• Important steps to include during your AML assessment
• How to perform due diligence on your partners

Third Party Oversight: Key Strategies to Monitor Your Partners/Providers and How to Ensure the Effectiveness of Their Compliance Programs

Patricia (Patti) Smolsky
Senior Manager, Payments Risk
Key Bank

Barrie VanBrackle
Partner
Latham & Watkins LLP

• Need for new strategies and tools for vendor due diligence
• Importance of a third-party audit
• Need for critical monitoring
• How to work effectively with your partner

Networking Lunch

Federal Update: Overview of 2023 Regulatory Priorities

Carole Reynolds
Senior Attorney
Division of Financial Practices
Federal Trade Commission

Dmitry V. Chesnokov
Assistant Director - Supervisory Attorney
U.S. Securities & Exchange Commission

David Beam
Partner
Mayer Brown LLP

This timely session will provide insight into the rapidly changing Federal regulatory landscape. Hear about the 2023 priorities and initiatives related to prepaid products

Fighting Financial Cyber Crime: How the Industry is Working Together to Meet Increasing Privacy, Cybersecurity and Data Security Challenges

Amy Mushahwar
Partner
Alston & Bird

Joshua Quincy
Global Data Privacy Officer and Senior Associate General Counsel
InComm Payments

• How to combat increasing fraud?
• Key steps to strengthen your cybersecurity controls
• Strategies to protect your data and avoid a breach
• Understanding a complex regulatory environment

Networking Break

AML & Sanctions: Strengthening Your KYC and Screening Process To Ensure That Your Compliance Program Will Meet Regulatory Scrutiny

Gizelle Barany
General Counsel
Alloy

Juan Azel
Partner
Winston & Strawn LLP

• New Business Customer Onboarding
• Recent developments in CDD compliance
• Building an Effective Third-Party Risk Management framework following Blue Ridge

New Products and New Players: How to Minimize the Legal Risks of Innovation in Prepaid Payment Market

Brian J. Hurh
Partner
Davis Wright Tremaine LLP

Jane Levine
Chief Compliance Officer
DailyPay, Inc.

Molly Jones
VP of Government Affairs
Payactiv

• Earned Wage Access (EWA)
• Buy Now Pay Later
• White Label and Bank-Fintech Partnerships

Intersection of Crypto and Prepaid Products: DeFi, Stable Coins, and Artificial Intelligence

Flavia Naves
General Counsel & Corporate Secretary
Circle Internet Financial

Jason Allegrante
Chief Legal & Compliance Officer
Fireblocks

• Discuss the future of crypto and payments
• What types of products are coming to market?
• How will demand change for traditional products
• Who are the early entrants to watch?

End of Day One

Co-Chair Opening Remarks

Donald Mosher
Partner
Shulte Roth & Zabel LLP

Lisa M. Liban
Managing Director, Chief Counsel Business and Regulatory Affairs
The Bancorp Bank, N.A

CFPB Latest Developments

Thomas Ward
Partner
Sidley Austin LLP

• Potential registration on non-banks
• Expansion of UDAAP authority (unfairness prong) to infer that every financial services product has an anti-discrimination requirement
• Changes to Consumers Access to Financial Information

State Regulatory Oversight: Monitoring Increased Regulatory and Enforcement Activity at the State Level

Joseph Borg
Director
Alabama Securities Commission

Stephanie R. White
Chief Deputy Commissioner
North Carolina Office of the Commissioner of Banks

Donald Mosher
Partner
Shulte Roth & Zabel LLP

Ingrid White
Deputy Superintendent of Banks
Ohio Department of Commerce

Licensing Laws and Trends, including the Model Act

• Applicability to prepaid accounts of fiat or crypto
• Closed loop vs. Open loop
• Unlicensed FinTech arrangements with banks and licensees

Safety and Soundness of Money Transmitter Licensees offering prepaid accounts of fiat or crypto

• AML, Sanctions Screening & Cybersecurity
• Reporting and Permissible Investments
• Bonding and Net worth requirements
• Protecting consumers in the event of Insolvency

Enforcement

• Unauthorized Money Transmitter Activity
• Multi-state and Multi-agency enforcement

Coffee Break

Disaster Relief Payments: Future of Government and Charitable Payments to Individuals in Disaster Zones

Linda Odom
Partner
K&L Gates LLP

Jim Alvey
VP of Disaster Recovery and Philanthropy
Good360

Kirsten Trusko
Co-Founder
Paal- Payments as a Lifeline

• Delivering a payment program in a disaster zone
  • Challenges including consumer awareness, service availability, onboarding, and activations
• Identity verification and fraud » High percentage of fraud in government benefits
  • Challenges and benefits of charitable giving programs
  • What’s working now and coming soon.
• War in in Ukraine – what worked and what didn’t?

Prepaid Industry Regulatory Developments to Watch in 2023

Lisa M. Liban
Managing Director, Chief Counsel Business and Regulatory Affairs
The Bancorp Bank, N.A

Brian Yates
Senior Director, State Government Affairs
Electronic Transactions Association

• Electronic Transactions Association
• Rise of Crypto cards
• Impact of real time payments
• Popularity of Buy now pay later
• Hybrid programs
• Increased use of cards for Marijuana
• CFPB anti-discrimination test under Reg E.
• CFPB authority to examine non-bank companies posing risks to consumers

Conference Adjourns