Legal and Regulatory Developments in the Fintech Industry (Update)

(455 Ratings)

Produced on: November 14, 2017

Course Format On Demand Audio

Taught by

Categories:

Course Description

Time 62 minutes
Difficulty Intermediate

The explosion of the financial technology or “fintech” industry has been of the most notable developments of the global financial services industry in recent years. The fintech industry is comprised of companies that make use of new technologies to provide financial services traditionally offered by banks, companies that partner with banks to provide financial services using innovative technologies, and other companies that provide financial technology services.

The regulatory framework for fintech is made up of a number of federal and state laws and regulations and is quickly evolving. This course, taught by Covington & Burling Partner Mike Nonaka, provides an introduction to the fintech industry, its regulation, and recent hot topics and transactions affecting the industry.


Learning Objectives:

  1. Appreciate the meaning of “fintech” and a sampling of key fintech-related products and services (e.g., virtual currencies, online marketplace lending, payment technologies, blockchain and other distributed ledger technologies, initial coin offerings)
  2. Review select financial services regulatory regimes that apply to fintech, including relevant regulatory agencies, laws, regulations, and guidance
  3. Discuss selected hot topics affecting the legal and regulatory landscape for fintech, including recent litigation regarding the OCC’s proposal to offer a special purpose national bank charter for fintech companies, the CFTC fintech initiative, the New York license for bitcoin-related companies, New York’s interest in regulating marketplace lending, and regulatory agencies’ reactions to blockchain technology
  4. Walk through recent case studies of fintech investments and other transactions  



Faculty

Michael Nonaka

Covington & Burling LLP

Michael Nonaka advises banks, financial services providers, and non-bank companies on a broad range of compliance, enforcement, transactional, and legislative matters. He has worked extensively with federal and state banking agencies and with other federal agencies authorized to regulate financial services.

Mr. Nonaka has significant experience advising clients on issues arising under financial services legislation such as the Dodd-Frank Wall Street Reform and Consumer Protection Act. He has advised clients on, among other areas in Dodd-Frank, regulation as a systemically important financial institution, resolution planning, the Federal Deposit Insurance Corporation’s orderly liquidation authority under Title II, and the scope of the Consumer Financial Protection Bureau’s authority.

Mr. Nonaka also has advised a number of clients on compliance with TILA, ECOA, TISA, HMDA, FCRA, EFTA, GLBA, FDCPA, CRA, BSA, USA PATRIOT Act, FTC Act, Reg. K, Reg. O, Reg. W, Reg. Y, state money transmitter laws, state licensed lender laws, state unclaimed property laws, state prepaid access laws, and other federal and state laws and regulations. 


Representative Matters
  • Representation of Synchrony Financial (GE Capital’s North American retail finance business) in connection with its approximately $2.95 billion initial public offering and related $3.6 billion debt offering.

  • Representation of Cole Taylor Bank in investigation and consent cease & desist/civil money penalty order with the Federal Reserve Board and the Illinois state banking authority to resolve claims alleging unfair and deceptive practices related to a student deposit product offered in connection with a former counterparty deemed to be an “institution-affiliated party.”

  • Representation of WSFS Financial Corporation in acquisition of First Wyoming Financial Corporation and The First National Bank of Wyoming.

  • Representation of Wells Fargo in connection with a Federal Reserve Board investigation and consent order with respect to alleged falsification of customer income and customer steering by Wells Fargo Financial sales personnel in the origination of consumer mortgage loans.

  • Representation of General Motors in congressional hearings and requests for government funding.

  • Representation of Freddie Mac in connection with establishment of Federal government conservatorship.


Reviews

ES
Enrirque S.

Great Course

KC
Ken C.

Excellent speaker and presentation!

AK
Ann K.

One of the best presentations.

KS
Kevin S.

Was worried through the first 20 minutes it wouldn't have legal content, but the last 40-45 minutes was great legal overview of the topics

BK
Brian K.

It would be great to have more content regarding blockchain.

WB
William B.

Great job!

PS
Peter S.

covered a lot of ground in short time. excellent

DR
Dane R.

Highly informative.

YK
Yvenne K.

Excellent speaker. Great overview of all the important regulations for fintech companies. It would have been helpful if the written materials had more than just the slides, but it was still a great overview.

SB
Stephanie B.

Great video. Would love to see more like this and from this presenter.

SW
Shalom W.

Excellent overview of Fintech

DR
Dena R.

Very thorough; loved it.

MN
Marshall N.

Thanks

ME
Melissa E.

This was packed full of subtstance. Good overview for a newbie to the area.

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