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AFC CEO Network Roundtable

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Morrison Foerster hosted a Fintech CEO Roundtable in its New York office on June 10, 2024, with the American Fintech Council (AFC), a premier fintech trade association representing innovative fintech companies and banks.

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Morrison Foerster hosted a Fintech CEO Roundtable in its New York office on June 10, 2024, with the American Fintech Council (AFC), a premier fintech trade association representing innovative fintech companies and banks.Nearly 30 CEOs and company leaders from community banks and fintech’s united for this event, which featured industry-focused roundtables facilitated by MoFo Financial Services and Fintech partners Maria Earley, Jeremy Mandell, Evan Minsberg, and Jeff Silberman, and special guest speaker, Senate Majority Leader Chuck Schumer, who shared the latest update on the bipartisan senate efforts on AI. We were also joined by Brandon Milhorn, president and CEO of the Conference of State Bank Supervisors (CSBS) who participated in a fireside chat with AFC’s CEO, Phil Goldfeder, to discuss Brandon’s experiences at the FDIC and the current priorities of the CSBS that include fostering innovation in financial services.MoFo Sessions Included:Session 1: Bank Partnerships and Sponsorships: Market Landscape and Regulatory Roundup, Led by Evan MinsbergSession 2: Partnering and Providing Services to Banks: Key Considerations and Risk Management Measures, Led by Jeremy MandellSession 3: Consumer Credit Regulation and Earned Wage Access: CFPB Developments, Consequences, and Outlook, Led by Maria Earley<a href="/sign-up" target="_self">Sign Up</a> to receive MoFo fintech industry insights and event invites.<hr>

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Evan Minsberg advises Fintech, payments, and technology companies, as well as financial institutions, on structuring and launching regulated financial products and commercial ecosystems.His practice is centered on bank-Fintech partnerships, payments infrastructure, money movement, and the regulatory frameworks that underpin innovative financial services ecosystems. He is a go-to advisor on banking-as-a-service (BaaS), money transmission and licensing, sponsor bank and payment network arrangements, and complex commercial relationships between regulated financial institutions and technology platforms. He is among a small number of practitioners with deep knowledge at the intersection of financial services regulation, payment network governance, and digital asset and stablecoin-enabled transactions—areas that increasingly define the architecture of next-generation financial products and payment systems. His work combines regulatory strategy with commercial execution, enabling clients to launch new products, structure partnerships, modernize payments infrastructure, and scale regulated platforms.Evan represents a diverse client base spanning high-growth Fintech and embedded finance companies, leading sponsor banks, global payments companies, card networks, and major technology platforms. Clients rely on him to navigate complex regulatory and commercial issues across banking, payments, and emerging financial technologies, particularly in connection with large-scale partnership and payments infrastructure initiatives. Recognized by Chambers USA for FinTech Legal: Payments and Lending and by other leading industry publications, Evan is praised by clients for his practical, solutions-oriented approach and ability to navigate novel regulatory challenges. One client notes that he is “able to come up with novel solutions that minimize risk and unlock significant opportunities for our business.”Evan also advises gaming, software, and digital platform companies on monetization strategies, virtual economies, digital wallets, creator and marketplace payment flows, and other financial regulatory issues arising from interactive and digital commerce ecosystems. He is co-chair of Morrison Foerster’s Interactive + Digital Media industry group, where he focuses on video games, gaming platforms, and the convergence of digital economies, payments infrastructure, and financial services regulation.Prior to joining MoFo, Evan worked in the financial services teams of two other leading law firms.<h4>Representative Experience</h4><h5>Bank-Fintech Partnerships and Embedded Finance</h5><ul><li>Represent a technology-focused national bank in the structuring, negotiation, and launch of BaaS, debit card, and payments partnerships with leading Fintech platforms. Advise on novel deposit account structures, ACH origination and third-party sender arrangements, program management frameworks, and related regulatory and transactional issues associated with the bank’s public launch and rapid growth.</li><li>Represent a major regional bank in a broad range of BaaS and embedded finance matters, including Fintech program management agreements, sponsor processing arrangements, third-party risk management enhancements, AML and sanctions compliance, and regulatory diligence across payments, payroll, ACH, digital asset, and money movement platforms.</li><li>Advise a leading sponsor bank on the structuring and negotiation of Fintech-sponsored payment and credit programs, including innovative SBA lending, commercial finance, digital asset-secured credit products, and large-scale embedded finance partnerships.</li><li>Represent a leading global payments and card issuing platform on BaaS, AML, card-issuing, sponsor bank, and embedded lending matters, including bank partnership agreements, downstream Fintech oversight, and lending and card program structures.</li><li>Represent a Fintech infrastructure company in the structuring and negotiation of sponsor bank arrangements for lending and payment processing products, including loan origination and purchase programs, payment services frameworks and use of sponsored (FBO) accounts, customer-facing agreements, and related warehouse financing support.</li></ul><h5>Payments, Money Movement, and Network Infrastructure</h5><ul><li>Represent a leading U.S. payment card network in the comprehensive modernization and restructuring of its network operating rules and participant framework, including new sponsorship, payment facilitator, program manager, and digital wallet concepts, as well as related interchange, routing, and network governance issues.</li><li>Represent a global payments company in the regulatory and money transmission aspects of a significant Fintech acquisition transaction, including state licensing approvals, change-of-control strategy, regulatory diligence, and management of concurrent state supervisory examinations.</li><li>Serve as regulatory and transactional counsel to a global payments and financial technology company on money transmission licensing, payment processing arrangements, card network compliance, and complex commercial agreements across a broad range of payment and software products.</li><li>Advise a merchant acquiring and marketplace platform on the development of digital asset payment and on-/off-ramp services, including fiat and stablecoin payout functionality, self-custodied wallet features, and integration of first- and third-party technology solutions, with guidance on money transmission, payments, AML, and product structuring considerations.</li></ul><h5>Digital Assets, Stablecoins, and Emerging Financial Products</h5><ul><li>Represent Fintech and infrastructure companies developing digital asset, decentralized finance, and open banking products, including advice on AML, sanctions, money transmission, and securities law considerations associated with decentralized payment and on-/off-ramp protocols.</li><li>Advise a leading stablecoin issuer and digital asset platform on money transmission, AML, product structuring, and regulatory compliance considerations relating to next-generation stablecoin infrastructure and payment products, including cross-chain transfer protocols, wallet and custody architecture, agentic wallet functionality, embedded payments infrastructure, and stablecoin-secured card programs.</li><li>Advise a Fintech platform on the structuring and regulatory compliance of digital asset on-ramp and off-ramp payment services, including fiat FBO account arrangements, third-party custody relationships, funds-flow architecture, and related money transmission, AML, and bank partnership considerations.</li></ul><h5>Digital Media, Gaming, and Virtual Economies</h5><ul><li>Serve as primary outside regulatory counsel to a global gaming and interactive entertainment company on financial regulatory issues arising from virtual currencies, in-game monetization, creator revenue-sharing, integrated payments, and cross-border digital commerce models.</li><li>Advise a leading software development and digital distribution platform on financial regulatory issues relating to marketplace payments, stored value and virtual currency functionality, rewards and loyalty programs, wallet architecture, and the application of money transmission and related financial services laws to platform monetization and user payment flows.</li><li>Advise a merchant-of-record and digital commerce platform on card network compliance, creator payout structures, marketplace and payment terms, and regulatory considerations relating to payments and monetization flows for video game and digital content creators.</li></ul>

Evan Minsberg

Partner

Jeremy Mandell is the lead of our Financial Services Group. His practice focuses on financial services regulation, with particular attention to payment and emerging payment issues.Jeremy advises bank, non-bank, and fintech clients on financial services regulatory issues, including issues arising under the Electronic Fund Transfer Act, the Truth in Lending Act, and the Equal Credit Opportunity Act. He has particular experience working on issues related to interbank and emerging payments systems, including blockchain-based payment solutions and stablecoin platforms. He has counseled clients with award-winning apps and innovative products and services on complex issues, bringing a practical, broad-market perspective to product development, ongoing compliance needs, and regulatory engagement.He also has extensive experience working with banks and non-banks on strategic partnerships. As partnerships between banks and fintechs become more prevalent, Jeremy draws on this experience to advise clients on the financial services regulatory and commercial issues that arise in the context of these partnerships.Jeremy is co-editor of The Consumer Finance Law Review, surveying the legal and regulatory approaches to consumer finance law in jurisdictions around the world. In 2025, Jeremy was elected to the American College of Consumer Financial Services as a new Fellow for his numerous published and teaching contributions to the space.Before joining Morrison Foerster, he served as a senior financial services analyst at the Board of Governors of the Federal Reserve System in the Division of Reserve Bank Operations and Payment Systems, where he focused on policy issues related to large-value payments systems. Jeremy leverages this experience to advise clients on various legal and regulatory issues.Jeremy earned his J.D. from The George Washington University Law School in 2010. He earned his M.A. in applied economics from Johns Hopkins University in 2004 and his B.A in economics and international relations from Lehigh University in 2001.

Jeremy Mandell

Lead of Financial Services Group

Maria B. Earley is a financial services regulatory, enforcement, and litigation partner in the Washington D.C. office of Morrison Foerster.Maria is a former Consumer Financial Protection Bureau (CFPB) enforcement attorney with significant experience advising on issues related to consumer protection laws and emerging technology. She advises financial services and fintech companies with respect to product development, regulatory compliance, state and federal litigation, enforcement and examination, state licensing, and transactional matters.Maria works with early- and growth-stage startups as well as large incumbents, providing strategic, business-focused support and often serving as outside general counsel. Her advice spans a range of credit products, bank-enabled products, payments, income share agreements (ISA) and other alternative financing arrangements, and mortgage technology. She represents companies that touch all aspects of these products, including marketplace lending participants, program managers and investors, money transmitters, credit-reporting agencies, and numerous platform service providers.Maria leverages her experience as a former CFPB attorney to help companies navigate the complex and unique issues that arise when interfacing with the CFPB and other financial regulators. She has handled numerous matters involving federal and state regulators, including the CFPB, several state attorneys general, the California Department of Financial Protection and Innovation (CA DFPI) and other state regulatory agencies, the Federal Trade Commission (FTC), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC).Maria is committed to creating and sustaining collaborative, innovative, and inclusive environments in the legal community. She serves on the board of the Filipino American Lawyers Association of D.C. She previously served on the boards of the Legal Aid Society of D.C. and the Anacostia Watershed Society, and was co-vice chair of the Litigation and Arbitration subcommittee of the ABA’s Consumer Financial Services Committee.<h4>Representative Matters</h4><ul><li>Represent several companies in CFPB, OCC, FTC, and state enforcement actions concerning alternative lending technology, ISAs, payment services, credit reporting, banking practices, marketing practices, and for-profit education.</li><li>Lead counsel on litigation matters involving federal and state consumer protection laws, including EFTA, FCRA, RESPA, TILA, UDAAP and state credit and licensing laws.</li><li>Served as lead counsel in a True Lender litigation involving the Office of the Attorney General for the District of Columbia.</li><li>Advise fintech platforms and banks concerning strategic partnerships in connection with several as-a-service verticals, including lending, banking, and software.</li><li>Develop consumer and business financing programs for a range of assets, including energy efficient technology, mobile devices, alarm monitoring equipment, and POS systems.</li><li>Provide product development support, develop state licensing strategies, and advise on regulatory requirements related to alternative credit products, mortgage products, unsecured consumer lending, commercial lending, money transmission and ISAs.</li></ul>

Maria B. Earley

Jeff Silberman is chair of the firm’s Financial Services Group and co-lead of our Fintech practice, where he provides business-oriented and strategic advice to fintech companies and financial institutions.​​​Jeff’s focus includes bank/fintech partnerships, online and app-based financial services, digital assets and blockchain based payment systems, marketplace business models, and capital markets matters. He has extensive experience negotiating commercial and strategic relationships in highly regulated markets and is known for advising financial institutions and high-growth companies on the various legal, regulatory, and operational complexities associated with financial infrastructure, digital-first financial products, Software-as-a-Service (SaaS) and licensing arrangements, and the adoption and scale of online, app, and cloud-based business models.Jeff regularly acts as external general counsel advising early and growth stage startups, as well as incumbent fintech companies and financial institutions, on all areas affecting their organizations. He works closely with senior management and boards of directors to provide practical legal and business advice.Jeff has over two decades of legal experience in the fintech, financial services, and capital markets space, including nine years as in-house and general counsel at prominent fintech and financial services companies. Prior to joining Morrison Foerster, he served as global co-chair of the fintech practice at another leading international firm.<h4>Representative Experience</h4>Fintech<ul><li>Represent an international B2B e-commerce marketplace in transactional and regulatory matters related to integrated financial products and payment services.</li><li>Represented a public fintech company in its initial and additional bank sponsorships, including negotiation of program management, processor, network, and other third-party agreements and arrangements.</li><li>Represent a global cryptocurrency exchange in the creation and support of domestic and cross-border payment products.</li><li>Represent a U.S. challenger bank in the creation of its platform, including a sponsor bank, processing, card network, and other third-party service provider agreements.</li><li>Represented an app-based investment adviser in its formation and registration of an RIA and commercial relationships with executing broker-dealers and other supporting service providers.</li><li>Represented a fintech platform on its mobile solar loan application, loan origination, and forward flow facility.</li><li>Represented a leading fintech platform in the negotiation and execution of master service agreements integrating its technology with marketplace lenders and online small business lenders.</li><li>Represent various blockchain-based service providers, DAOs, and cryptocurrency exchanges in product creation and associated digital asset regulatory considerations.</li><li>Represented a SaaS platform in the creation and negotiation of master service agreements for broker-dealer, asset manager, and insurance company integrations.</li><li>Advised a digital asset advisory boutique in its regulatory matters.</li><li>Counseled an income share agreement platform in various forward flow purchase agreements.</li><li>Represented a point-of-sale finance platform offering consumer loans, deposit accounts, and debit cards in its sponsor bank relationship, processor, and related third-party service provider agreements.</li></ul><ul><li>Represented a cloud-based voice trading and data collection platform in strategic partnerships and integrations with a global investment bank and other broker-dealer integrations.</li><li>Negotiated strategic partnerships, joint ventures and service agreements on behalf of a leading Lending-as-a-Service fintech platform.</li><li>Counseled a digital point of sale finance platform in the creation of forward flow relationships for the sale of consumer loans.</li><li>Represented a leading fintech lending platform in the creation of forward flow facilities for consumer loans.﻿</li></ul>Financial Institutions<ul><li>Advised several U.S. banks on their core systems and various technology integrations to support direct and sponsored business units.</li></ul><ul><li>Represented a top U.S. bank in the structuring of its online wealth management platform, and related fintech integrations.</li><li>Represented several sponsor banks entering the Banking-as-a-Service space, including creation of program documentation, issuer processor arrangements, and other key third-party service provider arrangements.</li><li>Advised a growth stage venture capital fund in its Series C investment in a fintech platform focused on mortgage loan origination.</li><li>Counseled a U.S. bank evaluating digital lending business models, and the due diligence and creation of vendor relationships with fintech service providers.</li><li>Advised multiple credit unions in the origination and sale of digitally originated whole loans and loan participations.</li><li>Represent a broker-dealer in the expansion of its platform to enable online transactions.</li><li>Advised a growth stage venture capital fund in its Series B investment in a fintech platform offering AI solutions to reduce losses in auto, mortgage, and retail lending.</li><li>Represent a broker-dealer establishing its Capital Acquisition Broker registration.</li><li>Represented a New York based broker-dealer in fintech and trading system licensing matters.</li><li>Counseled a regional bank in the creation of its digital lending platform, including creation of related disclosure documents, loan agreements, and internal operating procedures.</li><li>Provided general counsel in corporate and strategic matters, to NY based broker dealer including establishment of new business lines, FINRA continuing membership applications, technology and other vendor licensing and service agreements, and general employment matters.</li></ul>

Jeff Silberman

Chair of Financial Services Group

Fintech

Financial Services

AFC CEO Network Roundtable

10 Jun 2024