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American Fintech Council Policy Summit 2025

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Morrison Foerster is proud to sponsor the 2025 American Fintech Council Policy Summit, an event that brings together leading...

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Morrison Foerster is proud to sponsor the 2025 American Fintech Council Policy Summit, an event that brings together leading voices from the industry and government to exchange insights, explore emerging trends, and shape the future of financial technology.MoFo partner Avy Mallik will moderate the session “Credit Where Credit is Due: Fintech’s Lending Revolution” from 2:30 PM – 2:55 PM ET, while MoFo partners Matthew Bornfreund and Evan Minsberg will participate as panelists in the session “What’s in a name? A discussion of the meaning and impact of an FBO Account” from 10:00 AM – 11:00 AM ET.To view the full agenda and for more information on the summit, visit the <a href="https://summit.fintechcouncil.org/" target="_blank">event website</a>.<hr>

American Fintech Council Policy Summit 2025

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Avy Mallik is a partner in Morrison Foerster’s Financial Services Group. His practice focuses on financial services regulation and enforcement, with a particular emphasis on emerging technologies, including fintech, artificial intelligence (AI), and digital assets. Avy advises banks, fintechs, and other financial institutions on a broad range of financial regulatory issues, including consumer protection, investor protection, payments, money transmission, banking law, BSA/AML compliance, financial privacy, and the use of emerging technologies in financial services. Before joining Morrison Foerster, Avy served as General Counsel to the California Department of Financial Protection and Innovation (DFPI), where he oversaw the office’s Legal Division, Securities Regulation Division, Broker Dealer and Investment Advisor Division, and Digital Financial Assets Law Division. In his time as General Counsel, Avy has overseen landmark legislative and regulatory initiatives, including the drafting and implementation of California’s Digital Financial Assets Law, and he has managed high‑profile enforcement and policy responses to major bank failures and emerging fintech issues. Previously, he served as Director of Fintech Policy for the Financial Services Committee at the U.S. House of Representatives, where he was Senior Counsel from 2019 to 2021. He was Assistant Attorney General for the Consumer Protection Division of the Office of the Maryland Attorney General from 2018 to 2019 and Director of the Foreclosure Prevention Program and Foreclosure Prevention Staff Attorney at Civil Justice from 2013 to 2018. Avy is regularly invited to speak on legal and policy issues related to financial innovation and has testified before legislatures and briefed state, federal, and international policymakers on emerging regulatory challenges related to fintech products, digital assets, and AI. Avy earned his J.D. from Georgetown University Law Center in 2012. He earned his B.A. in English Literature from Reed College in 2007.

Avy Mallik

Partner

As a former attorney in the Legal Division of the Federal Reserve Board, Matthew advises bank and bank holding company clients on matters such as chartering and licensing, capital and liquidity requirements, permissible activities and investments, affiliate transactions, and third-party risk management. He combines deep knowledge of the regulatory environment with operational insights as he counsels Fintechs and payment services providers on a wide range of bank-related compliance issues, including card network rules, ACH network rules, and anti-money laundering requirements. Matthew assists international banks with their entry into the U.S. market, which includes managing the application process with state and federal banking regulators. International banks also look to him for ongoing advice on operational compliance, managing BSA/AML and OFAC/sanctions obligations, and addressing issues under Regulation K and Regulation Y, among others. He facilitates partnerships between financial institutions and Fintechs in areas such as banking as a service (BaaS), creating payments applications, establishing integrated financial products, and more. Matthew has a unique background that includes IT experience, which helps bridge the gap between banks and their third-party service providers, assisting with the development of vendor risk management programs. Matthew earned his J.D. cum laude from the George Washington University Law School. He received his B.A. in international relations and his B.A. in economics from the University of Central Florida.<h4>Representative Experience</h4><ul><li>Provides ongoing advice to a national bank regarding the application of the Volcker Rule to the bank’s investment portfolio </li><li>Advised a state-nonmember bank on the application of Regulation O to an internal program that permitted senior officers to purchase CDs </li><li>Advised a national bank on classification of various platform and program deposits under the FDIC’s brokered deposit rule </li><li>Advised a European bank on applying for a de novo national bank charter </li><li>Advised a financial holding company with a national bank subsidiary on the implications of the Bank Merger Act for the dissolution of a joint venture and the subsequent transfer of assets back to the bank </li><li>Advised a regional state-nonmember bank on regulatory application issues in connection with its acquisition of a bank in another state </li><li>Advised an Asian bank on applying for a representative office </li><li>Advised an Asian bank on the impact of Regulation W on international trade finance and discounting transactions involving both U.S. and non-U.S. affiliates </li><li>Advised a national bank on making permissible investments, including under SBIC and RBIC programs, and on Volcker Rule compliance for various derivative transactions </li><li>Advised multiple banks on structuring new activities and, when necessary, confirming approaches with federal banking agencies </li><li>Advised several Fintech companies in negotiations with sponsor banks for merchant payment processing or payment facilitation </li><li>Advised a large bank participating in an SNC syndicated loan on exceptions to the attribution rule under Regulation W </li><li>Advised a large online lending platform in negotiations with a bank partner to establish a BaaS product </li><li>Advised a payment services provider in responding to state regulatory inquiries </li><li>Assisted a global bank in regulatory compliance review related to moving systems infrastructure to a cloud-based platform </li><li>Assisted a global technology company in preparing for a regulatory examination under the Bank Services Company Act</li></ul>

Matthew Bornfreund

Evan Minsberg advises fintech companies, banks, and other financial services providers on developing new products, services, and strategic partnerships. Evan provides practical regulatory counsel and transactional support for a wide variety of payments, credit, and other financial technology business models. Evan’s focus includes payment processors, money transmitters, bank-fintech partnership arrangements, marketplaces, and other online and app-based financial services providers.With over a decade of experience in the financial services space, Evan is readily familiar with numerous fintech models and provides strategic, practical, and digestible advice. Evan’s clients are looking for help navigating the complex federal and state financial regulatory requirements applicable to the products they bring to market and finding the most efficient compliance solutions for achieving their goals – whether on their own or in partnership with other regulated entities and service providers. His transactional clients want support negotiating the best arrangements possible for their budget, timeline, and priorities, while maintaining productive relationships with their contractual counterparties. Evan’s clients range from start-ups, to fintech market leaders, to multinational public companies.Prior to joining MoFo, Evan worked in the financial services teams of two other leading law firms.<h4>Representative Experience</h4>Payment Processing and Money Movement<ul><li>Advise clients, from unlicensed start-ups to leading fintech payments companies, on compliance with federal and state money transmission and money services business laws, including licensing requirements and exemptions, bank partner and authorized delegate arrangements, funds flows, and use of “FBO accounts” and other structures.</li><li>Negotiate merchant processing and sponsorship agreements for multiple merchant, payment facilitator, and marketplace clients and advice on compliance with Card Network rules.</li><li>Structure, draft, and negotiate ACH origination, third-party sender, and third-party service provider agreements for multiple bank and fintech clients and advise on compliance with NACHA rules.</li><li>Counsel digital assets platforms on application of federal and state money transmission laws to cryptocurrency transactions.</li></ul>Banking as a Services (BaaS)<ul><li>Structure, draft, and negotiate program management agreements for multiple sponsor bank clients for deposit account programs with fintech companies, including use of “FBO Account” structures.</li><li>Advise sponsor bank clients on compliance requirements and appropriate division of rights and responsibilities with fintech partners, including end-user relationships, AML issues, customer data sharing, and program agreements.</li><li>Counsel sponsor bank clients on wind-down procedures, including timing, customer notice, return of customer funds, and other relevant issues.</li></ul>Bank Secrecy Act (BSA) and Anti-Money Laundering (AML)<ul><li>Counsel multiple bank, money services business, and other financial services clients on compliance with statutory and contractual BSA/AML requirements for BaaS, payment processing, “FBO Account” arrangements, and other models and structures.</li><li>Assist clients in preparing BSA/AML policies and procedures, including for money services business, digital assets and cryptocurrency, and cannabis-banking models. </li></ul>Credit Products and Services<ul><li>Develop consumer and commercial financing programs, including Buy Now, Pay Later, retail installment sales, and revenue-based financing arrangements.</li><li>Advise on state licensing requirements and exemptions and usury laws for consumer and commercial lenders, brokers, lead generators and others.</li><li>Structure, draft, and negotiate agreements for various credit arrangements, including card issuing agreements, bank partner / platform models, and lead generation arrangements.</li></ul>

Evan Minsberg

Digital Assets + Blockchain

Fintech

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American Fintech Council Policy Summit 2025

18 Nov 2025