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States Take the Wheel: How Federal Approach is Driving New Era of State-Driven Fintech Regulation

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MoFo Financial Services and Fintech partners Maria Earley and Avy Mallik co-moderated the American Fintech Council’s (AFC)...

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MoFo Financial Services and Fintech partners Maria Earley and Avy Mallik co-moderated the American Fintech Council’s (AFC) December webinar in its Future of Finance series, States Take the Wheel: How the Federal Approach Is Driving a New Era of State-Driven Fintech Regulation.The panel discussed states’ current regulatory priorities related to Fintech and AI and their proactive efforts to shape supervisory expectations while minimizing patchwork or conflicting requirements, developing strategies for mitigating enforcement risk in this evolving landscape, and considering the potential implications for the consumer financial services industry in the near future.View a replay of the recording of the <a href="https://www.youtube.com/watch?v=7CmcV5zFOA8" target="_blank">webinar</a>.<hr>

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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

Partner

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), appointed by California Governor Newsom, and 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, leading the task forces on AI in the Financial Services, Fintech, and the Digital Assets Working Group. He has also served as Assistant Attorney General for the Consumer Protection Division of the Office of the Maryland Attorney General and Director of the Foreclosure Prevention Program and Foreclosure Prevention Staff Attorney at Civil Justice.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 and a B.A. in English Literature from Reed College.

Avy Mallik

Fintech

Financial Services

States Take the Wheel: How Federal Approach is Driving New Era of State-Driven Fintech Regulation

18 Dec 2025