Morrison Foerster is an international law firm with lawyers practicing throughout the United States, Asia, and Europe. Click to discover more.

mofo_share_image.jpg

Morrison Foerster

common-default.jpeg

Terms / Notices

Cookies

Privacy Policy

Reporting Hotline

Attorney Advertising

Alumni

  Linkedin

MoFo LinkedIN

  Facebook

MoFo Facebook

YouTube

MoFo Youtube

Morrison Foerster - Footer

1793–2025: The End of the Physical Penny

You have not solved the recaptcha challenge yet or session expired, try again.

Email Disclaimer

Disclaimer

Unsolicited e-mails and information sent to Morrison Foerster will not be considered confidential, may be disclosed to others pursuant to our <a href="https://www.mofo.com/about/privacy-policy.html">Privacy Policy</a>, may not receive a response, and do not create an attorney-client relationship with Morrison Foerster. If you are not already a client of Morrison Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.

Feedback

mofo-logo-2022.svg

People

Capabilities

Resources

About

Community

Offices

Careers

Stay Connected

Matthew Bornfreund, a partner in Morrison Foerster’s Financial Services Group, participated in the Practising Law Institute...

<h3>Sorry, we weren’t able to find the terms you entered.</h3>Please try a different term or keyword.

People

Capabilities

Resources

Not Found Cards

Matthew Bornfreund, a partner in Morrison Foerster’s Financial Services Group, participated in the Practising Law Institute webinar “1793–2025: The End of the Physical Penny,” on February 13, 2026.The program examined the legal implications of the U.S. Treasury’s decision to cease production of the penny and its phase-out from circulation, including the impact of dwindling inventories on financial institutions, businesses, and consumers. It addressed key issues such as legal tender status, rounding conventions, and precedent, along with risks related to unfair trade practices and special payment categories. The panel also provided guidance on how lawyers can help clients navigate this transition.A recording of this program is available on demand through the <a href="https://www.pli.edu/programs/1793-2025-the-end-of-the-physical-penny/456566" target="_blank">Practising Law Institute</a>.<hr>

1793–2025: The End of the Physical Penny

Sign Up

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

Partner

Financial Services

1793–2025: The End of the Physical Penny

13 Feb 2026