The ever-expanding range of relationships between fintechs and banks has been on the radar screen of US federal banking regulators for some time. In October 2016 the Office of the Comptroller of the Currency created an Office of Innovation for the purposes of facilitating and monitoring such relationships, while the Federal Deposit Insurance Corporation recently announced plans to establish a similar office. Despite this attention, the federal banking laws and regulations consistently lag behind what is needed to allow these relationships to flourish and grow to their full potential.
In this webinar, we will review how innovation is unfolding across the financial services industry, focusing on recent developments involving banks, fintechs, and fintechs that want to become banks, highlighting the impediments that exist under existing law – including efforts by some states to thwart innovation – and looking at how the fintech industry will develop in 2019.
Richard P Eckman
Richard P Eckman is Of Counsel in the Wilmington office of Pepper Hamilton LLP and from 2003 to 2015 was chairman of the firm’s financial services practice group.
Mr Eckman’s transactional practice focuses on representing financial institutions, corporations and other entities in complex financing transactions, including asset securitisations and other lending and venture transactions.
He represents financial institutions and non-regulated entities, including marketplace lenders in many areas, including consumer finance, small business lending, merchant cash advance and co-branding relationships. He also represents many clients in dealing with payment issues including dealing with FinCEN and state money transmitter statutes. He specialises in helping non-bank lenders and their service providers to design and launch online lending platforms and businesses that operate on a national basis. He also has represented a number of American Indian tribes in launching online lending businesses.
Mark T Dabertin
Mark T Dabertin is special counsel in the financial services practice group of Pepper Hamilton LLP. He has over 25 years’ broad-based experience in financial services law and regulatory compliance.
Mr Dabertin’s career includes extensive experience in banking, lending, safety and soundness, and anti-money laundering. His work in regulatory compliance at large financial institutions has been marked by innovations resulting in fundamental structural changes to existing firm-wide compliance activities, including with respect to regulatory change management, risk assessments and vendor management.
Mr Dabertin frequently negotiates agreements between non-bank lenders and regulated banks, and has represented both banks and non-bank parties to such relationships. He has authored numerous articles regarding the online lending industry, including for the Review of Banking and Financial Services, the American Banker and the Journal of Taxation and Regulation of Financial Institutions, and often serves as a speaker or panellist at online lending conferences.