Mr. Goodwin is everything you want in an attorney: professional, honest, thorough, and genuinely caring. He always explains things clearly, so I understood exactly what was happening and what to expect next. His attention to detail and persistence really stood out. Looking back, I feel lucky to have found him. He guided me through the whole process expertly, and I deeply appreciate all his hard work. Would definitely recommend him to anyone needing legal help.
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What Does a Fintech Lawyer Do
A fintech lawyer will help structure your financial product and provide the necessary documentation required for regulatory and compliance issues. Products in the financial sector are highly regulated. A fintech lawyer will ensure your compliance with all data processing obligations, payments regulation, outsourcings, and cryptoasset trading. This includes privacy and data security involving website disclosures, terms of use, privacy policy, and cybersecurity.
A fintech lawyer will help you comply with all regulatory requirements to launch your financial product. These regulatory compliances may be required by the Federal Financial Institutions Examination Council (FFIEC), the Office of Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), the Department of Commerce, the Department of State, and state law and international law equivalents, which regulate issues regarding banking, securities, cybersecurity, privacy, data breaches, consumer protection, and anti-money laundering.
As we all know, Fintech is a combination of the words “financial” and “technology.” Today, more and more financial institutions, such as banks, are using technology to improve access to their banking and financial services, while more fintech start-ups are offering innovative products for the demanding consumer. Fintech includes digital lending and credit, mobile banking, mobile payments, and cryptocurrency and blockchain.
For example, with fintech, businesses can now engage in peer-to-peer lending, eliminating the role of the traditional financial institution. Your bank’s mobile apps allowing you to transact business online is also a product of fintech. Mobile apps, such as Venmo, that allow peer-to-peer payments have replaced traditional payment methods. Fintech has allowed all these new services to be available to the demanding consumer, at the same time, ensuring compliance with the many regulations that govern the financial services sector.
Aside from the financial products, a fintech law firm should be able to advise the client on other aspects of running a business, such as litigation, labor and employment, real estate, executive compensation, contracts and vendor management, revenue management and debt collection. Should you need assistance in establishing a fintech company or any other regulatory compliance issue, we, at the law offices of Albert Goodwin, are here for you. We have offices in New York City, Brooklyn, NY and Queens, NY. You can call us at 212-233-1233 or send us an email at [email protected].
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
