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, NY, Brooklyn, NY and Queens, NY. You can call us at 718-509-9774 or send us an email at email@example.com.