Perspectives on Counseling on the Creation of Consumer Finance Products, with Special Guest Joseph Schuster, Managing Director and Senior Counsel, Goldman Sachs

Our discussion looks at the role of in-house and outside counsel in the development and launch of new consumer financial products. We first discuss the range of issues to be considered as part of the preliminary scoping process, including state licensing, marketing, underwriting, servicing, and collection issues. We turn next to the process of addressing potential legal obstacles and problems that are identified in scoping, including what consideration should be given to competitors’ approaches and when consultation with regulators should be considered. Our discussion then looks at counsel’s role in moving forward towards product launch, including operational considerations in drafting the consumer agreement and meeting regulatory requirements. We conclude by discussing counsel’s role post-product launch, including the use of consumer complaints and moving beyond the minimum viable product. Alan Kaplinsky, Senior Counsel in Ballard Spahr’s Consumer Financial Services Group, hosts the conversation joined by Mike Guerrero, a partner in the Group and co-head of the firm’s Fintech and Payment Solutions Industry Group.