RegFi co-hosts Jerry Buckley and Sasha Leonhardt welcome Orrick colleague James Wigginton and John Paller, Founder of Opolis and EthDenver, to explore how blockchain technology can be used to enable decentralized autonomous organizations (DAOs) to transform corporate ownership and governance using a limited cooperative legal format. Discussed are the benefits of DAO memberships and meetings with the SEC Crypto Task Force aimed at securing a Safe Harbor rulemaking for DAOs offered in a limited cooperative or similar legal structure.

Links:

• Opolis
• ETHDenver
• Orrick Financial & Fintech Advisory
• RegFiPodcast.com

RegFi co-hosts Jerry Buckley and Sherry Safchuk are joined by Orrick partner Jedd Bellman, former Maryland Assistant Commissioner of Financial Regulation, for a deep dive into the evolving role of state regulators in supervising fintechs and other nonbank financial services providers. The conversation explores how the NMLS and CSBS are shaping multistate licensing and oversight, the growing emphasis on corporate governance and personal liability for management, and how political dynamics are influencing state regulatory coordination.

Links:

• Orrick Financial & Fintech Advisory
• RegFiPodcast.com

Orrick Partners Matthew Coleman and Jeanine McGuinness join RegFi co-hosts Jerry Buckley and Sherry Safchuk to explore the implications of the Justice Department’s recent issuance of a final rule prohibiting and restricting certain transfers of bulk personal sensitive data and U.S. government-related data. The group discusses what data transfers are restricted, what countries and individuals are implicated and what U.S. companies should do to ensure compliance.

Data Security Program (DSP) Resources:

• Justice Department Announcement on Final Rule
• Implementation and Enforcement Policy
• Compliance Guide
• Frequently Asked Questions (FAQs)
• DSP Full Text

Orrick Links:

• Cyber, Privacy & Data Innovation
• International Trade & Investment
• Financial & Fintech Advisory
• RegFiPodcast.com

Rob McKenna, Orrick partner and former Washington State Attorney General, joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to discuss the expanding role of state attorneys general in consumer financial protection. The conversation explores how state AGs and regulators are setting standards for privacy, crypto and other digital assets, artificial intelligence, bank/fintech partnerships and other issues impacting the financial services industry.

Links:

• Orrick State AG Investigations & Enforcement
• Orrick Financial & Fintech Advisory
• RegFiPodcast.com

Jo Ann Barefoot, founder and CEO of the Alliance for Innovative Regulation (AIR), and Kabir Kumar, partner at Flourish Ventures, join co-hosts Jerry Buckley, Sasha Leonhardt and Sherry Safchuk for a special RegFi episode recorded during Orrick’s Annual ConFi Today conference.

The conversation explores the future of financial regulation in the technology age, including AI's transformative potential in financial services, the challenges of navigating state and federal regulatory frameworks, and how technological advances could enable real-time regulatory supervision.

• Alliance for Innovative Regulation (AIR)
• Flourish Ventures
• “Financial Regulators' Dilemma: Administrative and Regulatory Hurdles to Innovation”
• Orrick Financial & Fintech Advisory
• RegFiPodcast.com

RegFi Co-Hosts Jerry Buckley and Sasha Leonhardt welcome Orrick partner Behnam Dayanim to explore the applications of blockchain in financial services, including cryptocurrencies, stablecoins and decentralized finance. The conversation also covers the evolving regulatory landscape for these technologies following the recent White House Digital Asset Summit, guidance from the new administration and rulemaking activity at the state level.

Links:

• Orrick Blockchain and Virtual Currency
• Orrick Financial & Fintech Advisory
• RegFiPodcast.com

RegFi co-hosts Jerry Buckley and Sherry Safchuk welcome fellow Orrick partner Katy Ryan to discuss the state financial regulatory landscape. Katy provides an overview of how federal agencies and states interact in our dual-regulatory system, the benefits and limitations of the Nationwide Multistate Licensing System (NMLS), and the importance of maintaining constructive relationships with state regulators. The conversation also covers state regulatory and enforcement trends, including increasing coordination among state regulators and attorneys general and the potential for states to play a more active role in areas such as consumer protection, BSA/AML and data privacy.

Links:

• CFPB Pause: Where to From Here?
• The Post-Election Outlook for State Financial Regulation
• Orrick Financial & Fintech Advisory
• RegFiPodcast.com

Ian P. Moloney, Head of Policy and Regulatory Affairs at the American Fintech Council, joins RegFi co-hosts Jerry Buckley and Sherry Safchuk for a conversation about earned wage access (EWA), a service that affords workers access to their wages before the date of their next paycheck. The discussion explores how this innovative product works, regulatory challenges and considerations, and AFC’s work with policymakers to develop a regulatory framework that ensures consistent rules for market participants.

Links:

• American Fintech Council
• Orrick Financial & Fintech Advisory
• RegFiPodcast.com

Opening a Path for New Bank Formations

The Klaros Group’s Michele Alt joins Orrick partners Jerry Buckley, Caroline Stapleton and Walt Zalenski to explore actions needed to facilitate new bank formations, which have slowed to trickle in recent years. The conversation highlights a recent letter — cosigned by Michele, Jerry, Walt and other senior banking and financial services advisers — outlining how federal financial regulators can break the logjam slowing applications for de novo charters. Among the recommendations to incoming agency leadership is a call to improve objectivity and transparency and encourage fintech and traditional bank charters to foster greater consumer choice and innovation in the financial system.

Links:

• Executive Summary: Steps To Take Now to Encourage New and Innovative Bank Formation
• Full Letter: Proposed Measures to Improve the Bank Charter Application Process to Facilitate New and Innovative Bank Formation
• Klaros Group, LLC
• Orrick Financial & Fintech Advisory
• RegFiPodcast.com

Justin Wiseman, Vice President and Regulatory Counsel at the Mortgage Bankers Association, joins RegFi co-hosts Jerry Buckley and Sherry Safchuk to discuss how housing availability and affordability have moved to the forefront of the national agenda. The conversation explores regulatory initiatives the new Trump Administration could take to enhance housing and mortgage credit availability and reforms advocated by the MBA to reduce closing costs. The group also assesses the potential impact of proposed AI-related legislation on the mortgage banking business and issues associated with bringing the GSEs out of conservatorship.

Links:

• Mortgage Bankers Association

• Orrick Financial & Fintech Advisory

• RegFiPodcast.com