Hofstra Law Hosts Payments Processing Roundtable

March 14, 2018         By: Payment Week

Wednesday, March 14, 2018 | noon-5:45pm | Hofstra Law School
Click here for more information

Sponsored by the Maurice A Deane School of Law at Hofstra University, this roundtable will tackle payments not found in typical bank settings. As the world of payments evolves with the times, it pays to be up to date and in the know.

Some of the most prominent voices in the payments space will be on hand for this event to explain multiple aspects of the industry as it is now. The speakers includes executive managers, corporate executives and knowledgeable information. The event will run all day with various confirmed speakers.

Some key notes that will be discussed:

  • Innovation in the Financial Space
  • Consumer Protection
  • Money Service Businesses (Regulation & Oversight)
  • The Evolution of Fintech
  • Enforcement and Litigation Issues for Money Service Businesses


See full schedule below

12:00 -1:00pm:

12:15 pm:
Welcoming Remarks
Professor Ronald J. Colombo, Professor of Law and Associate Dean for Distance Education

12:30-1:00 pm:
Keynote Address

The Fractured Landscape of the Regulation and Oversight of Money Service Businesses

Tanweer Ansari, SVP and CCO, The First National Bank of Long Island
Judith Rinearson, Partner, K&L Gates LLP
Anthony Rodriguez, Chief Risk Officer, Associated Foreign Exchange (AFEX)

  • What is a money service business and how do money service businesses differ from banks?
  • Do money service business benefit consumers and corporations as an alternative to banks in for example, foreign exchange, ordinary payments, or payments in the criminal justice system?
  • Forty-nine states currently have legislation impacting money service businesses with minimal consistency on core areas such as registration and capital/bond requirements.
  • Is federal regulation and preemption a solution, and is the Office of the Comptroller of the Currency’s FinTech Charter a possible solution?
  • Who needs to register today?
  • The status of foreign firms and registration exemptions.
  • Money services business and anti-money laundering regulations.
  • Common audit issues for money service businesses.
  • To become a bank or to not become a bank.

2:15 pm:
The Dodd-Frank Act’s Impact on Money Service Businesses

Summer Farris, Director, Assistant General Counsel, ING Financial Holdings Corp.
Al Manbeian, Managing Partner, GPS Capital Markets, Inc.

  • Does swap reporting apply to transactions by money service businesses?
  • When do money service business activities require registration as a swap dealer, major swap participant, or retail foreign exchange dealer, and is there an exemption for de minimis activities?
  • The impact of ultimate guarantee on application of U.S. jurisdiction.
  • The application of variation margin requirements to uncleared swaps transactions.
  • Where there is legal uncertainty, “window” foreign exchange forwards and other transactions with mixed characteristics.

3:30 pm:
Financial Innovation and Consumer Protection

Pawneet Abramowski, Financial Crimes Risk Management Advisor, Verdigris
Norman Silber, Professor of Law, Maurice A. Deane School of Law
Steven L. Stites, Esq., Stites Law, LLP

  • Is new technology disrupting existing payment processing operations?
  • Regulators and financial innovation, CFTC’s “LabCFTC” effort.
  • Consumer protections and money service businesses.
  • Protections for corporate customers of money service businesses?
  • When is a technology company a money transmitter or processor? Do participants in an innovation such as virtual currency risk inadvertently crossing a line into being transmitters or processors with accordant regulatory obligations?

4:45 pm:
Enforcement and Litigation Issues for Money Service Businesses

Amy Greenwood-Field, Counsel, Dentons US LLP
Gregory Lisa, Partner, Hogan Lovells
Stefan Savic, Partner, Shipkevich PLLC

  • What enforcement issues are recurring and what enforcement issues are newly arising?
  • How do states differ in their enforcement efforts, and is there consistency?
  • Navigating an enforcement action.
  • Fostering consistent approaches across state lines.
  • Survey of important litigation.

5:45 – 7:00 pm
Cocktail Reception

Click here to find out more information or to sign up to attend the event.