Ensuring Compliance with the Increasingly Aggressive State Regulatory and Enforcement Framework Governing Emerging Payment Systems:

March 26, 2015 1:00pm

Andrew J. Lorentz
Davis Wright Tremaine LLP

Karen L. Garrett
Stinson Leonard Street LLP

Sheila Hoeppner
VP-Risk and Compliance Prepaid Card And Payment Distribution Services
Xerox State and Local Solutions, Inc.

Joseph Borg
Ala. Sec. Commission

Mike Rodin
Associate General Counsel
The Western Union Company

Thomas P. James
Senior Assistant Attorney General, Consumer Counsel - Consumer Fraud Bureau
Office of the Illinois Attorney General

  • State licensing requirements for Virtual Currencies; New York’s bit license rules; will other states follow suit?
  • State regulators’ goals of the emerging payments task force
  • Perspectives on the policies behind money transmission laws, regulations, and licensing requirements
  • Assessing the key issues and pitfalls relating to money transmission
  • Developments in state regulation of money transmitters; coverage of processors, foreign entities, and emerging payment entities
  • Issues arising from state examination and enforcement orders for money transmitters
  • How various payment models relate to money transmission; costs and difficulties associated with obtaining licenses in multiple
    jurisdictions; Impact on start-ups in the emerging payments space
  • Avoiding state licensing requirements; structuring your operations and designing your products so as to avoid triggering requirements
  • Money transmission as payment processing; issues that arise; which states have taken this view and why?; best practices for determining whether your company is a money transmitter or payment processor
  • How states are reacting to new and emerging federal initiatives
  • Analyzing existing state unclaimed property laws as they relate to emerging payment systems; complying with unclaimed property laws
  • Preparing for and responding to increased state regulatory and enforcement efforts; lessons learned from recent actions
  • Impact of applying existing regulatory paradigms to emerging payment systems
  • Are certain states unduly burdening innovation without providing significant consumer protections?