While we cannot slow down the pace of technological change, we can surely stay abreast of the regulatory reactions to those changes. Venable’s mission is to help clients understand the risks and seize the opportunities arising from these developments.
We have advised one the nation’s largest and most successful Internet banks, as well as other leading financial services providers that rely principally on Internet or other non-traditional delivery channels. We regularly counsel clients on the laws and regulations governing electronic payments. Our clients also come to us for advice on mobile payment methods, use and security.
We work with a number of financial institutions with regard to the migration of business-to-business and business-to-consumer payments methods. Our attorneys provide counsel and insight regarding the Consumer Financial Protection Bureau’s growing interest in these payment methods, which include electronically created checks, remote purchase orders and electronically created payment orders. We also consult on virtual currencies, their use in the payment system and their status under the tax code.