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DAVID L. BEAM
Partner
dbeam@mayerbrown.com
Washington DC +1 202 263 3375
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David L. Beam
dbeam@mayerbrown.com
Washington DC +1 202 263 3375
> David Beam is . . . known for his expertise in handling digital payment
> regulatory matters and for his counsel to a number of large financial
> institutions, often handling licensing and product structuring matters. . .
> Clients say: "David knows the space inside out. He is a really solid
> negotiator - he not only has the sort of assertiveness that you need and the
> ability to be a hired gun, but he also has tremendous competence and
> experience around how these agreements come together. His memory is
> prodigious. He remembers where you have been, what changes have been in your
> position, and is able to use that skill very effectively for us."
Chambers Fintech 2021
OVERVIEW
David Beam is a partner in Mayer Brown’s Washington, DC office. He is a
co-leader of the firmwide Fintech practice, and member of the Financial Services
Regulatory & Enforcement group. David's practice focuses on payment systems and
credit products, with an emphasis on legal issues that arise from the innovative
use of technology in financial services.
David is consistently recognized as one of the top fintech lawyers in the United
States by leading lawyer rating services. Every year since its inception,
Chambers Fintech has ranked David among the top lawyers in the United States in
the area of Payments & Lending. Legal500 has ranked David in the top tier of
Leading Lawyers in its US fintech rankings each year since 2019, noting that he
is “praised for his ‘deep expertise’ in this area.” In 2021, Business Insider
named David as one of the “top 11 lawyers helping big-name fintechs,” and Who’s
Who Legal included David in its list of foremost legal practitioners in the
blockchain area. In September 2018, The National Law Journal included David on
its inaugural list of Cryptocurrency, Blockchain and Fintech Trailblazers for
his work at the intersection of finance and technology.
Practice Overview
David’s clients range from startups to some of the world's largest financial
institutions. They comprise a broad spectrum of the financial services industry,
and include banks and bank affiliates; fintech companies; money service
businesses; investment banks; non-bank commercial and consumer lenders; and
payment system providers.
His practice includes:
* Providing clients with regulatory compliance and related business-planning
advice;
* Representing clients in connection with investments and acquisitions related
to financial services companies;
* Defending companies in federal and state governmental audits, investigations,
and enforcement proceedings;
* Conducting regulatory due diligences of investment and acquisition targets;
* Structuring joint ventures and other business arrangements;
* Obtaining approvals, licenses, and regulatory guidance from US federal and
state financial regulators;
* Preparing terms and conditions for financial products and services; and
* Assisting in litigation matters, including putative class action proceedings.
Substantive Areas of Focus
Some substantive areas in which David focuses are:
* Payment Systems and Products: David has extensive experience advising both
major financial institutions and fintech startups on the regulation of
payments in the United States and globally. He is deeply familiar with all
the major federal and state laws that regulate payments in the United States.
These include the Electronic Fund Transfer Act and Regulation E; the credit
card provisions of the Truth in Lending Act and Regulation Z; the Bank
Secrecy Act and FinCEN rules (and other federal and state laws related to
money laundering and terrorist financing); state money service business laws
(discussed further below); and the participant rules for the major payment
networks and clearing houses.
* Credit Products: David represents companies that provide credit and
alternative financing to both consumers and businesses. He has particular
experience advising lenders that use nontraditional underwriting tools. He
also advises payment companies that integrate credit and financing products
into payment services. David has advised on or negotiated dozens of bank
partnership arrangements for credit programs. He has represented both banks
and program managers in these arrangements.
* Emerging Technologies in Financial Services: Across product categories and
industry segments, a large part of David’s practice focuses on helping
innovative clients navigate the complex legal issues that arise when
revolutionary technologies are integrated with heavily-regulated financial
activities. Some technological innovations on which he has advised clients
most recently include blockchain and other distributed ledger technologies;
smart contracts; the use of “big data” in decisioning systems; artificial
intelligence and machine learning; and the integration mobile and wearable
computing devices into financial services.
* Money Service Business Regulation: David has an extensive background in the
regulation of money transmitters and other types of money service businesses.
He regularly advises several of the largest MSBs in the United States on
these requirements. He also has helped dozens of fintech startups navigate
these rules at various stages of their business evolution. He also advises
established companies in non-financial industries on the application of MSB
laws to incidental payment services that they provide to their clients and
customers. He works with clients to structure operations to stay outside of
MSB laws where possible, to explore partnerships with banks or licensed money
transmitters as an alternative to getting licensed (and negotiating and
preparing the contracts for those partnerships when that is the course the
client decides to take), and helps clients obtain MSB licenses when
necessary.
* Federal Preemption: Federal preemption of state financial laws has been a
primary area of focus for David’s practice since the start of his career. He
advises financial institutions—particularly national banks and
federally-chartered thrift institutions, and their business partners—on
complex federal preemption questions in connection with state laws relating
to a variety of product categories (including payments, credit, and financial
advisory services) and substantive topics (including consumer protection,
prudential standards, and approval requirements). He has extensive experience
negotiating and structuring bank partnerships for a variety of different
product categories.
Other Professional Activities
David presents and publishes extensively on matters affecting the financial
services industry. He is a regular speaker at seminars and conferences on a wide
range of topics, including fintech, payments, credit (both commercial and
consumer), and investigations and enforcement actions by the CFPB and other
agencies. He is active in the American Bar Association's Consumer Financial
Services Committee and is the chair of the Deposit Products and Payment Systems
Subcommittee. He is also a past chair of the committee's Preemption and
Federalism Subcommittee.
AREAS OF FOCUS
Practices
* Cybersecurity & Data Privacy
* Financial Services Regulatory & Enforcement
* Lending
* Private Credit
Industries
* Consumer Financial Services
* Private Equity, Funds & Investment Management
* Fintech
* Technology
* Insurtech
Key Issues
* Digital Assets, Blockchain & Cryptocurrency
Highlights
The National Law Journal Trailblazer
learn more
Thriving in an Age of Digital Transformation
learn more
EXPERIENCE
* Represented American Express in connection with the restructuring of its
reloadable prepaid and gift card products business, which included the sale
to InComm of the Serve technology platform and other assets related to the
American Express business, together with the appointment of InComm as the
program manager, issuer processor, and exclusive distributor of American
Express prepaid reloadable and gift card products.
* Advised numerous clients in connection with examinations and supervisory
proceedings by federal and state financial regulators, including the Consumer
Financial Protection Bureau and the Federal Reserve Board.
* Represented a credit card company being investigated by the FDIC for its
practices related to add on products.
* Defended numerous companies being investigated for operating as unlicensed
money services businesses by state financial regulators.
* Defended a money services business being investigated by federal and state
financial regulators for allegedly engaging in unauthorized banking
practices.
* Advised Goldman Sachs on regulatory issues in connection with its Series C
investment in Circle Financial, Inc.
* Advised a major global financial institution on a broad range of regulatory
issues in connection with its prepaid card and emerging payments business.
* Represented several banks in connection with the development of tax refund
anticipation loan programs and other tax-related financial services.
* Conducted numerous regulatory due diligences of fintech companies and other
financial service providers for potential investors and business partners.
* Advised a bank in connection with the acquisition of a credit card portfolio.
* Advised numerous federally-chartered banks on a broad range of federal
preemption issues.
* Solicited guidance on the application of money service business laws from
state regulators for several fintech startups with unique business models.
* Advised numerous clients on the application of various federal and state
financial laws to cryptocurrencies and other blockchain technologies.
* Served as regulatory counsel for a global financial services organization in
connection with the development of an alternative to checking accounts to be
offered through Wal-Mart stores.
PERSPECTIVES
* June 03
2022
Investing in—or Building—a Digital Assets or Blockchain Business? Three Key
Concerns and Areas to Watch
* January 26
2022
Making Sense of Banking as a Service – Contracting Considerations
Finextra
* November 30
2021
US Banking Regulators Release Roadmap for Crypto-Related Activities by Banks
View All Perspectives
EVENTS
* July 01
2021
Making Sense of Banking as a Service (BaaS): Recent Applications and
Considerations
* May 29
2020
David Beam Speaking on Complimentary ACI Webinar about “Distinct Impacts of
COVID-19 on the Fintech and Emerging Payments Systems Industry”
Hosted By ACI
* October 24
2019
Artificial Intelligence & Financial Services Symposium
* June 13
2019
Financial Services Forum
* April 24
2019
Artificial Intelligence & Financial Services Symposium April 2019
View All Events
NEWS
* September 10
2021
Mayer Brown partner David Beam named a “top fintech lawyer” by Business
Insider
* September 2021
The top 11 lawyers helping big-name fintechs like Plaid, Coinbase, and Square
go public, raise rounds, and cut deals
Business Insider
* July 20
2021
Money Lego: Banking-as-a-Service partnerships and the contractual challenges
for banks
Finextra
View All News
EDUCATION
Emory University, BA
University of Maine School of Law, JD, magna cum laude
Articles editor, Law Review
ADMISSIONS
* District of Columbia
ACTIVITIES
* ABA Consumer Financial Services Committee (chair, Preemption and Federalism
Subcommittee)
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