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In the Media

Aaron Kouhoupt of McGlinchey Stafford on 5 Things You Need to Be A Highly Effective C-Level Leader of a FinTech Company

Read Time: 1 min

Member and Chief Privacy Officer Aaron Kouhoupt (Cleveland) was interviewed by Medium on “5 Things You Need to Be a Highly Effective C-Level Leader of a Fintech Company.” Drawing from his nearly two decades of industry experience, Aaron offered five philosophies that FinTech leaders can use to set themselves and their teams up for success.

Flexibility is key for FinTech leaders, and not only in the obvious ways. In legal compliance, it’s essential to be prepared to course correct, sometimes within hours, due to shifts in the regulatory landscape or the evolving nature of financial products. FinTech teams, including those who are building the technology, are continually pushing the envelope, often leading to a rapid evolution of ideas and proposals. This requires attorneys advising in this field to be highly adaptable, not just in reacting to external factors like competition and regulatory changes, but also in managing the creativity and innovation inherent within our team.

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Insights

Presentation

Rescheduling Impacts on Cannabis Banking

September 4, 2024

Member Aaron Kouhoupt (Cleveland) will join a panel presentation: "Rescheduling Impacts on Cannabis Banking," at the Payments Banking Compliance (PBC) Conference on September 4, 2024, in Washington, DC.

Published Article

Marijuana Reclassification Impacts Bank Servicing of Businesses

May 29, 2024

The Department of Justice’s move to reclassify marijuana as a less dangerous drug, on which it began formal proceedings on May 16, won’t legalize state-level adult use and medical marijuana unless it’s produced, sold, and used within the regulations of the Controlled Substances Act. Banks and other financial institutions may have questions on how these changes could affect their ability to service cannabis businesses.

Published Article

FinCEN Seeks Information in Efforts to Modernize CIP Rule

May 1, 2024

On March 29, 2024, the Financial Crimes and Enforcement Network (FinCEN) in collaboration with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Board of Governors of the Federal Reserve System (collectively, the Agencies), published a Notice for Information and Request for Comment (RFI). Specifically, the RFI seeks information from interested parties regarding the Customer Identification Program (CIP) Rule requirement for banks to collect, among other things, a taxpayer identification number (TIN) or Social Security number (SSN) for U.S. persons prior to opening an account (TIN Collection Requirement).

Presentation

Getting to Know FedNow, Now

April 22, 2024

Member Aaron Kouhoupt (Cleveland) will co-present "Getting to Know FedNow, Now," on April 22, 2024, as part of the American Fintech Council (A

Alert

FTC’s Final Rule Requires Reporting of Data Breaches by Non-Bank Financial Institutions

November 3, 2023

On October 27, 2023, the Federal Trade Commission (FTC) issued a final rule (Final Rule) to amend the Standards for Safeguarding Customer Information (Safeguards Rule). This amendment will require non-bank financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to report certain data breaches and other security events to the FTC. TheMore

Deep Dive into Consumer Finance

Introduction: A Deep Dive into Payments

July 17, 2023

In this introductory video, Members of our Financial Institutions Compliance Team, Aaron Kouhoupt (Cleveland) and David Tallman (Dallas/Houston), will discuss this fascinating and vibrant subject matter while giving you a breakdown of the content you can expect in the coming weeks.

Deep Dive into Consumer Finance

Introduction: A Deep Dive into Privacy

January 27, 2023

The world of cybersecurity and privacy have grown exponentially in recent years, both on the federal and state level. A pandemic-driven shift to remote has increased social media interaction, and electronic communication with state and federal governments increasingly focused on big data and the use and sharing of consumer information.

Deep Dive into Consumer Finance

Introduction: A Deep Dive into DeFi Decentralized Finance

August 9, 2022

The world of decentralized finance, blockchains, virtual and cryptocurrency have grown exponentially in recent years. Many financial institutions are looking to enter or expand their operations in the digital economy, but the regulatory environment gives many pause.