GW Center for Law, Economics and Finance presents

Fintech Forum Silicon Valley

Balancing Innovation & Consumer Protection

September 21, 2016 Plug and Play Tech Center,

440 N. Wolfe Rd, Sunnyvale, CA 94085

Overview

FINANCIAL TECHNOLOGY, or FinTech, refers to a spectrum of technology innovations and startups that demonstrate disruptive potential in applications, processes, products, or business models in the financial industry. As FinTech continues to develop and evolve, providing solutions to more facets of the financial industry, it faces a more traditional problem: balancing consumer protection with innovation. Unlike other areas of technology, FinTech requires a certain degree of fiduciary duty to their users - bringing questions of regulation, security, and compliance to the forefront.

The George Washington University's Center for Law, Economics, and Finance is holding the FinTech Forum Silicon Valley at Plug and Play in Sunnyvale, California on Wednesday, September 21st, 2016 to bring together industry leaders, academic experts, government regulators, and legal scholars in the heartland of innovation to discuss the issues that arise in the search for such a balance. The Forum is co-hosted by Plug and Play and co-sponsored by Morrison & Foerster and White & Case.

Event Sponsors

Agenda

8am: Registration and Continental Breakfast

9am: Welcoming Remarks Speaker:

Neil Ruiz, Executive Director, GW Center for Law, Economics, and Finance

9.15am: Plug and Play Overview Speaker:

Scott Robinson, Vice President, Plug and Play Fintech

9.25am: The Current Regulatory Framework Speakers:

Obrea Pointdexter, Partner & Co-Chair of Financial Services Practice Group, Morrison & Foerster

Kevin Petrasic, Head of Global Financial Institutions Advisory Practice, White & Case

10am: Keynote Address: Fintech Innovation and The Regulatory Landscape Bill Tai, Kiteboarding VC & Silicon Valley Angel Investor

10.45am: Panel 1: The Challengers of Reconciling Innovation and Regulation (See next pages for speakers and details)

12:15 pm: Lunch Keynote Address Brian Brooks, Executive Vice President, General Counsel and Corporate Secretary, Fannie Mae

1.45pm: Panel 2: Legal and Practical Problems of Security in a Fast Moving Fintech World (See next pages for speakers and details)

3pm: Panel 3: Who is the True Lender? (See next pages for speakers and details)

4.15pm: Panel 4: Who should regulate? State or Fed? (See next pages for speakers and details)

5.30pm: Closing Remarks Speaker:

Neil Ruiz, GW Center for Law, Economics and Finance

5.35pm: Networking Reception

10.45am: Panel One

The Challengers of Reconciling Innovation and Regulation

Moderator: Rachel Witkowski, The Wall Street Journal

Patrick Pinschmidt, Former U.S. Dept. of Treasury Official & Executive Director of Financial Stability Oversight Council

John Beccia, Chief Compliance Officer & General Counsel, Circle

Alex Acree, Managing Director & General Counsel, Fenway Summer Ventures

John Muller, VP, Global Payments Policy, PayPal

Bruce Wallace, Chief Digital Officer, Silicon Valley Bank

Regulators and policymakers face a difficult balancing act. They want to protect both consumers and the greater financial system while allowing innovation to

take its natural course. And contrary to expectations, sometimes innovators also seek out regulation to better understand the true conditions of their operating environment. Does regulation lend legitimacy to new technologies? What are

some lessons learned by regulators that are being imposed on the Fintech forefront? How should the roles be assigned in developing standards and

increasing interoperability? Should regulators take a proactive or a reactive role? What are some lessons and warnings to be taken from the international front?

plugandplaytechcenter.com/fintech

1.45pm: Panel Two

Legal and Practical Problems of Security in a Fast Moving Fintech World

Moderator: John Biggs, East Coast Editor, TechCrunch

Michael McGowan, Managing Director, Stroz Friedberg

Patrick Murck, Fellow, Berkman Center for Internet & Society at Harvard

Kathryn Haun, Asst. US Attorney & Digital Currency Coordinator, U.S. Dept. Of Justice

Nathan Taylor, Partner, Morrison & Foerster

Kevin Petrasic, White & Case

With each new development in Fintech, data becomes increasingly accessible. This accessibility comes at the cost - each new point of access creates another potential point

of breach. How can Fintech companies find the balance between security and accessibility? What legal hurdles lie ahead? What is the role of regulators in finding such a

balance? Who coordinates the international aspects of cybersecurity?

plugandplaytechcenter.com/fintech

3pm: Panel Three

Who is the True Lender?

Moderator: Sean Ruff, Fintech Practice Co-Chair, Morrison & Foerster

Conor French, General Counsel, Funding Circle

Tom Dresslar, Deputy Commissioner of Policy & Planning, CA Departmetn of Business Oversight

Oliver Ireland, Partner, Morrison & Foerster

Fintech companies are quickly becoming serious players in the lending market. Whether lending through P2P platforms or other innovative methods, a partnership between Fintech companies and traditional banks are becoming common place. But to many, including the Supreme Court in Madden v. Midland Funding, this brings forth many

questions: Which regulators oversee these new products? What state laws must these loans abide by? Where must the Fintech company be licensed? A major question must be

answered in this relationship - who is the true lender?

plugandplaytechcenter.com/fintech

4.15pm: Panel Four

Who should regulate? State or Fed?

Moderator: Heather Somerville, Technology Reporter, Thomson Reuters

Margaret Liu, SVP & Deputy General Counsel, Conference of State Bank Supervisors

Dana V. Syracuse, Counsel, Buckley Sandler

Joe Colangelo, Executive Director, Consumers' Research

Michael Abramowicz, Professor of Law, GW Law School

Fintech is expanding into new areas faster than regulation can provide guidance. New areas of Fintech - such as insurance, wealth management, online lending, payment

systems, and blockchain security - raise questions of who the regulator should be, and whether it should be regulated on a state of federal level. Even more established

classifications are subject to uncertainty. Recent developments, both domestic and international, may reclassify Bitcoin from its current status as a commodity. Amidst all this

confusion, who should regulate?

plugandplaytechcenter.com/fintech

Brian Brooks Executive Vice President, General Counsel, and Corporate Secretary, Fannie Mae

Mr. Brooks oversees the Legal Department and Government and Industry Relations. He serves as a senior advisor to the Chief Executive Officer and the Board of Directors.

Before joining Fannie Mae in November 2014, Mr. Brooks was Vice Chairman of OneWest Bank, where he served as chief legal officer and oversaw the bank’s fair lending, corporate customer experience, and mortgage marketing and communications groups. In that position, he advised executive management and the board of directors on legal, risk, and strategic issues; developed and implemented strategies to manage litigation and government inquiries; led deal teams for strategic transactions; and led the bank’s compliance with regulatory orders on mortgage servicing and foreclosures. Before that, Mr. Brooks was a Managing Partner at the global law firm O’Melveny & Myers, where he led an office of more than 150 attorneys, represented major financial services companies in a variety of litigation and enforcement matters, and played a lead role in crafting the banking industry’s response to the 2010–2011 foreclosure crisis.

Mr. Brooks has a bachelor of arts in government from Harvard University and a juris doctorate from the University of Chicago.

Keynote Speakers

Bill Tai Kiteboarding VC & Silicon Valley Angel Investor

Bill established CRV's Silicon Valley presence and is a Partner Emeritus backing Scribd and Wish.com on CRV's behalf.

Past Investor in more than a dozen startups that made it to public listing; Board Director on 7 of them as public companies.

Board Director at BitFury, Voxer and Treasure Data where he is Chairman. Among Lead Angels in Canva, Color Genomics, SafetyCulture, Shoes of Prey, Tango.me, Tweetdeck(Twitter), Zoom.us. Backer of Further Future and MaiTai Global.

Previously - VC at IVP; Founding CEO iAsiaWorks (IPO 2000 via Goldman Sachs); Founding Chairman IPinfusion (TSE:4813); World Economic Forum Tech Pioneer Committee Adjunct Professor of Innovation, Curtin University Sponsored Athlete in Kiteboarding

Work: Venture Capital Education: Harvard MBA, BSEE University of Illinois

John Muller VP, Global Payments

Policy, PayPal

Alex Acree Managing Director & General

Counsel, Fenway Summer Ventures

Bruce Wallace Chief Digital Officer, Silicon Valley Bank

Patrick Murck Fellow at the Berkman Center for Internet &

Society at Harvard

Kathryn Haun Assistant US Attorney &

Digital Currency Coordinator, US Dept. of Justice

Sean Ruff FinTech Practice Co-Chair,

Morrison & Foerster

John Beccia Chief Compliance Officer &

General Counsel, Circle

Kevin Petrastic Head of Global Financial

Institutions Advisory Practice, White & Case

Dana V. Syracuse Counsel,

Buckley Sandler

Joe Colangelo Executive Director,

Consumers' Research

John Biggs East Coast Editor,

TechCrunch

Michael McGowan Managing Director,

Stroz Friedberg

Margaret Liu SVP & Deputy General Counsel,

Conference of State Bank Supervisors

Patrick Pinschmidt Former U.S. Dept. of Treasury

Official & Executive Director of Financial Stability Oversight

Council

Rachel Witkowski Reporter, The Wall Street

Journal

Panelists and Speakers Include:

Conor French General Counsel,

Funding Circle

The Center for Law, Economics and Finance

The Center for Law, Economics, and Finance (C-LEAF) at GW Law School is a think tank in Washington, DC that

serves as a focal point for the study of issues in economic policy, financial law, and entrepreneurship. The Center provides independent and practical policy solutions by considering diverse perspectives from academia, Wall

Street, Main Street and Washington. C-LEAF seeks to work directly with public and private sector leaders in

government to develop innovative ideas on the American legal and economic system.

For more information, please contact: Neil Ruiz – neilruiz@law.gwu.edu

Pending participants