Successfully Pioneering a New Digital Banking Solution
CASE STUDY
HOW WE DID IT
The MoFo cross-practice team drew from six of the firm’s offices and was led by U.S. Financial Services partners, Jeremy Mandell and Crystal Kaldjob. The core team of lawyers representing Experian also included Marc-Alain Galeazzi, Maria Earley, and Julie O’Neill.
The Result
MoFo Team
Jeremy R. Mandell
Partner, Washington, D.C.
Partner, New York
Marc-Alain Galeazzi
Partner, New York
Jeff Silberman
Experian
View Jeremy's Bio
View Jeff's Bio
View Marc-Alain's Bio
MoFo Team
Result
Background
In 2022, Experian, a leading multinational consumer credit reporting company, saw an opportunity to provide its customer base with greater credit-building power and financial control through the launch of the Experian Smart Money™ Digital Checking Account and Debit Card. However, architecting a full-service digital banking solution was a novel business endeavor for Experian. It needed a law firm partner with a diverse skillset across the entire transactional and regulatory spectrum, and a team that understood its unique business and regulatory concerns and was committed to its goals. Experian turned to MoFo, a longtime trusted advisor for various legal aspects of its credit business and financial privacy matters.
Under a tight timeline, the MoFo Fintech team swiftly and nimbly guided Experian stakeholders through all stages of the product development life cycle. On the transactional side, they advised Experian on its strategic partnerships with its bank sponsor, its processor, and the payment networks, quickly adapting to changes in the deal structure and terms. On the regulatory side, they leveraged the knowledge of their experienced Regulatory team to advise Experian on various complex regulatory matters, such as compliance with consumer protection laws, prudential regulatory expectations, and payment system rules.
Background
Partner, Washington, D.C.
Nathan D. Taylor
View Nathan's Bio
Partner, Boston
Julie O'Neill
View Julie's Bio
Partner, Washington, D.C.
Maria B. Earley
View Maria's Bio
Partner, Washington, D.C.
Scott Lesmes
View Scott's Bio
Partner, Los Angeles
Purvi G. Patel
View Purvi's Bio
Partner, Washington, D.C.
Natalie A. Fleming Nolen
View Natalie's Bio
Partner, Washington, D.C.
Anthony J. Carbone
View Anthony's Bio
Partner, Palo Alto
Stephanie Lynn Sharron
View Stephanie's Bio
Tapping into their deep bench of financial services transactional and regulatory experience, MoFo’s Fintech team was able to provide critical, hands-on guidance to Experian throughout its entire product evolution, culminating in its national launch. According to Jeremy Mandell, co-chair of Morrison Foerster’s Financial Services Group and one of the leading partners working with Experian leading up to and during the launch, “With unparalleled experience in digital banking and BaaS relationships, MoFo was able to support Experian’s strategic partnerships and advise on critical, time-sensitive commercial and regulatory issues. As a proud partner to Experian, the MoFo team understood the importance of maintaining its exceptional brand reputation at every step of the process.”
Cyrus Ameri
Vice President, Head of Legal for Consumer Services, Experian
We couldn’t have done it without the stellar MoFo partnership, and we are truly grateful for the exceptional work.
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Experian
MoFo Team
Result
Background