Matthew Bornfreund leverages experience as a federal regulator to counsel financial institutions and fintechs on all aspects of their regulated operations and help them launch new products and services. As an attorney in the Legal Division at the Federal Reserve Board, he reviewed regulatory applications and drafted agency rules. He draws on that experience to help his clients see around corners and navigate the complex and evolving laws in the banking and financial services sectors. Matthew also has an IT background, which enables him to facilitate relationships between banks and their third-party service providers, including the development of risk management programs for technology service providers.
Financial institutions look to Matthew for advice on chartering and licensing, capital and liquidity requirements, permissible activities and investments, affiliate transactions, and seeking M&A approvals, among other regulatory matters. Matthew advises banks and payment services providers on card network rules, ACH network rules, anti-money laundering, and related consumer compliance issues. He also helps financial institutions and fintech companies partner to establish financial services applications, payments platforms, and integrated financial products.
Practice Highlights
Core regulatory advice
Counsels U.S. and non-U.S. banks and financial services firms on a wide array of regulatory, supervisory, transactional, and compliance matters. Advises clients on strategy for submitting applications to and communicating with regulators and other government agencies. Clients include traditional and nontraditional banks, fintech companies, private equity funds, and payment services firms.
Fintech and bank partnerships
Advises fintech companies on partnering with banks to offer banking as a service (BaaS), create payments applications, and establish financial services platforms. Counsels on the use of artificial intelligence (AI) in financial services for both product offerings and compliance. Advises banks and fintech companies on cryptocurrency exchange and custody matters, including the use of blockchain for settlement and internal systems.
International experience
Advises foreign banks on establishing a U.S. presence and demonstrating comprehensive consolidated supervision in regulatory applications, including through establishing branches and agencies. Counsels foreign banks operating in the U.S. on BSA/AML compliance and OFAC sanctions risks, as well as other issues under Regulation K.
Admitted to Practice
-
New York, 2013
-
District of Columbia, 2017
Education
-
J.D., The George Washington University Law School, 2012
- Banking Law Society
- International Law Society
-
B.A., International Relations, University of Central Florida, 2003
- Pi Sigma Alpha
- Student Government Association
-
B.A., Economics, University of Central Florida, 2003
Memberships & Affiliations
-
- Co-Vice Chair, American Bar Association (ABA) Enforcement, Insider Liability and Troubled Banks Subcommittee of the Banking Law Committee
- Member of the Executive Council, Federal Bar Association (FBA), Banking Law Section
- Adjunct Law Professor, The George Washington University Law School, 2020-present
- American Bar Association
- Federal Bar Association
Professional Recognition
-
- Selected to a list of "Ones to Watch" in Administrative / Regulatory Law (Washington, D.C.), Best Lawyers, 2023
Background
-
- Associate, Venable LLP, Washington, D.C., 2018-2021
- Associate, White & Case LLP, Washington, D.C., 2015-2018
- Attorney, Legal Division, Board of Governors of the Federal Reserve System, Washington, D.C., 2012-2015
- Legal Intern, Federal Communications Commission, Washington, D.C., 2011