CFPB Proposes Regulatory Oversight Over BigTech and Other Providers of Digital Wallets and Payment Apps
On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) announced a proposal to subject certain large digital consumer...
Mark Chorazak is a partner in the global Financial Institutions Advisory & Financial Regulatory practice. His practice centers on providing strategic bank regulatory advice to domestic and foreign banks, non-bank financial institutions, and financial technology firms.
Mark’s expertise covers the full spectrum of banking law, from traditional bank regulatory issues to cutting-edge regulatory and legislative developments. He regularly counsels on issues arising under key U.S. banking laws, including the Dodd-Frank Act, the Bank Holding Company Act, the Change in Bank Control Act, the International Banking Act, the Bank Secrecy Act, and the Bank Service Company Act. Among other areas, Mark advises on authority and control questions, fintech and financial innovation issues, chartering and expansionary proposals, corporate governance practices, affiliate transaction restrictions, Volcker Rule compliance, anti-money laundering and sanctions compliance, and enforcement actions. In addition, he advises on capital and debt offerings and private investments in bank and non-bank financial institutions. He has obtained regulatory approvals on a wide range of transactions, including for some of the largest bank mergers. Recently, Mark has been advising financial institutions on the regulatory implications of the transition from LIBOR.
Mark has been recognized as a leader in the financial services space, including by Chambers USA, where clients described him as “incredibly knowledgeable” and “highly perceptive.” He is also recognized as a “Rising Star” by IFLR1000. Prior to private practice, Mark was a law clerk for the Hon. John W. Noble, Delaware Court of Chancery. Prior to joining Shearman & Sterling, Mark was a partner at Cadwalader, Wickersham & Taft and counsel at Simpson Thacher & Bartlett.
On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) announced a proposal to subject certain large digital consumer...
On November 3, 2023, the Financial Stability Oversight Council (FSOC) released (i) a new “analytic framework” that sets forth how it will...
On October 19, 2023, the Consumer Financial Protection Bureau issued a long-awaited proposed rule that would require depository and...
On August 29, 2023, the U.S. federal banking regulators issued a proposal that would establish a long-term debt (LTD) requirement for...
Shearman & Sterling LLP has announced the appointment of partners Jennifer D. Morton and Mark Chorazak to lead its FinTech Foundry as...
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