February 6, 2020 @ 5:30 pm – 8:00 pm
K&L Gates LLP
599 Lexington Ave New York
NY 10022

The Future of Mobile Wallets: PayPal vs. the CFPB

Thursday, February 6, 2020
at the offices of K&L Gates LLP
599 Lexington Ave, New York, NY 10022


Did you know the CFPB’s Prepaid Account Final Rule regulates mobile wallets, P2P services? If you did not you are not alone. The CFPB’s definition of “prepaid account” covers more than just traditional GPR products. The misleading name of the “Prepaid Rule” is exacerbated by the fact that the rule itself consists of more than 2000 pages of dense regulations that are difficult to digest. The truth is most payment products offered on fintech platforms on the market today have been built on or borrow heavily from prepaid platforms. Thus, the CFPB knew when it was regulating prepaid cards that it was regulating all emerging payment forms.

Last month, PayPal filed a lawsuit against CFPB that could re-shape how Americans use technology to make everyday purchases. Paypal contends its mobile wallet is drastically different from a traditional prepaid account and that for this reason, the same regulations and consumer protections that apply to prepaid account products should not apply to PayPal’s mobile wallet.

Join the Innovative Payments Association, NYPAY, and K&L Gates for a lively panel discussion. Topics include:

  • The merits of PayPal’s lawsuit challenging the CFPB’s Prepaid Rule;

  • Are digital wallets fundamentally different from GPR cards?

  • How the Prepaid Rule has shaped the payments market?

  • How the Supreme Court and the 2020 elections may impact the CFPB?

  • Should there be one law or rule for all payments products or should the CFPB just regulate product by product?

With thanks to our event sponsor:


With thanks to annual sponsor:




Moderated by
Brian Tate, President & CEO, Innovative Payments Association

A native Marylander, Brian is a graduate of the Howard University School of Law and is licensed to practice in the state of Maryland and the U.S. Supreme Court. In addition, Brian has an M.A. in Political Management from The George Washington University, and a B.A. in Political Science from King’s College (PA). Brian was also a White House intern during the Clinton Administration in 1996.

After graduating from law school in 2004, Brian first started working in the financial services sector when he began working as an advocate for the credit union industry. During his time with the credit unions, Brian held the position of Vice President for Legislative Affairs (MDDCUA) and Director of State Advocacy (CUNA).

In 2009, Brian joined the Financial Services Roundtable as Vice President of Banking. At FSR Brian represented banks, card issuers and networks, asset management, and insurance companies. Further, Brian led FSR efforts on Interchange Fees, Orderly Liquidation Authority, Fiduciary Duty, and Retirement Security. Work with member companies to develop public policy agenda and advocacy strategies on wide-range of issues before the Administration, Congress, and regulatory agencies.

Brian Tate currently resides in Silver Spring, Maryland with his wife and three children.

The Panelists

Eric Goldberg

Eric Goldberg

Partner, Consumer Financial Services, Akerman LLP

Eric Goldberg advises clients on a range of consumer financial services issues. Prior to joining Akerman, Eric was Managing Counsel for Regulations at the Consumer Financial Protection Bureau (CFPB) where he led the Agency’s payments regulatory work. At Akerman, Eric evaluates federal and state regulatory issues that arise for providers of deposit accounts and emerging payments services including prepaid cards and money transfers. He also advises on credit products including credit cards and on fintech products such as those involving virtual currency, blockchain, and consumer data aggregation services. Eric evaluates UDAAP risk and counsels clients on issues arising under EFTA, TILA, TISA, GLBA, BSA, MLA, the Dodd-Frank and FTC Acts, and other consumer finance laws. Eric also assists lenders and fintechs in developing policies and procedures and advises them on development of compliant forms, disclosures, and marketing materials. Eric assists startup fintechs in developing compliant business models, both through state licensing strategies or bank partnerships. Additionally, Eric negotiates agreements and conducts consumer finance due diligence in connection with clients’ transactions.

At the CFPB, Eric played a key role in the Bureau’s payments regulatory work. Specifically, he headed the Bureau’s policy work on deposit accounts, credit cards, virtual currency and blockchain and helped develop the Bureau’s 2017 consumer protection principles for consumer-authorized financial data sharing and aggregation. As the senior attorney on Electronic Fund Transfer Act / Regulation E issues, Eric led several of the Bureau’s key payments rulemakings including the proposal that led to the Bureau’s 2016 extension of Regulations E and Z to most types of prepaid accounts including general purpose reloadable (GPR) cards and mobile wallets. He also led teams on several amendments to the Bureau’s 2012 Regulation E rule regarding remittance transfers. Additionally, Eric led the Bureau’s implementation work that aided banks’ and money transfer companies’ efforts to comply with the remittance rule. Eric also led the team that drafted the Bureau’s now-rescinded rule on arbitration agreements. Finally, he advised Bureau leadership on enforcement and supervisory matters in these and other areas and frequently represented the Bureau in meetings with industry and other U.S. and foreign regulators.

Deborah Baxley

Deborah Baxley

Partner, PayGility Advisors

Deborah Baxley is a Partner at PayGility Advisors, and international mobile/cards payment consultant, recognized expert in the industry, creator of growth strategies for new and existing markets with more than 20 years’ experience consulting to cards and payment companies. She specializes in mobile payments, FinTech, credit cards, technology strategy and business model development. Through her work in fifteen countries, she has advised issuers, acquirers, networks and processors on product direction and competitive positioning, delivering millions of dollars in new revenue or operating cost savings.

As chair of US Payments Forum’s Mobile Payments Working Committee, member US Federal Reserve Faster Payments Taskforce, co-founder of NYPAY and through frequent keynote speaking and writing, she is recognized for insights on the future of mobile wallets, including mobile wallet technologies, design choices, security, user experience, bank and merchant implementation considerations, and the range of regulations that impact merchants and banks regarding payments.

She was co-author and project lead for a 2018 Forum white paper “Mobile and Digital Wallets: U.S. Landscape and Strategic Considerations for Merchants and Financial Institutions,” presenter on 2019 Mobile and Digital Wallets Webinar Series on Mobile Wallet Landscape, Models and Processes, and presenter at a Mobile Wallet workshop on at the 2018 Mobile Payments Conference in Chicago.

Moshe Golomb

Moshe Golomb

CEO, Praxell Inc

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If you are unable to attend, all fees will be refunded. Refund requests must be received in writing, prior to 24 hours after the event. Please send refund requests to [email protected]


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