Thomas C. Witherspoon

Experience

Advised a global technology company on structuring installment payment plans and other payment products for consumer services in compliance with U.S. consumer credit laws, payment laws and payment network rules related to licensing, disclosures, fees and discounts. Drafted customer-facing terms and conditions as well as change-in-terms notices.

Negotiated a technology agreement for top-40 U.S. bank (by asset size) to support a key customer service offering. Also drafted customer-facing terms and conditions for the bank's digital deposit, payment and treasury products, including those for cards, ACH, FedNow and real-time payments.

Drafted customer-facing terms and conditions for a leading provider of “fringe” consumer financial services in the U.S. regarding old products and new. Advised the client on compliance with federal and state payments and credit laws applicable to bank accounts, credit accounts and prepaid cards.

Guided a leading payment facilitator in niche U.S. market through complex federal and state laws and payment rules applicable to surcharges and convenience fees. Negotiated merchant processing, payment facilitator and open banking deals.

Analyzed the applicability and impact of consumer lending, retail installment sales (credit sales), consumer leasing, rent-to-own, credit services, and debt collections laws on the service offerings of a large service provider in a key U.S. consumer retail industry.

Revised treasury management agreements for the U.S. operations of a global bank and another large national bank, covering the gamut of treasury services, including ACH, wire transfers, positive pay, bill pay, online banking, mobile deposit, fraud control, sweep services, cash services, data transmission, lockbox services, and other related services.

Served as subject matter expert on a wide range of consumer financial services laws and payment regulations, including the Equal Credit Opportunity Act, Electronic Fund Transfer Act, Fair Debt Collection Practices Act, Gramm-Leach-Bliley Act, Fair Credit Reporting Act, Truth in Lending Act, Truth in Savings Act, Expedited Funds Availability Act, Electronic Signatures in Global and National Commerce Act; Article 4A of the Uniform Commercial Code; Nacha rules, and card network rules; Federal Deposit Insurance Corporation regulations, Office of the Comptroller of the Currency regulations, Federal Reserve regulations, and Consumer Financial Protection Bureau (CFPB) regulations; and various non-uniform state credit and payment laws.

Worked as member of internal and external teams, advising on product structure, drafting terms and conditions, negotiating vendor agreements, researching and drafting substantive arguments for litigation, drafting opinion letters and memos, and researching and drafting regulatory applications for a variety of bank and other financial clients.

Advised on CFPB enforcement and supervisory jurisdiction and compliance with CFPB rules, including rules related to open banking, larger participants, non-bank registration, personal financial data rights, credit reporting, debt collection, small-dollar (payday) lending and international remittances.