David E. Teitelbaum

DAVID TEITELBAUM is co-leader of the firm’s Banking, Payments and Fintech practice and co-leader of the firm’s Fintech group, which is recognized as a Band 1 practice by 2025 Chambers FinTech. David has a broad regulatory practice for all types of entities involved in U.S. and international payments and financial systems, including insured depository institutions and their holding companies, virtual currency and other digital asset businesses, payment processors and systems, money transmitters, prepaid program managers, technology providers, investors, and retailers. He assists these companies in the wide range of regulatory issues that impact their businesses by providing a combination of thoughtful regulatory guidance, solution-oriented transactional assistance, and strategic legislative planning. He routinely helps companies structure payment, blockchain, and other fintech products to minimize regulatory burden, negotiate commercial agreements for the support and distribution of those products, and create customer interfaces and disclosures that balance regulatory requirements and business needs. David has been involved in the evolution of payment technology from its roots in credit, debit, and ACH through on-going developments in prepaid, internet, mobile, and digital asset models. For example, he has assisted clients in projects involving blockchain-based technologies both as a form of payment and as an asset class for investment. David is able to combine a keen understanding of the underpinnings of various financial ecosystems with the creativity necessary to provide cutting edge legal advice to today’s fintech leaders.

David is a frequent writer and speaker in the financial services area, including at the NACHA Payments conferences. He has participated as a member of the editorial board of FinTech Law Report, and his publications include numerous articles in The Journal of Payments Strategy and Systems and The Business Lawyer as well as co-authorship of The Community Reinvestment Act: Policies and Compliance (Prentice-Hall Law and Business), the U.S. chapter of the International Monetary Fund book, Payment Systems of the World and contributions to The Law of Electronic Fund Transfers (Warren, Gorham and Lamont). 

Strong advocacy on behalf of clients has earned David numerous accolades, including:

• Chambers FinTech, USA FinTech Legal: Payments & Lending (2018–2025) (Band 1) and USA FinTech Legal: Blockchain & Cryptocurrencies (2023–2025) (Band 2); clients praised David for the way he “brings together traditional banking and financial services expertise and applies it to new and innovative financial technologies … is deeply involved in the payments sector and the evolution of new digital payments systems. … ‘His depth of knowledge is kind of stunning in a sense. When it comes to the Bank Secrecy Act, he knows everything, including what amendments occurred and what policy decisions were behind those amendments.’ … ‘He also has a very practical take on things. When things are uncertain, he gives advice on how to move things forward.’” (2022)
• The Best Lawyers in America®, “Best Lawyer,” Banking and Finance Law (2016–2022, 2026), Financial Services Regulation Law (2017–2022)
• Chambers USA, Financial Services Regulation: Consumer Finance (Compliance) (2011–2024)
• Law360, “MVP,” Fintech (2020), Retail & E-Commerce (2017)
• Chambers USA Award, “Financial Services Regulation Law Firm of the Year” (2019)
• The National Law Journal, “Cryptocurrency, Blockchain, and Fintech Trailblazer” (2018)

Representative fintech matters include:

• Represent International Game Technology PLC in its US$6.3 billion sale of its Gaming & Digital business to a newly formed holding company owned by funds managed by affiliates of Apollo Global Management, Inc.
• Represent digital assets businesses in money services and virtual currency licensing matters, including in obtaining state trust company and multistate licensing approvals for initial formation activity, as well as in connection with mergers and acquisitions.
• Advise digital assets brokers, traders, custodians, exchanges, DeFi developers and platforms on a wide range of novel operational and strategic compliance issues.
• Represent fintech clients in CFPB enforcement matters.
• Assist in the formation of joint programs between technology companies and regulated financial services providers, including banks, broker-dealers, and money transmitters, for delivery of novel consumer financial services. 
• Assist a leading mobile wallet provider in the creation of a person-to-person payment service, including the negotiation of underlying banking relationships.
• Represent a mobile payments start-up in all aspects of its payment product, including a soup-to-nuts evaluation of regulatory issues, state licensing, creation of cardholder documentation, and disclosures and negotiation of agreements with banks and processors.
• Represent a social payments start-up in connection with the regulation of its in-game payment services.
• Advise payment processors, payment facilitators, and marketplace platform providers (and investors in such entities) on state licensing issues associated with their roles in payment transactions, including by structuring relationships to avoid licensing issues or assisting clients in multistate licensing efforts.
• Obtain approval for the acquisition of control of state-licensed entities on a nationwide basis.
• Advise several funds and other investors on their investments in bitcoin and other cryptocurrencies.
• Assist in the proposed organization of a publicly traded bitcoin fund.
• Represent banking entities, technology providers, and corporate end-users in negotiating the entire panoply of agreements governing various types of joint ventures, strategic relationships, or commercial arrangements for the establishment and/or distribution of new fintech products and services.
• Negotiate credit card program agreements between banks and retail, fintech and other brand partners.
• Draft payment network operating rules, including for credit, debit, electronic fund transfer, prepaid, mobile, and electronic benefits transfer systems and products.
• Advise on enacted and proposed payment, mobile commerce, and related legislation and regulation, including in the areas of consumer protection, safety and soundness, licensing, anti-money laundering, banking, cybersecurity, online gambling, e-money, money transmission, e-commerce, mobile payments, and virtual currency.

Representative banking matters include:

• Provide day-to-day compliance advice to banks, thrifts, and their holding companies regarding a wide range of issues, from affiliate transactions to investment authorities to anti-money laundering to consumer compliance, and almost everything in-between.
• Advise banks, thrifts, and their holding companies in preparing for, managing, and responding to regulatory examinations and associated supervisory actions, including the industry-wide horizontal review of sales practices and supervisory activities associated with “Operating Chokepoint.”
• Assist a financial holding company with respect to the negotiation of, and compliance with, limitations on its activities under Section 4(m) of the Bank Holding Company Act.
• Advise the U.S. banking subsidiary of a global financial holding company regarding a major reorganization and consolidation of support services in a bankruptcy-remote affiliate as part of global resolution planning.
• Assist a financial holding company in the divestiture of a national trust company subsidiary.
• Assist retail and affinity brands in the negotiation of private label and co-branded credit card program agreements governing billions of dollars of credit card receivables.
• Advise on all aspects of deposit sweep programs, including compliance matters, client agreements, and intercompany agreements in support of the sweep arrangement.

• Fellow, American Bar Foundation