Senior Counsel, US Open Banking Regulation

Our Purpose

We work to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. We cultivate a culture of inclusion for all employees that respects their individual strengths, views, and experiences. We believe that our differences enable us to be a better team – one that makes better decisions, drives innovation and delivers better business results.

Title and Summary

Senior Counsel, US Open Banking Regulation

Overview
• The Senior Counsel, US Open Banking Regulation role will advise Mastercard’s Open Banking business on compliance with US consumer protection laws, including regulations applicable to consumer and commercial credit evaluations, such as the Fair Credit Reporting Act (“FCRA”), state and federal unfair, deceptive, or abusive acts or practices (“UDAAP”) laws, the Gramm-Leach-Bliley Act (“GLBA”), Consumer Financial Protection Bureau regulations (including the forthcoming 1033 rulemaking), while enabling data-driven innovation within the Mastercard Services organization.
• The position will dual report to the Senior Managing Counsel, Regulatory Affairs, and Senior Managing Counsel, Privacy & Data Protection for Open Banking, and will serve as a member of both the Global Regulatory Affairs and Privacy & Data Protection teams.
• The ideal candidate will have the ability to think and act both strategically and tactically with respect to the needs of business clients and their objectives, while ensuring that the corporation remains compliant with privacy, credit, and other regulatory requirements pertaining to our open banking activities, as well as industry best practices in the open banking area.

Role
• Engage with business and legal stakeholders to conduct product reviews for open banking products and services to ensure the product is being designed to comply with all applicable regulations.
• Advise on existing and emerging US statutory and regulatory requirements pertaining to the collection and use of consumer and commercial financial data through open banking, including for credit reporting purposes, and the development of controls to comply with these requirements.
• Effectively communicate complex legal concepts to legal and business executives, product owners, and data scientists in a clear and understandable manner.
• Among other things, this involves comprehending the intersection between, credit reporting and consumer protection (including privacy) laws, and other compliance requirements as they pertain to open banking products and supporting the development of practical solutions to meet these requirements.
• Provide guidance and thought leadership on topics relevant to the use of financial data in open banking services and new or developing regulatory frameworks.
• Advise Mastercard’s open banking business in connection with regulatory examinations or supervision relating to open banking activities.
• Collaborate with other internal stakeholders to help design controls, including for data environments used to support open banking services.
• Monitor changing global laws relating to permissible use of credit data and regulatory registration requirements, facilitate the review of local requirements, develop internal legal guidelines to promote consistency in credit risk projects within Mastercard, and support the drafting and negotiation of contract terms impacted by open banking-related regulations.
• Where necessary, identify, document and update a range of stakeholders including executives on identified privacy, regulatory, and credit reporting compliance gaps and recommended remedial measures.

All About You
• JD from an accredited law school and admitted to practice in the US.
• Demonstrated experience advising companies in the open banking or credit reporting space on consumer protection, privacy, and data-related issues.
• Demonstrated ability to work through and understand data flows and diagrams.
• Expertise in US privacy and financial services regulations and frameworks, including the intersection between state and federal US privacy laws, and privacy principles that are common across global laws and regulations.
• Demonstrated experience in advising on the compliance needs of a regulated business.
• Familiarity with emerging technologies and associated implications on open banking activiti