Spencer Fane LLP welcomed Mike G. Silver to the firm’s Washington, D.C., office as a partner in the Banking and Financial Services practice group.
Silver counsels banks, credit unions, mortgage lenders, FinTech companies and other financial services clients on regulatory compliance, product counseling and policy advocacy. As one of the founding members of the Consumer Financial Protection Bureau’s (CFPB) Office of Regulations, he played a pivotal role over more than 12 years in shaping many of the rules that still guide U.S. consumer finance policy.
Within his consumer finance and FinTech practice, Silver focuses on issues involving Unfair, Deceptive, or Abusive Acts or Practices under the Dodd-Frank Act and the Federal Trade Commission Act; mortgage origination and consumer lending, RESPA Section 8, the Truth in Lending Act loan originator compensation rules, and the TILA-RESPA Integrated Disclosure Rule; small-dollar lending, including earned wage access; deposits; debt collection; fair lending and the impact of recent Executive Orders; credit reporting; and the implications of the U.S. Supreme Court’s 2024 Loper Bright decision.
Having helped shape the CFPB’s approach to innovation issues, Silver is attuned to the intersection of regulation and technology, including open banking and the CFPB’s Section 1033 rule, the use of artificial intelligence in financial services and regulations governing digital marketing tools. As evolution in technology and business arrangements continue to transform financial services, he helps clients understand how their products and services fit within complex regulatory schemes and changing regulator expectations so that they can develop workable and scalable approaches.
“Mike’s extensive public and private sector work, which includes drafting many of the regulatory policies he now guides clients through, will be a significant addition to our team here in D.C. and to the firm’s national, cross-office network of financial services and regulatory teams,” Bill Powers, office managing partner for Spencer Fane in Washington, D.C., said. “His deep knowledge of how to effectively integrate the perspectives and objectives of numerous stakeholders within rapidly evolving markets is a high-value tool that will further strengthen our commitment to exceptional client service.”
During Silver’s time at the CFPB, his work and impact were honored with multiple awards, which included receiving the agency’s highest honor on two occasions. Drawing on this experience, he provides clients with a unique perspective and skill set reflecting his deep knowledge of consumer finance regulations and different credit markets, precise drafting skills, and keen understanding of the rulemaking process and administrative law.