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Shane Foster

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Shane Foster is a shareholder with deep financial regulatory experience in areas such as banking, money transmission, lending, and fintech, among others. Serving in a high-level capacity as Chief Deputy Director at the Arizona Department of Insurance and Financial Institutions (DIFI), he oversaw the agency’s enforcement, depository, non-depository, consumer affairs, and insurance market conduct divisions.

As a former regulator, Shane has a thorough understanding of regulatory issues affecting the financial services sector and has deep experience in licensing, compliance, investigatory, and enforcement matters. From advising on chartering de novo depository institutions, merger activity, solvency and deposit insurance issues, to ensuring compliance with consumer protection and safety and soundness regulations, he provides financial institutions with insights to navigate complex issues. Additionally, his experience encompasses various consumer finance segments such as mortgage, vehicle title, and unsecured lending. Shane also led the efforts in drafting and implementing Arizona’s money transmission law (i.e., CSBS Model Money Transmission Modernization Act), which substantive provisions can be found in many states throughout the country.

Shane’s practice extends to the use of new technologies and innovation in the financial services sector. He served a prominent role in the administration of the nation’s first state regulatory sandbox, bolstering his deep understanding of the use of novel products and services in the ever evolving fintech sector (e.g., blockchain technology, digital payments, APIs, artificial intelligence, and mobile applications, among others). Shane also stays at the forefront of law and policy developments regarding digital assets. Whether dealing with transmission and custody issues or monitoring recent guidelines by federal agencies concerning crypto-related activities and stablecoins, Shane stays abreast of developments to advise clients on innovative legal strategies.

Shane has worked closely with state regulators through active involvement in the Conference of State Bank Supervisors (CSBS), National Association of Insurance Commissioners (NAIC), and the National Association of Attorneys General (NAAG), serving as a key participant in numerous multistate initiatives, including serving on the coordinating committee with the Consumer Financial Protection Bureau (CFPB) and on data privacy working groups, among others. Simultaneously, his background in government relations has given him many opportunities to interface with various federal agencies and draft comments on proposed federal policies.

Shane Foster is a sought-after speaker on a variety of topics concerning financial regulation, having spoken on numerous panels at industry and government-related events.

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On May 1, 2026, the CFPB finalized a revised Section 1071 rule under ECOA, narrowing covered institutions, products, and required data points from the 2023 Rule, with a single compliance date of Jan. 1, 2028. Financial institutions may wish to begin assessing coverage status and compliance readiness.…

Continue Reading CFPB Final Rule Narrows Small Business Lending Data Collection Requirements

The CFPB’s final amendments to Regulation B reshape fair lending compliance under ECOA, including changes to disparate impact liability, anti-discouragement standards, and SPCP requirements. Lenders may wish to assess the rule’s operational impact while preparing for potential litigation and state-level enforcement risks.…

Continue Reading CFPB Final Rule Revises ECOA Framework, Narrows Disparate Impact and Discouragement Standards

On Nov. 18, 2024, the Federal Deposit Insurance Corporation (FDIC) announced a 45-day extension to the public comment period for its proposed rule making (Proposed Rule) that would establish new recordkeeping requirements and related compliance obligations for insured depository institutions that offer certain “custodial deposit accounts with transactional features.”

As we detailed in a prior…

On Oct. 2, 2024, the Federal Deposit Insurance Corporation (FDIC) published a notice of proposed rulemaking (Proposed Rule) designed to strengthen recordkeeping requirements for custodial deposit accounts with transactional features, like those often used in banking-as-a-service (BaaS) models and other bank-fintech partnerships. The Proposed Rule is intended to ensure the FDIC’s ability to promptly make…

On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule intended to limit late payment fees on credit cards issued by the largest credit card issuers. The final rule amends Regulation Z, reducing safe harbor late fee amounts for large card issuers from $30 to $8 and eliminating automatic annual inflation adjustments.