Top Payments Lawyer Spotlight: Amy Ross Lauck, Lindquist & Vennum LLP
Earlier this year, we recognized the Top 10 Payments Lawyers as voted for by Paybefore.com visitors. As we said then, the industry wouldn’t be where it is now without the tireless efforts of lawyers who help us all understand the complex regulatory environment and how to innovate within those parameters. We will be running profiles of all 10 honorees, who received crystal awards sponsored by R&P Group, in upcoming issues of Pay News. First up is Amy Ross Lauck, partner, in the payment systems and consumer financial services practice at Lindquist & Vennum LLP.
Get to Know Amy
Years in prepaid/payments: 13
What drew you to this industry? What drew me to the payments industry was the fact that consumer financial products and the regulations that govern them are constantly evolving. I figured there was no possible way I could be bored or unchallenged in payments and that’s definitely been true. What I enjoy most in payments is new product development and helping my clients figure out solutions to bring new products to market. It’s very rewarding to see a product I’ve helped work on morph from a mere concept to something consumers can use in a meaningful way.
Biggest professional win: That’s a hard one. My most daunting professional challenge to date has probably been the CARD Act and helping my employer at the time bring its credit programs into compliance. I wouldn’t necessarily say this was a win, given the requirements, but we got it done. Although the CFPB’s proposed rulemaking on prepaid accounts will be a significant challenge from an implementation perspective, I am hopeful once the rule is in place, the regulators and consumer protection groups will give the prepaid industry a break for a while.
|Amy at a Glance
Words to live by: In the end, you only regret the things you didn’t do.
Favorite place: I’d have to say the Isle of Capri in Italy, where I got married!
Something your industry colleagues don’t know about you: I have a twin sister and we often speak entire sentences in unison and buy virtually identical gifts for our family members. We’re very close.
What scares you most from a regulatory/legislative standpoint?
With all the new and proposed regulations around prepaid, sometimes it seems like the regulators are just going to end up regulating many of my clients out of the marketplace altogether, which makes me concerned I might be out of a job in a couple years! I then remind myself that consumer demand for payment products is not going to go away no matter how much the government attempts to regulate. The products may look different than they do today, but consumer demand only seems to be increasing and payment products are definitely here to stay.
What excites you about the future of the industry? This is such a fresh and innovative industry and providers constantly are looking for ways to make payments faster, more convenient, more accessible and less costly for the end users and the provider. There is so much talent in our industry and I look forward to seeing what sort of payment products and technology will be in the marketplace 10 years from now.