Paul Hastings Payments Expert Testifies Before Senate Banking Committee

July 13, 2012

Washington, DC (July 13, 2012) - Paul Hastings LLP, a leading global law firm, announced today that Thomas Brown, a partner with the Global Banking and Payment Systems and the Antitrust and Competition practices, and an adjunct professor at Berkeley Law School, testified before the Senate Committee on Banking, Housing and Urban Affairs on July 10, to share his views on regulating the burgeoning mobile payments industry.

"Emerging technologies are creating opportunities for financial institutions, merchants and consumers to reinvent commerce," Mr. Brown said in his testimony. "This innovation is taking place against the backdrop of a very complex regulatory regime, and although it is possible to imagine ways in which the regulatory burdens facing firms in the area could be reduced (particularly in the area of state-by-state licensing requirements), this emerging industry does not appear to need any new regulation," he added.

Please click here for a link to the webcast and a copy of Mr. Brown's testimony and find a related opinion piece here.

Mr. Brown's practice focuses on competition law and legal issues affecting the financial services industry. In addition to strategically advising payment systems and financial services clients across a broad spectrum of regulatory issues, he has litigated notable antitrust cases, including class actions, in the financial services industry for more than fifteen years.

Mr. Brown previously served as Vice President, Senior Counsel at Visa U.S.A. Inc. There he was responsible for managing the aftermath of the settlement in In re Visa Check/MasterMoney Antitrust Litigation, including the dozens of consumer class actions that were filed following the settlement. He was also deeply involved in the company's transformation from a co-op to a shareholder owned company.

Paul Hastings LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.

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