My in-house experience affords me a valuable business perspective, particularly in the payments space. I know clients need practical advice and I offer them options to achieve their goals. With five years in consumer protection at the Federal Trade Commission, I also know what matters to regulators. My clients get the best of both worlds.
Katherine Romano Schnack works directly with credit unions, banks, fintechs, and processors. When it comes to negotiating, drafting, and reviewing all types of commercial agreements and disclosures, to fraud and risk – Katherine enjoys the process. CEOs, company presidents, chief risk officers, senior vice presidents, and professionals in her clients’ fraud and compliance units turn to Katherine for her counsel on the regulatory burden they are facing.
Her deep experience with credit unions and credit union service organizations affords Katherine an understanding of their unique not-for-profit structure, prudential regulatory regime, and philosophy. The compliance burden is the same for credit unions as it is for other financial institutions, and Katherine’s counsel helps these clients thrive and focus on their ultimate priority: serving their members and communities.
With a particular knowledge of payments, Katherine advises financial institutions, fintechs, and processors on the complex liability, fraud, and compliance considerations at play, including the overlapping schemes of regulations and card network rules. The payments ecosystem is always evolving, and clients need up-to-the-minute advice on options such as real time payments. Katherine keeps a close eye on developments such as the Federal Reserve’s FedNow service to counsel a wide range of industry participants on the legal impact of those unique regulatory requirements.
Katherine understands first-hand what the internal agency processes are and what an investigation or enforcement process will entail. She advises clients on steps to handle each situation and avoid any type of enforcement action. But when necessary, Katherine advises clients on how to best engage with the agencies.
Before joining McGlinchey, Katherine spent four years as Vice President of Legal at Envisant. Her background includes several years as the Compliance and Corporate Counsel for the Illinois Credit Union League and five years at the Federal Trade Commission.
Katherine is licensed in Illinois only. Use Cleveland address for mail/deliveries only.