Mike G. Silver

Partner
Contact
Washington, D.C.
P 202.921.4822 | F 202.595.0581
Spencer Fane attorney Mike Silver

Overview

Mike G. Silver is a financial services and FinTech advisor and thought leader who helps clients navigate regulatory labyrinths and uncertainties.

Drawing on more than two decades of private and public sector experience in the nation’s capital, Mike counsels banks, credit unions, mortgage lenders, FinTech companies (from early-stage to established), and other financial services clients on regulatory compliance, product counseling, and policy advocacy. His multifaceted experience inside and outside the federal government allows him to translate and reconcile often opaque policy pronouncements and ambiguous regulations and best position clients to achieve their business objectives in an ever-evolving regulatory environment.

As one of the founding members of the Consumer Financial Protection Bureau’s (CFPB) Office of Regulations in 2011, Mike played a pivotal role over more than twelve years in formulating and shaping many of the rules that still guide U.S. consumer finance policy today. Drawing on his CFPB tenure and his prior practice as a transactional real estate attorney, 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.

Mike’s consumer finance and FinTech practice focuses on issues involving Unfair, Deceptive, or Abusive Acts or Practices under the Dodd-Frank Act and the FTC Act; mortgage origination and consumer lending, including the Real Estate Settlement Procedures Act (RESPA) Section 8, the Truth in Lending Act (TILA) 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, Mike is especially 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, Mike 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 work with federal and state regulators, key industry stakeholders, economists, and market analysts to develop policies across multiple presidential administrations and aligned with shifting priorities provides him the depth and adaptability to not only consistently secure favorable client outcomes, but to continue influencing the financial services landscape through his practice and through engagement with industry trade groups such as the Consumer Bankers Association, Mortgage Bankers Association, and the American Fintech Council.

Upon his return to the private legal sector, Mike quickly emerged as a thought leader across multiple media channels. He is frequently called upon to discuss the intersection of regulation and technology, administrative law, and the CFPB by media outlets such as the Washington Post and Bloomberg Law. Mike has penned op-eds in the American Banker, Law360, and Open Banker; regularly speaks at industry events and on podcasts; and engages with a variety of trade associations. In the current uncertain regulatory environment, with shifting policy approaches and levels of scrutiny at the federal versus state level, Mike’s nuanced perspective is especially valued.

Credentials

Education

  • George Washington University Law School, 2004 (J.D.), with honors
  • University of Pennsylvania, 2000 (B.A.), magna cum laude

Bar Admissions

  • District of Columbia

Illustrative Client Engagements

  • Assisted an identity verification and fraud prevention services provider with policy advocacy for the CFPB’s Fair Credit Reporting Act (FCRA) Data Broker Rulemaking, including engaging in outreach with State Attorneys General.
  • Advised a comparison-shopping website operator on compliance with Section 8 of the Real Estate Settlement Procedures Act (RESPA) and other federal and state consumer credit laws.
  • Represented an EU-based FinTech company with U.S. product launch of software-as-a-service (SaaS) platform for B2B use, including analyzing relevant consumer protection laws and drafting terms of service.
  • Helped a neobank evaluate UDAAP and RESPA risk exposure with potential partnership opportunities.
  • Advised an early-stage FinTech company on pilot launch of investment product aimed at millennials, leading a team to discern applicability of consumer protection and securities laws and help structure product accordingly.
  • Engaged a nonbank mortgage lender to review loan originator compensation agreements and policies.
  • Counseled a credit union on applicability of recent regulatory developments to special purpose credit program.

Agency Experience

  • Spearheaded the CFPB’s RESPA Section 8 regulatory work, including leading the teams that drafted the 2023 RESPA Advisory Opinion on digital mortgage comparison-shopping tools, the 2020 RESPA Frequently Asked Questions guidance, and the 2019 No-Action Letter (NAL) related to housing counseling funding.
  • Led the rulemaking team for the CFPB’s 2024 Nonsufficient Funds (NSF) Fees proposal.
  • Drafted or collaborated on writing the CFPB’s policy statements on abusiveness authority and served more generally as an internal thought leader on UDAAP issues.
  • Co-led the 2021 interim final rule regarding evictions and the Fair Debt Collection Practices Act (FDCPA) and served as team member for two 2020 FDCPA rulemakings.
  • Served as a core team member for CFPB’s 2017 Small-Dollar Lending rulemaking (a five-year process).
  • Contributed to the CFPB’s 2013 Loan Originator Compensation Rule and 2013 TILA-RESPA Integrated Disclosure (TRID) Rule.
  • Routinely provided legal and strategic advice to internal CFPB stakeholders and guidance to external parties navigating regulatory issues in enforcement, supervisory, compliance, or policy contexts. This guidance work entailed answering hundreds of industry stakeholder inquiries, consulting with CFPB investigation and examination teams, and advising state and federal regulators on novel questions.
  • Helped shape the CFPB’s approach to innovation by collaborating with the Office of Innovation to evaluate requests for NALs and Trial Disclosure Program waivers.

  • George Washington University Law School, Alumni Association Board of Directors and Executive Committee; Class Reunion Committee
  • Washington Hebrew Congregation
  • Legal Aid Society of the District of Columbia

  • CFPB, Director’s Mission Achievement Award (highest honor), 2021, 2016
  • CFPB, Superior Achievement Award, 2017

  • Consumer Bankers Association (CBA)
    • Lawyers Committee
    • CBA Live and CBA’s Fair and Responsible Banking Committee, Speaker
  • Fintech Takes Network
  • The Financial Club (Fintech Industry Group)

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