-Lithic has built a free, open library of the legal compliance policies and forms that companies need to have in place to launch card programs.
-The templates can be accessed through Lithic’s documentation.
–Matt Janiga, Lithic’s General Counsel and Compliance Officer, will host a webinar on June 9, 2022 to walk through the forms and answer questions.
NEW YORK, June 2, 2022 /PRNewswire/ — Lithic, the platform for insanely fast card issuing, today announced the launch of the Lithic Legal Library, a repository of the standard legal templates required for setting up a card program. Matt Janiga, Lithic’s General Counsel and Compliance Officer, will host a webinar on June 9, 2022, to walk through the forms and answer questions.
Lithic’s legal and compliance teams developed the templates for compliance policies and terms that exemplify current best practices. They plan to expand the collection over the next few months to help cover key policies U.S. bank sponsors require fintech programs to have before launching new products.
Current documents will help fintechs building credit and debit programs and include:
- AML and Sanctions Policy
- Disputes Policy
- UDAAP Policy
- Marketing and Advertising Policy
- Fair Lending Policy
- Complaint Handling Policy
- Servicing and Collections Policy
- Prepaid Consumer Cardholder Agreement
- Authorized User Agreement
“We’ve worked with a lot of fintech company founders to launch their card programs and it’s clear that getting all the legal policies and terms in place is much harder than it needs to be,” said Bo Jiang, Lithic’s CEO and Co-Founder. “When Matt joined as our general counsel, I asked him how Lithic could help founders in this space and we landed on the idea of a publicly available library like this. I wish we had this when we started.”
“The Lithic Legal Library ensures that any fintech company doing business in the US, whether they work with Lithic or not, has access to quality legal templates,” said Lithic’s General Counsel and Compliance Officer, Matt Janiga. “We think this strengthens the entire fintech community.”
The Lithic team was inspired by Y Combinator’s publication of the standard safe document. Published in 2013, it quickly became the industry standard for startups raising money. The Lithic Legal Library has similar goals:
- Commoditize paperwork that doesn’t have any proprietary or strategic advantages
- Help companies launch more quickly
- Set the bar for what good legal forms look like
Each company and product has unique considerations and these forms are not designed to replace specific legal advice. Lithic reminds users of the forms to have their own lawyer or compliance consultants review to determine how, if at all, they may need to tailor them.
To learn more, register for the webinar on June 9, 2022 hosted by Matt Janiga, Lithic’s General Counsel and Compliance Officer.
Founded by Bo Jiang, Jason Kruse, and David Nichols as Privacy.com in 2014, Lithic builds infrastructure that makes it simple to issue debit and credit cards. Designed for developers, Lithic’s simple, powerful primitives deliver the speed, flexibility, compliance, and economics that companies need to build unique card products and create differentiated customer experiences.
Lithic is backed by Stripes, Bessemer Venture Partners, Index Ventures, Tusk Venture Partners, AHCV, and Teamworthy Ventures. For more information, visit www.lithic.com.
SOURCE Lithic
