Daniel M. Burstein oversees the Financial Institutions practice for Guidepost Solutions. As Senior Managing Director, he specializes in the areas of regulatory compliance, investigations, and monitorships. Mr. Burstein has more than 14 years of experience in the areas of regulatory investigations and enforcement, regulatory compliance, commercial litigation, and internal investigations.
At Guidepost Solutions, Mr. Burstein’s current engagements include serving as interim chief compliance officer at Paxos Trust Company, LLC, a cryptocurrency and blockchain technology company; advising a financial technology firm on compliance issues surrounding its creation of a groundbreaking government-backed digital currency; and helping a Canadian cannabis company develop state-of-the-art compliance programs. He also conducted an internal investigation for a non-profit organization to determine whether an officer of the organization had misappropriated funds; led a government-appointed monitorship of a mortgage lender pursuant to its settlement with the U.S. Department of Justice and Department of Housing and Urban Development; and reviewed compliance programs for financial institutions seeking to assess their exposure to regulatory action.
Previously, Mr. Burstein served as Executive Deputy Superintendent and Acting Chief of Staff for the New York State Department of Financial Services (DFS). He oversaw enforcement actions and directed the operations of DFS, with its 1,400 employees, $240 million annual operating budget, and 3,800 supervised financial institutions with assets totaling more than $7 trillion. He was also charged with supervising and directing the operations of several independent monitors imposed by DFS pursuant to settlement agreements with regulated institutions.
Mr. Burstein headed DFS’s Real Estate Finance Division, which regulates real estate and homeowner issues including mortgages, as well as financial services such as title insurance and mortgage insurance. In this role, his accomplishments included investigation of the non-bank mortgage servicing industry, reforming the state’s foreclosure process, licensing title insurance agents, overhauling the mortgage licensing process, and helping consumers and businesses recover from Superstorm Sandy.
During his tenure with the DFS, Mr. Burstein directed several significant matters including major settlements on mortgage servicing and origination violations, sanctions and anti-money laundering violations, and misuse of confidential supervisory information. He also negotiated precedent-setting agreements with the Financial, Banking, Insurance and Real Estate industries including agreements on Appropriate Retention of Encrypted Data; Maintenance of “Zombie Homes”; Reduction of Title Insurance Premiums; and Expedited Disbursement of Insurance Proceeds Following Superstorm Sandy.
Prior to joining the DFS, Mr. Burstein was an attorney at Willkie Farr & Gallagher LLP, where he focused on commercial litigation, criminal defense, and internal investigations. He also developed the firm’s voting rights practice and litigated matters of election law, including congressional redistricting following the 2010 census.
Mr. Burstein shares his expertise as a speaker and adjunct professor on topics including financial regulation, cybersecurity, mortgage servicing and origination, title agent licensing, and foreclosure reform. He is the author of State Mortgage Regulation in the Age of Trump: Be Careful What You Wish For (Mortgage Compliance Magazine Sept. 2017) and a contributing author to Goldfeder’s Modern Election Law (3d ed. 2012). In addition, Mr. Burstein has been quoted in several news articles for The New York Times, Wall Street Journal, New York Daily News, New York Law Journal, American Banker, and Reuters.