Capabilities
Financial Services

Financial Services Consumer Protection

We advise clients, including banks and other financial institutions, mortgage lenders, private investment funds, and other specialty consumer and commercial lending companies on various consumer credit issues. We focus on matters before the Consumer Financial Protection Bureau, the FTC, federal banking agencies, and state regulators. For example, we:

  • counsel clients on licensing issues, disclosures and documentation, exporting interest rates and fees on loans and on the practical implications and limitations of this exportation power;
  • review client compliance with federal and state consumer credit laws, including the Real Estate Settlement Practices Act, the Truth in Lending Act, the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act, and the Fair Credit Reporting Act, and undertake risk assessments of these areas;
  • structure lending programs for compliance with consumer lending laws;
  • defend clients that are sued for alleged violations of the consumer credit and consumer protection laws;
  • counsel clients through regulatory examinations;
  • defend clients against enforcement actions; and
  • advise clients regarding the agencies' published standards and statements of policy relating to lending practices in the consumer credit area.

In the fair lending area, we regularly assist clients in successfully resolving allegations of violations of the fair lending laws brought by the federal agencies in the earliest stages of the process, thereby avoiding costly and onerous settlements. We also advise clients on the rapidly changing area of subprime and "predatory" lending, and in providing affordable lending products consistent with the fair lending laws. We work with clients whose novel activities do not fit within the traditional banking model to develop innovative strategic plans to satisfy their Community Reinvestment Act (CRA) responsibilities and have advised investors in and organizers of community development-focused banks and CDCs. We are also experienced in addressing CRA protests raised against clients by parties challenging merger and acquisition transactions.

Experience

Major investment bank Regulatory advice related to potential transaction

Advising client regarding regulatory and consumer-protection issues for a potential transaction.

Small depository institution DOJ referral

Advising client regarding a referral from the FDIC to the DOJ for allegedly discriminating against minorities in connection with indirect vehicle lending.

Mid-sized state-chartered non-member bank FDIC potential referral to the DOJ

Advised client regarding alleged violations of the Fair Housing Act.   

Large depository institution Regulatory advice

Advised client with respect to its indirect automobile lending and compliance with the fair lending laws. 

Large depository institution Regulatory advice

Advised client with remediation efforts after the client discovered that it might not have provided adverse action notices to loan applicants in accordance with the Equal Credit Opportunity Act and Regulation B.

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