Consumer financial services providers face an increasingly complex regulatory landscape, particularly with the advent of the Consumer Financial Protection Bureau and its sweeping supervisory and enforcement authority. Our nationally recognized Consumer Financial Services Group helps clients chart a course that will help them achieve their business objectives in this environment.
Our attorneys advise on regulatory matters, assist in the design and documentation of credit products, and represent clients in class actions, regulatory enforcement proceedings, and other lawsuits nationwide. We represent clients ranging from the largest financial institutions in the nation to smaller enterprises and Internet-based providers.
consistently ranks the Group in the highest tier nationally
in the category of Financial Services Regulation: Consumer Finance (Compliance and Litigation). The 2015 edition quotes our clients who say, "They give definitive answers and I trust their advice" and "it is the only firm that I will go to for guidance because I can get an answer quickly and I'm confident it's right." The Group includes eight members of the American College of Consumer Financial Services Lawyers, including the College’s first president.
LITIGATION AND ARBITRATION
The group has developed a pre-eminent consumer financial services litigation practice, defending banks and other financial institutions throughout the United States in class actions, regulatory proceedings, and other complex litigation.
We often act as sole counsel or national coordinating counsel in defending litigation for major consumer financial services providers. Our litigators have handled class actions and other lawsuits involving:
Enforcement of arbitration provisions in consumer credit contracts
Challenges to interest rates, fees, and other contract terms
Compliance with the gamut of federal and state consumer financial services laws, including challenges to clients' TILA, HOEPA, ECOA, FCRA, FDCPA, RESPA, and EFTA compliance
Claims of credit discrimination and reverse redlining
Marketing and advertising practices
Claims against spurious arbitration companies and fraudulent debt management companies
We represent clients in developing new or complex financial services products and in acquiring issuers or portfolios of such products. We negotiate and draft commercial agreements with third parties and assess applicable federal and state laws and judicial decisions. We draft consumer agreements and disclosures and communicate with regulatory authorities. We also conduct due diligence of issuers and portfolios.
Our experience includes:
Implementation and enforcement of pre-dispute arbitration programs, including the most novel and consumer-friendly programs in the market today
Advertising and marketing requirements
Compliance with state and federal UDAAP statutes that prohibit unfair and deceptive acts and practices
Pricing and design of all types of credit products, including secured and unsecured loans; credit cards, home equity lines of credit, and other open-end products; retail installment sale agreements, consumer leases, and layaway agreements; government-insured and private student loan programs and related tuition payment plans; and higher risk niche products, typically directed to subprime customers, such as tax refund anticipation, payday, and auto title loans, as well as rent-to-own and pawn agreements
Payment card products, including payroll and other stored-value cards and gift cards, as well as more traditional deposit products and certificates
Credit insurance products and debt cancellation and suspension products
Use of the Internet and electronic payment systems in the delivery of financial services
Federal preemption, Commerce Clause, and conflict of law issues
Privacy, data mining, credit reporting, and debt collection practices
Delivery of financial services through social networking and mobile phone technology
Electronic records storage and electronic delivery of credit-related disclosures
Our attorneys guide clients in responding to compliance and safety and soundness examinations, administrative investigations, enforcement proceedings, and other dealings with regulatory authorities.
Our experience encompasses the full range of federal and state banking and credit laws. We regularly deal with federal and state banking and enforcement agencies, including all of the federal banking agencies and state agencies both within and outside our geographic footprint.
Our Mortgage Banking Group provides regulatory compliance advice to clients in both the residential and commercial mortgage banking industries. Attorneys in the group also handle issues related to repurchases, state and federal licensing, transactions, due diligence and audits, litigation, and administrative enforcement. They also advise industry service providers such as document preparation companies, telemarketers, loan fulfillment companies, and trade associations.
Alan S. Kaplinsky
Jeremy T. Rosenblum
Christopher J. Willis
Practice Leader, Litigation