Lori Sommerfield

Of Counsel

sommerfieldl@ballardspahr.com
Tel 612.371.2450
Fax 612.371.3207
Minneapolis

Lori Sommerfield is a seasoned consumer financial services attorney with over two decades of legal and regulatory compliance experience in federal government, in-house, and private practice settings.

Lori has a unique background as both an attorney and a senior compliance risk officer for a major U.S. bank. Lori has previously held significant positions as in-house counsel at major financial institutions and served as outside counsel for both bank and nonbank clients with a nationally recognized law firm. She began her career as a staff attorney at the FDIC in Washington, D.C., helping formulate banking policies and regulations. Most recently, Lori served as Executive Vice President and Deputy General Counsel for Consumer Banking at TCF National Bank, a regional bank.

Lori has deep expertise in fair and responsible lending (FRL) issues, including the Equal Credit Opportunity Act, the Fair Housing Act, and unfair, deceptive or abusive acts or practices laws (UDAP/UDAAP), and she has designed, built, and managed corporate FRL compliance programs for major national lenders. Lori is also experienced in advising clients concerning compliance with the Americans with Disabilities Act with regard to accessibility of digital platforms (websites and mobile applications).

Lori counsels banks and nonbanks that offer consumer financial products and services in regulatory compliance matters, and she has successfully represented financial services companies in navigating supervisory issues and preparing for examinations by the Consumer Financial Protection Bureau and federal and state banking agencies. She also helps clients manage consumer-related operational risk concerns such as privacy, vendor management, and e-commerce. In addition, she has defended fair lending investigations and enforcement actions by the CFPB and U.S. Department of Justice, and has successfully managed client relationships with those agencies as well as federal and state banking agencies.

Professional Activities

District of Columbia Bar Association

Minnesota State Bar Association
Past Co-Chair, Banking Law Committee (2000-2010)
Past Executive Council Member, Business Law Section (2000-2009)

American Bar Association, Business Law Section
Member, Consumer Financial Services Committee
Member, Banking Law Committee

Publications

Co-author, “Website Accessibility Suits Highlight Need for DOJ Rule,” Law360, February 22, 2018

Co-author, “ADA Compliance for Financial Institutions in the Crosshairs,” Law360, March 8, 2017

Co-author, “Practical Fair Lending Handbook for Bank Directors and Executive Officers,” American Association of Bank Directors, 2016

Co-author, “Complaint Management Lessons from Dr. Seuss”, Law360, May 21, 2014

Co-author, “‘Red Flags’ for Fair Lending Risk – How Banks Can Identify and Resolve Them,” American Association of Bank Directors, October 25, 2012

Co-author, “Consumer Complaint Management: Meeting Regulatory Expectations,” The Review of Banking & Financial Services, October 1, 2012

Co-author, “Regulatory Relationship Management: Planning, Organizing and Managing Examinations,” BNA’s Banking Report, May 10, 2011

Co-author, “Regulatory Relationship Management: Building Trust, Credibility with Regulators,” BNA’s Banking Report, May 3, 2011

Co-author, “Regulators Target Fair Servicing,” 70.9 Mortgage Banking 44-50, June 11, 2010

Co-author, “Fair Lending Principles Must Underpin Loss Mitigation,” 4.2 Servicing Management, June 1, 2010

Speaking Engagements

Frequent public speaker at banking industry legal and regulatory compliance conferences, as well as leading or participating in law firm webinars and client workshops. Recent speaking engagements include:

  • CRA & Fair Lending Colloquium, “Hot Topics in Fair Lending and CRA” plenary session panel, Nov. 6, 2018, Hollywood, Fla.
  • Minnesota Banking Law Institute, “Mitigating Legal Risk for Digital Platform Accessibility Under the ADA,” April 5, 2018, Minneapolis

Board Memberships

National Philharmonic
Member, Board of Directors (2015-2019)
Chair, Governance Committee (2016-2018)

St. Paul Chamber Orchestra
Governing Member (2007-2010)

Oratorio Society of Minnesota
Chair of the Board and President (2003-2006)
Member, Board of Directors (2000-2007)

Chamber Music Society of Minnesota
Interim President (2003-2004)
Member, Board of Directors (2002-2004)

Catholic University of America, Columbus School of Law (J.D. 1994)

University of Minnesota (B.A. 1986)

Minnesota

District of Columbia