John D. Socknat is Practice Co-Leader of Ballard Spahr's Consumer Financial Services Group and Managing Partner of the Washington, D.C., office. John uses his knowledge and breadth of the business issues affecting the residential and commercial mortgage banking industries and the legal landscape to advise clients on compliance and licensing matters under state and federal law.
John's clients include mortgage and consumer finance companies, financial institutions, servicers, collection agencies, title companies, real estate brokers, and secondary-market investors. He focuses his practice in matters concerning regulations such as the Real Estate Settlement Procedures Act (RESPA), the Truth in Lending Act (TILA), the Fair Credit Reporting Act (FCRA), the Equal Credit Opportunity Act (ECOA), financial privacy in Title V of the Gramm-Leach-Bliley Act, the Fair Debt Collection Practices Act (FDCPA), state consumer credit and debt collection, and telemarketing-related issues, among others.
He also counsels clients on e-commerce issues, including electronic signatures, electronic storage of records, and electronic delivery of credit-related disclosures. In addition, John has represented clients in asset and stock transactions and joint venture arrangements.
Services
- Business and Transactions
- Mortgage Banking
- Consumer Financial Services
- Consumer Financial Protection Bureau (CFPB)
- Consumer Financial Services Licensing and Regulatory Compliance
- Privacy and Data Security
- Banking and Financial Services
- Fintech and Payment Solutions
- Debt Collection
- California DFPI
- Anti-Money Laundering
Experience
Representative Matters
- Counseled a client on the regulatory and licensing obligations for a distressed asset disposition platform
- Represented a client in connection with state Attorneys General actions related to advertising practices
- Represented clients in connection with Notices of Violation issued by HUD's Mortgagee Review Board
Professional Highlights
Professional Activities
American Bar Association
District of Columbia Bar Association
Virginia Bar Association
Recognition & Accomplishments
The Legal 500 US, Finance - financial services: regulatory, 2015-2017, 2019, 2021, 2022
Fellow, American College of Consumer Financial Services Lawyers
Speaking Engagements
Moderator, "CCPA to CPRA - Enhancing Privacy Compliance Systems," RESPRO28, April 8, 2021
"Compliance Super Session," Mortgage Bankers Association's Regulatory Compliance Conference 2019, Washington, D.C., September 24, 2019
"State Examination/Enforcement Trends," MBA's Legal Issues and Regulatory Compliance Conference 2019, New Orleans, May 7, 2019
"Exam Resolution Best Practices," 2019 NMLS Annual Conference & Training, Orlando, FL, February 20, 2019 and repeat session February 21, 2019
Publications
Author, 16.08 section of Chapter 16, The Law of Truth in Lending (an update of Truth in Lending by Ralph J. Rohner and Frederick H. Miller), published by the American Bar Association Business Law Section, July 2014
Editor, Mortgage Finance Regulation Answer Book 2011-2012, published by the Practising Law Institute, and author of the “State Law/Preemption” chapter
Co-author, “Safe Act, Sound Solutions,” The MReport, October 2011
Credentials
Education
The Catholic University of America Columbus School of Law (J.D. 1995)
James Madison University (B.A., cum laude, 1990)
Admissions
District of Columbia
Virginia