The consumer financial services industry is confronting novel legal challenges and unprecedented regulatory oversight and litigation. Companies do not approach these challenges in isolation; rather they intuitively appreciate the overlapping nature of litigation, compliance and regulatory enforcement issues.
Recognizing this, the firm’s Consumer Financial Services practice is purposely structured and staffed to reflect our clients’ legal reality, which includes compliance, regulatory changes, governmental investigations, governmental litigation and private lawsuits. Instead of having three separate groups within the firm, our team of compliance, litigation, and enforcement lawyers work together in one multi-disciplinary practice to bring a higher level of specialized knowledge, practical guidance and advice to our clients. This unique collaboration offers seamless legal services to effectively and efficiently resolve clients’ problems by addressing the many perspectives that may arise for a single legal issue before it turns into a larger problem, or that may lead to compliance solutions and regulatory strategies arising out of contentious litigation.
Within the consumer financial services industry, our clients encompass a broad range of segments, including:
Our Consumer Financial Services lawyers routinely assist our clients in addressing their company’s overall compliance risks consisting of comprehensive compliance counseling. Examples of our vast regulatory compliance experience include:
- Advising a range of companies, such as a national background investigation company, a national retailer, debt buyers and sellers and a specialized financial services company, on Gramm-Leach-Bliley Act (GLB), Fair Credit Reporting Act (FCRA), Equal Credit Opportunity Act (ECOA) and Regulation B (Reg B), Truth in Lending Act (TILA), Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA), Electronic Funds Transfer Act (EFTA) and E-Sign, Home Affordable Modification Program (HAMP), Home Ownership and Equity Protection Act (HOEPA), Real Estate Settlement Procedures Act (RESPA), Servicemembers Civil Relief Act (SCRA), Regulation Z (Reg Z), Risk Based Pricing Rule, and state analog statutory compliance obligations.
- Regularly counseling the nation’s largest used car retailer in numerous state and federal compliance issues.
- Providing legal counsel to numerous national debt collectors on their affidavit process including addressing personal knowledge challenges.
- Counseling national banks on morphing regulatory changes impacting mortgage servicing.
- Representing national managed healthcare company for TCPA compliance issues.
Our trial lawyers are national leaders in the consumer financial services industry. We have handled literally thousands of individual and class cases across the country, including the following illustrative experience:
- Represent national, regional and local banks, a national credit reporting agency, credit furnishers, debt collectors and buyers, auto finance companies, background screening companies and prospective employers, mortgage lenders and services, data brokers and aggregators and other related consumer finance entities against claims in 1,500+ individual and putative class claims in federal courts across the U.S. under the FCRA, FDCPA, TCPA, ECOA, TILA, EFTA, E-Sign, FTC Holder Rule, Moss-Magnuson Warranty Act, HAMP, HOEPA, RESPA, SCRA, state consumer protection acts.
- Defend retail and wholesale background screening companies and prospective employers in 20+ national class actions for alleged FCRA violations.
- Represent a national debt collection firm in 700+ plaintiff “mass action” for claims of numerous FDCPA violations including allegations of robo-signing of affidavits for collection of default judgments.
- Defend an international bank in a 250+ individual lawsuits, mass actions, and class actions alleging violations of the TCPA and FDCPA for failure to obtain express prior consent to call cellular telephone with an auto-dialer and failing to discontinue calls when supposedly asked in alleged violation of the TCPA.
- Represent a Fortune 100 national bank nationwide against claims of unfair and deceptive acts and practices relating to the financing of consumer transactions.
- Serve as regional litigation defense counsel for a top five mortgage servicer for TILA, RESPA and foreclosure claims.
Federal and state regulators repeatedly make news with their enforcement, investigatory and regulatory actions suggesting consumer protection laws have never posed more of a risk to financial service businesses. The Consumer Financial Services lawyers are skilled and equipped to successfully interact and negotiate with the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), state Attorneys General and other state regulators. Our enforcement experience includes:
- Defense of a national debt collector in a 42-state Attorneys General investigation relating to its collection practices, including coordinating the debt collector’s response to the associated subpoenas issued by the state participants.
- Represent a debt collector in CFPB audit requiring substantial involvement in preparing responses to CFPB’s information and document requests.
- Represent a national consumer reporting agency in a multi-state investigation regarding an investigation into its credit reporting and dispute resolution policies.
- Represent a national workforce staffing agency in its response to a CFPB civil investigative demand targeted at payroll practices.
- Represent a financial institution in FTC investigations concerning a variety of matters, including consumer privacy/data security breaches as well as alleged deceptive or abusive practices by telemarketers, third party payment processors and similar parties.