Consumer Financial Services Compliance

Our attorneys are highly familiar with the responsibilities related to furnishing credit information, including the creation of Furnisher Rule policies and procedures, related template response letters, and guidance on implementation, including the reporting guidelines established by the Consumer Data Industry Association (Metro 2). We negotiate and draft contracts between consumer reporting agencies and parties that use consumer report information and furnish account tradeline information to consumer reporting agencies. We also advise teams on laws that affect the content and timing of adverse action and risk-based pricing notices and assist in drafting such notices and related policies and procedures. 

Our team helps clients convert paper contracts and other documents into electronic and electronically signed contracts. We also help design credit agreements, disclosures, websites, and applications in a way that complies with the laws regulating these practices. 

Our group has provided comprehensive licensing support to consumer finance clients for more than 30 years. Attorneys work with an internal team of experienced licensing professionals to analyze applicable laws, regulations, and regulatory guidance, determining which licenses are required based on the specific details of a client’s business. We complete all required applications and also follow up with regulators to expedite approvals. Learn more. 

We render regulatory compliance opinions, including opinions required in connection with public offerings of securities by mortgage lending, manufactured housing, and automotive finance clients. Our lawyers also have experience handling bank mergers and acquisitions, as well as smaller transactions, such as servicing and dealer agreements. 

Our attorneys have experience handling everything from the initial credit application to the documentation of the lease or sale, and financing through repossession and disposition of collateral, or early lease termination. We develop policies and procedures, compliance management systems, consumer correspondence, nationwide repossession notices, and more. We help clients prepare for Consumer Financial Protection Bureau (CFPB) supervision and assist in implementing and evaluating fair lending programs. Learn more. 

The partners in our practice are generally recognized among the top few national firms in this field, working with lenders and loan program administrators to develop documentation and compliance systems for private student loan programs designed for students attending conventional institutions of higher education, as well as proprietary schools. Learn more. 

We work with Fintech companies, SaaS providers, and marketplace lenders offering alternative lending and payments solutions, providing legal compliance advice to companies developing a national lending program, whether through a bank partnership program, state lender licenses, or both. We also assist Fintech companies and marketplace lenders with compliance matters involving payments to ensure that the use and acceptance of electronic payments comply with federal regulations and other guidance, as well as the rules and guidance issued by the Electronic Payments Association (NACHA) and the operating rules of the major credit and debit card brands. Learn more. 

Our group includes legal pioneers in this niche area of consumer financial services, representing manufacturers, retailers, lenders, and community operators. We continuously assist lenders and financing sources in rolling out new lending programs and expanding their lending footprints. Our Consumer Financial Services Team played an instrumental role in the enactment of titling laws in 14 states and represented the industry at the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac. 

Our team provides legal, regulatory, and compliance advice throughout the mortgage process. From the initial stages of licensing and loan origination to disclosures, permissible fees, multi-state loan documentation, and federal and state requirements, we address the full alphabet soup of mortgage origination requirements, as well as related preemption issues.  

For mortgage servicing, our work often involves addressing issues with onboarding, day-to-day servicing matters, servicing transfers, escrow requirements, flood insurance, force-placed insurance, credit reporting, collections, loss mitigation, foreclosures, REO, property preservation, Servicemembers Civil Relief Act (SCRA), military law, and third-party service providers. Learn more. 

We work with insurance companies, producers, and lenders to structure credit insurance policies and programs, as well as related products and services, and to handle form, rate, and other filings. Our firm regularly serves as sole outside counsel on matters involving the aftermarket sales of ancillary products, including motor vehicle service contracts, guaranteed automobile protection, tire and wheel protection, and similar products – from inception through cancellation, refund, and runoff responsibility. 

Our team designs credit card programs for banks, merchants, and service providers and advises these clients on compliance with state and federal law. We advise on compliance and risk management issues related to payment systems, network operating rules, merchant processing, marketing, collections, and servicing. We also assist with the development of a wide range of application disclosures, account opening disclosures, credit agreements, arbitration agreements, periodic statements, and change-in-terms notices for different types of consumer-purpose credit cards. 

We are lead compliance counsel for several national and state-chartered banks, federal savings associations, and other financial institutions. We are also national leaders on issues that arise, with two of our partners having served as Chair and Vice-Chair of the Deposit Products and Payment Systems Subcommittee of the American Bar Association (ABA). 

We advise on structuring, compliance, and operational considerations with regard to manufacturer product warranties – specifically, written warranties under the Federal Magnuson-Moss Warranty Act. Our experience includes warranty program structures, restricting warranty coverage in limited warranties, and advising clients on the interplay between federal and state law implied warranties, particularly motor vehicle warranties.