Edward Somers is Counsel in the Chicago office of Buckley LLP. Mr. Somers' practice focuses on advising financial institutions and the fintech industry in regulatory, supervisory, and enforcement matters related to payment systems, consumer lending, and electronic contracting. Mr. Somers routinely assists clients with designing and enhancing products, policies and processes for compliance with the Electronic Fund Transfer Act (EFTA), the Electronic Signatures in Global and National Commerce Act (ESIGN), the Uniform Electronic Transactions Act (UETA), the Uniform Commercial Code (UCC), and various other laws and industry standards. He has also represented financial institutions in examinations and enforcement matters by the Consumer Financial Protection Bureau (CFPB).
His experience includes:
- Routinely advising a variety of national and regional financial institutions in consumer protection law compliance, including in the areas of the EFTA, the Expedited Funds Availability Act, the Truth in Savings Act, the Telephone Consumer Protection Act, and the Americans with Disabilities act as applied to web and mobile content
- Providing gap analysis and consumer remediation counseling in the area of Regulation E compliance, including in the areas preauthorized payments, prepaid card products, error resolution requirements, and remittance transfers
- Advising in the areas of private payment systems rules, including National Automated Clearing House Association (NACHA) and card network rules
- Advising financial institutions on end-to-end design of electronic contracting processes, from drafting underlying consumer agreements to the design of electronic presentation, execution, and record retention processes
- Counseling on the design and implementation of systems necessary to comply with the ESIGN Act, UETA and Article 9 of the UCC in connection with the creation, execution, retention and assignment of transferable records, electronic chattel paper and other electronic evidences of debt
- End-to-end design counseling for electronic consumer contracting processes and compliance with the ESIGN Act and UETA, and other similar state analogues; and
Mr. Somers received his J.D. from the University of Chicago in 2009 and his B.A. from the University of Notre Dame in 2006.
WASHINGTON, DC (January 9, 2017) – BuckleySandler LLP, a premier financial services, government enforcement, and litigation law firm, today announced the promotion of eight associates in four of its offices to counsel, and one of its regulatory attorneys to associate, effective January 1, 2017. “We...Press Releases
"Navigating digitized mortgage processes during Covid-19" by Valerie L. Hletko and Edward W. Somers (Law360)
The risks presented by the coronavirus pandemic have forced innovation in executing consumer contracts — and fast. Not least affected is the mortgage industry, which typically relies on in-person interactions for document execution to satisfy legal requirements and investor guidelines. Office...Articles
Michelle L. Rogers and Edward W. Somers Authored a Law360 Article, "CFPB Shines Spotlight On Consumer Remittance Transfers"
The Consumer Financial Protection Bureau recently closed a 60-day public comment period on a plan to conduct an assessment of the effectiveness of its May 2013, final rule governing consumer remittance transfers under Subpart B of Regulation E (remittance transfer rule). The remittance transfer...Articles
The fifth edition of the Practising Law Institute’s Consumer Financial Services Answer Book was published this month, with 29 Buckley Sandler attorneys contributing to this leading desk reference. The 2016 edition of the Consumer Financial Services Answer Book continues to provide practitioners...Articles