Edward W. Somers

Edward Somers is Counsel in the Chicago office of Buckley LLP. Mr. Somers' practice focuses on advising institutions in regulatory and enforcement matters related to payment systems, consumer lending, and electronic financial services. Mr. Somers routinely assists clients with designing and enhancing policies and processes for compliance with the requirements of the Electronic Fund Transfer Act (Regulation E), the Electronic Signatures in Global and National Commerce Act (ESIGN), the Uniform Electronic Transactions Act (UETA), the Uniform Commercial Code, and various other laws and industry standards. He has also represented financial institutions in examinations by the Consumer Financial Protection Bureau (CFPB) and has extensive experience defending consumer class action litigation matters related to lender-placed insurance, loan modifications, and other mortgage servicing practices.

His experience includes:

• Providing gap analysis of Regulation E compliance, including preparing for and coordinating responses to CFPB examinations
   
• Advising financial institutions on end-to-end design of electronic contracting processes, from drafting underlying account agreements to the design of the electronic presentation and signature process
   
• Coordinating responses to Department of Justice (DOJ) subpoenas and civil investigative demands related to Federal Housing Administration (FHA) lending practices issued to a large FHA lender
   
• Assisting bank and nonbank financial services companies and mortgage clients with regulatory and litigation issues related to state and federal consumer protection laws regarding lending, debt collection, and residential mortgage servicing and foreclosure, with particular focus on Truth in Lending Act (TILA) and Regulation E issues
   
• Advising nonbank financial institutions and mortgage lenders and servicers on state lending, servicing, and debt collection licensing and compliance matters, including examinations by state regulators

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.