Expertise in all aspects of consumer lending ... very capable, very sharp, and very responsive. A first-rate attorney.Chambers USA
John P. Kromer
Partner
Biography
John Kromer, one of the nation’s leading consumer financial services lawyers, provides bank, nonbank, fintech and financial sponsor clients with proactive and practical counsel to enable them to meet business objectives and manage risk in a rapidly changing business, legal and regulatory environment.
Expertise in all aspects of consumer lending ... very capable, very sharp, and very responsive. A first-rate attorney.Chambers USA
In The News
Legal 500 2022 recognizes 18 Buckley attorneys in five practice areas
“They treat their clients better than any other law firm I’ve experienced,” is what one respondent said about Buckley LLP to Legal 500, which ranked the firm as a top law firm in five categories and recognized 18 of its attorneys for its 2022 edition.
The publication recognized...
AnnouncementsBuckley recognized by Chambers USA for consumer financial services, white collar, and fintech practices
Chambers USA named Buckley LLP a nationwide Band 1 firm in all consumer finance categories in its 2022 rankings, recognizing six of its partners in those practices. The firm received top recognition in Consumer Finance Compliance, Consumer Finance Litigation, and Consumer Finance...
AnnouncementsLegal 500 2021 recognizes 17 Buckley attorneys in six practice areas
“While some firms will provide lengthy and expensive legal analysis, Buckley’s team relies on their depth and breadth of expertise to provide useful guidance from various team members quickly and efficiently,” a respondent told Legal 500, which ranked Buckley LLP as a top law firm and...
AnnouncementsBuckley recognized by Chambers USA for consumer financial services, white collar practices
Chambers USA named Buckley LLP a nationwide Band 1 firm in all consumer finance categories in its 2021 rankings, recognizing nine of its partners in those practices — more than any other firm in the country. The firm received top recognition in Consumer Finance Compliance, Consumer...
AnnouncementsLegal 500 2020 recognizes 21 Buckley attorneys in six practice areas
“Buckley attorneys are incredibly responsive while providing top quality legal services,” is how respondents described the firm in the 2020 edition of Legal 500, which ranked Buckley as a top law firm and recognized it in six categories:
- Corporate Investigations and White ...
Buckley recognized by Chambers USA as a “top-notch” firm in financial services and white collar work
Buckley has once again received top recognition in financial services regulation, white collar crime/government investigations, and fintech from Chambers USA, which ranks the country’s leading firms and lawyers in a range of practice areas based on research and client interviews....
AnnouncementsJohn P. Kromer quoted in American Banker article, “OCC offers road map for banks to bypass ‘Madden’ ruling”
John P. Kromer was quoted on November 18, 2019 in an American Banker article, “OCC offers road map for banks to bypass ‘Madden’ ruling,” which discussed the Office of the Comptroller of the Currency’s proposed plan for banks to be able to work around the 2015 Madden v. Midland Funding ruling that...
In The NewsJohn P. Kromer quoted in American Banker article, “As federal fintech regulatory plans founder, a push for alternatives”
John P. Kromer was quoted on November 4, 2019 in an American Banker article, “As federal fintech regulatory plans founder, a push for alternatives,” which discussed the desire to create alternative "flexible" supervisory regimes for fintechs in the wake of stalled attempts to create a national...
In The NewsJohn P. Kromer quoted in Law360 article, “Fintech adoption poised for growth in US despite lag”
John P. Kromer was quoted on August 20, 2019 in a Law360 article, “Fintech adoption poised for growth in US despite lag,” which discussed the adoption of fintech products around the world, and delays in the U.S. due to regulatory hurdles. The article stated, “A number of roadblocks exist in the U.S...
In The NewsThe Legal 500 2019 recognizes 17 Buckley attorneys in five practice areas
The Legal 500 once again ranked Buckley as a top law firm and recognized it in five categories:
- Corporate Investigations and White Collar Criminal Defense: Corporate – Tier 4
- Corporate Investigations and White Collar Criminal Defense: Individuals – Tier 2 ...
Buckley recognized by Chambers USA as a “first-rate firm” in financial services; “crème de la crème” for White Collar practice
Buckley has once again received top recognition in financial services regulation and white collar crime/government investigations from Chambers USA, which ranks the country’s leading firms and lawyers in a range of practice areas based on research and client interviews.
In total...
AnnouncementsBuckley announces name and leadership changes
WASHINGTON, DC (Jan. 17, 2019) – Buckley Sandler LLP, a premier national law firm focused on financial services, white collar defense, and complex civil litigation, has changed its name to Buckley LLP and reorganized its governance structure and leadership team. The decision to shorten the firm’s...
Press ReleasesBuckley Sandler announces four counsel promotions for 2019
WASHINGTON, D.C. (Jan. 2, 2019) – Buckley Sandler LLP today announced the promotion of four associates to counsel, effective Jan. 1, 2019. “We are pleased to recognize these four outstanding attorneys who have consistently provided excellent service on behalf of our clients,” said Co-Managing...
Press ReleasesJohn P. Kromer quoted in PaymentsJournal article, “The BCFP’s 'disclosure sandbox' is shovel ready – Who will be the first!”
John P. Kromer was quoted on November 28, 2018 in a PaymentsJournal article, “The BCFP’s 'disclosure sandbox' is shovel ready – Who will be the first!” which discussed the agency’s program that would allow companies to experiment with new product disclosures to consumers. The article stated, “The...
In The NewsBuckley Sandler to move its D.C. headquarters in 2019
WASHINGTON, DC (October 15, 2018) – Buckley Sandler LLP announced today that it has signed a 13-year lease with Brookfield Properties to move its headquarters in Washington, D.C., during the second quarter of 2019. The move to 2001 M Street, N.W., will come shortly after Buckley Sandler marks its...
Press Releases
Publications
Special Alert: OCC Takes the Next Step Toward a Fintech National Bank Charter
On December 2, 2016, the Office of the Comptroller of the Currency (“OCC”) announced its plans to move forward with developing a special purpose national bank charter for financial technology (“fintech”) companies. Accompanying the Comptroller of the Currency, Thomas J. Curry’s announcement, the...
ArticlesSpecial Alert: Election Results - Preliminary Thoughts and Reactions
As a result of last Tuesday’s election, Republicans will control the White House and both houses of Congress in 2017. It is likely there ultimately will be some significant changes affecting financial services regulation and enforcement, but they will take time to implement. The President-elect has...
ArticlesSpecial Alert: D.C. Circuit Panel Rejects CFPB's RESPA Interpretation and Alters its Structure in PHH Corp. v. CFPB
On October 11, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion vacating a $109 million penalty imposed on PHH Corporation under the anti-kickback provisions of the Real Estate Settlement Procedures Act (RESPA), concluding that the CFPB...
ArticlesSpecial Alert: NYDFS Stakes Claim on Cybersecurity Regulation
On September 13, the New York Department of Financial Services (DFS) issued a proposed rule establishing cybersecurity requirements for financial services companies, and has thus ventured into new territory for state regulators. In the words of Governor Cuomo, “New York, the financial capital of...
ArticlesSpecial Alert: More Turbulence for Marketplace Lending - CFPB Prevails in "True Lender" Litigation
After what seems to be an extended season of heavy weather for marketplace lending, a federal district court in California unleashed a late-Summer lightning storm in Consumer Financial Protection Bureau v. CashCall, Inc. In a CFPB action leveled against the so-called “tribal model” of online...
ArticlesSpecial Alert: CFPB Finalizes Amendments to Mortgage Servicing Rules
On August 4, the CFPB issued its long-awaited final amendments to the mortgage servicing provisions of Regulations X and Z. The Bureau had sought comment on the proposed rule in December 2014, more than 18 months ago. Spanning 900 pages, the final rule makes significant changes that will impact...
ArticlesSpecial Alert: CFPB Proposes Amendments to Know Before You Owe/TRID Rule
On Friday, the CFPB issued its much anticipated proposal to amend the KBYO/TRID rule. The CFPB crowded dozens of proposed changes into the almost 300 page proposal, most of which are highly technical and require careful examination. As the Bureau has signaled since its intention to issue amendments...
ArticlesSpecial Alert: CFPB Releases Outline of Proposed Rule for Third Party Debt Collectors
On July 28, the CFPB announced that it is considering proposing a rule to “overhaul the debt collection market by capping collector contact attempts and by helping to ensure that companies collect the correct debt.” The CFPB released several related documents, including a report on third-party debt...
ArticlesSpecial Alert: Maryland Ruling Opens New Front in Battle Over Bank Partnership Model
On June 23, the Maryland Court of Appeals affirmed a lower court judgment holding that a non-bank entity assisting consumers obtain loans from an out-of-state bank and then repurchasing those loans days later qualifies as a “credit service business” under the Maryland Credit Services Business Act (...
ArticlesSpecial Alert: CFPB's Proposed Rule Regarding Payday, Title, and Certain Other Installment Loans
On June 2, 2016, the CFPB published its proposed rule (the “ Proposed Rule ”) addressing payday loans, vehicle title loans, and certain other installment loans (collectively “covered loans”). This alert summarizes the Proposed Rule and compares the Proposed Rule to the CFPB’s March 26, 2015 outline...
ArticlesThe Law of Electronic Signatures and Records, 2016 Edition
The Law of Electronic Signatures and Records is an essential guide to electronic signatures and records laws, including the context in which the laws were adopted and the ways in which the authors believe the drafters intended them to be interpreted. Buckley Sandler attorneys John Kromer and Jerry...
ArticlesSpecial Alert: CFPB Plans to Propose TRID Amendments in July
Director Cordray announced yesterday in a letter to industry trade groups that the CFPB has "begun drafting a Notice of Proposed Rulemaking (NPRM) on the Know Before You Owe Rule.” However, contrary to some reports, the proposal is not imminent. Instead, Director Cordray stated that the Bureau “...
ArticlesSpecial Alert: CFPB Director Opines on TRID Liability
On December 29, 2015, CFPB Director Richard Cordray issued a letter in response to concerns raised by the Mortgage Bankers Association regarding violations of the CFPB’s new TILA-RESPA Integrated Disclosure (“TRID”) rule, also known as the Know Before You Owe rule. In an effort to address concerns...
ArticlesThe Law of Electronic Signatures, 2014-2015 Edition
The Law of Electronic Signatures and Records is an essential guide to electronic signatures and records laws, including the context in which the laws were adopted and the ways in which the authors believe the drafters intended them to be interpreted. Buckley Sandler attorneys John Kromer and Jerry...
ArticlesThe CFPB's Mortgage Originations Agenda in 2016
Now more than ever, financial services firms need to proactively focus on issues of concern identified by the CFPB and ensure that they are engaged in industry best practices that are clearly identified and carefully monitored. In the mortgage originations sphere, the new TRID/ KBYO rule, MSAs, LO...
ArticlesConsumer Financial Services Answer Book 2016
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...
ArticlesSpecial Alert: CFPB Adopts Significant Expansion of HMDA Requirements
On October 15, the Consumer Financial Protection Bureau (the CFPB or Bureau) issued a final rule that will expand the scope of the Home Mortgage Disclosure Act (HMDA) data reporting requirements while seeking to streamline certain existing requirements. Although some of the new data points the...
ArticlesSpecial Alert: CFPB Issues Guidance Regarding Marketing Services Agreements
On October 8, 2015, the Consumer Financial Protection Bureau (“CFPB”) published a compliance bulletin providing guidance to mortgage industry participants regarding the permissibility of marketing services agreements (“MSAs”) under the Real Estate Settlement Procedures Act (“RESPA”). The bulletin...
ArticlesSpecial Alert: Second Circuit Will Not Rehear Madden Decision That Threatens to Upset Secondary Credit Markets
Two months ago we issued a Special Alert regarding the decision of the Court of Appeals for the Second Circuit in Madden v. Midland Funding, LLC, which held that a nonbank entity taking assignment of debts originated by a national bank is not entitled to protection under the National Bank Act (“NBA...
ArticlesSpecial Alert: CFPB Officially Delays TRID Rule Until October 3
The CFPB finalized a rule today that delays the effective date of the TILA-RESPA Integrated Disclosure (“TRID”) rule, including all amendments, from August 1 to October 3, 2015 . This is consistent with the proposed rule issued last month, which we wrote about here . The CFPB considered...
ArticlesSpecial Alert: CFPB Launches First Monthly Complaint Report Providing Snapshot of Consumer Trends
On July 16, 2015, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) launched the first in a new series of monthly complaint reports highlighting key trends from consumer complaints submitted to the CFPB. Importantly, its monthly report provides significant detail on the complaints the...
ArticlesSpecial Alert: CFPB Issues Proposal to Delay TRID Rule Until October 3
The CFPB issued a proposed rule today to delay the effective date of the TILA-RESPA Integrated Disclosure (“TRID”) rule, including all amendments, from August 1 to October 3, 2015. The proposed delayed effective date is two days later than the date announced last week so that the effective date...
ArticlesSpecial Alert: CFPB Will Propose to Delay TRID Rule Until October 1
Two weeks after declining requests from industry and members of Congress for delayed enforcement of the TILA-RESPA Integrated Disclosure (“TRID”) rule, the CFPB announced today that it will be issuing a proposed amendment to delay the rule’s effective date from August 1 to October 1, 2015. CFPB...
ArticlesSpecial Alert: Second Circuit Decision Threatens to Upset Secondary Credit Markets
The Second Circuit Court of Appeals’ recent decision in Madden v. Midland Funding, LLC held that a nonbank entity taking assignment of debts originated by a national bank is not entitled to protection under the National Bank Act (“NBA”) from state-law usury claims. In reaching this conclusion, the...
ArticlesSpecial Alert: CFPB Consent Order Applies Loan Originator Compensation Rule to Marketing Services Agreements
On Friday, the CFPB announced a consent order against Guarantee Mortgage Corporation , resolving allegations that the company paid loan originators based on the terms of their mortgage loans in violation of the Loan Originator Compensation Rule (the “LO Comp Rule”). Since inheriting responsibility...
ArticlesSpecial Alert: CFPB Issues Statement on TRID Enforcement
On June 3, CFPB Director Cordray responded to requests from industry and members of Congress for delayed enforcement of the Bureau’s TILA-RESPA Integrated Disclosure (“TRID”) rule, which will take effect for applications received on or after August 1, 2015. The Bureau did not, as many had hoped,...
ArticlesSpecial Alert: CFPB Releases Outline of Proposed Rule for Payday, Vehicle Title, and Similar Loans
On March 26, the CFPB announced that it is considering proposing a rule to “end payday debt traps” and released several related documents, including a fact sheet and an outline of the proposal that will be presented to a panel of small businesses pursuant to the Small Business Regulatory...
ArticlesSpecial Alert: USDA-RHS Proposes Its Own QM Rule
On March 5, 2015, the USDA-RHS released a proposed rule to amend the regulations for the Single Family Housing Guaranteed Loan Program (SFHGLP) to provide that a loan guaranteed by USDA-RHS is a QM if it meets certain requirements set forth by the CFPB. In addition, USDA-RHS proposed to add the...
ArticlesSpecial Alert: CFPB States Supervisory Obligations Trump Nondisclosure Agreements
On January 27, the CFPB issued Compliance Bulletin 2015-01 to remind supervised financial institutions of their obligations concerning the disclosure of confidential supervisory information (CSI) to the CFPB and to third parties. Specifically, the Bulletin addresses the interaction between a...
ArticlesSpecial Alert: CFPB Finalizes Amendments to TILA-RESPA Integrated Mortgage Disclosures
On January 20, 2015, the CFPB finalized amendments to the TILA-RESPA Integrated Disclosure (“TRID”) rule that make a number of amendments, clarifications, and corrections, including: Relaxing the redisclosure requirements after a rate lock. The final rule permits creditors to provide a revised Loan...
ArticlesSpecial Alert: CFPB Finalizes Points-and-Fees Cure and Other Mortgage Rule Amendments
Last week, the CFPB finalized an important amendment to its ATR/QM Rule that provides a mechanism for curing points-and-fees overages on qualified mortgage (“QM”) loans, as well as more minor amendments to its mortgage origination and servicing rules. The new rules, which were proposed in April,...
ArticlesSpecial Alert: Class Action Suit Filed Based on CFPB Consent Order
In what may be the first action of its kind, a consumer who received restitution under the CFPB consent order has filed a class action lawsuit based on the same alleged violations. While this litigation is still in its early stages, it serves as an important reminder that an institution’s exposure...
ArticlesSpecial Alert: Proposed Amendments to the TRID Rule and Introducing Buckley's TRID Resource Center
Buckley is pleased to announce our new TILA-RESPA Integrated Disclosure (“TRID”) Resource Center . The TRID Resource Center is a one-stop shop for TRID issues, providing access to Buckley's analysis of the TRID rule and the CFPB’s amendments, transcripts of CFPB webinars providing guidance on the...
ArticlesConsumer Financial Services Answer Book 2015
Buckley Sandler lawyers played a prominent role in the publication of this leading desk reference on consumer financial services, published by the Practising Law Institute. The 2015 edition of this publication continues to provide practitioners with a core understanding of the laws governing...
ArticlesSpecial Alert: CFPB Bulletin Re-Emphasizes Focus on Mortgage Servicing Transfers
On August 19, 2014, the CFPB issued Bulletin 2014-01 to address “potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights.” The bulletin, which is the latest in a series of CFPB regulations, statements, and guidance on this subject, replaces...
ArticlesSpecial Alert: CFPB Issues Guidance on Supervision and Enforcement of Mini-Correspondent Lenders
This afternoon, the CFPB issued policy guidance on supervision and enforcement considerations relevant to mortgage brokers transitioning to mini-correspondent lenders. The CFPB states that it “has become aware of increased mortgage industry interest in the transition of mortgage brokers from their...
ArticlesSpecial Alert: CFPB Guidance States That Successors Are Not Subject to the ATR/QM Rule
On July 8, 2014, the CFPB issued an interpretive rule stating that the addition of a successor as an obligor on a mortgage does not trigger the Ability-to-Repay/Qualified Mortgage Rule (“ATR/QM Rule”) requirements if the successor previously received an interest in the property securing the...
ArticlesSpecial Alert: VA Adopts Its QM Rule
On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining what constitutes a “qualified mortgage” (QM) for purposes of the loans it guarantees, insures, or originates. The VA stated that, to quell persistent uncertainty among lenders regarding the treatment of VA...
ArticlesSpecial Alert: CFPB Proposes Amendments to Mortgage Rules
On April 30, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed targeted amendments to the Dodd-Frank Act mortgage rules that took effect in January 2014. Comments are due 30 days after publication of the proposal in the Federal Register. Ability-to-Repay/Qualified Mortgage Points...
ArticlesSpecial Alert: HUD Adopts Its Own QM Rule
On December 11, 2013, the Department of Housing and Urban Development (“HUD”) issued a final rule defining what constitutes a “qualified mortgage” (“QM”) for purposes of loans insured by the Federal Housing Administration (“FHA”). With limited clarifications and adjustments, the rule tracks the...
ArticlesCFPB Finalizes Rule Combining TILA and RESPA Mortgage Disclosures
UPDATED OCTOBER 15, 2014: Updated to reflect amendments proposed by the CFPB on October 10, 2014. On November 20, 2013, the CFPB finalized its long-awaited rule combining the mortgage disclosures consumers receive under the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act...
ArticlesSpecial Alert: HUD Proposes Its Own QM Rule
On September 27, HUD released a proposal defining what constitutes a “qualified mortgage” (QM) for purposes of loans insured by the FHA. We have prepared a Special Alert regarding this proposal, which, once it is finalized and takes effect, will replace the temporary QM definition for FHA loans...
Articles
Awards and Recognitions
Awards & Recognitions
- Chambers USA 2012-2022, Band 3, Financial Services Regulation: Consumer Finance (Compliance)
- Legal 500 2022: Recognized in the Financial Services Regulation practice area and Fintech practice area
- Best Lawyers 2022: Banking and Finance Law
- Legal 500 2021: Recognized in the Financial Services Regulation practice area and Fintech practice area
- Best Lawyers 2021: Banking and Finance Law
- Legal 500 2020: Recognized in the Cyber Law (Data Privacy and Data Protection) practice area and Fintech practice area
- Best Lawyers 2020: Banking and Finance Law
- Best Lawyers 2019: Banking and Finance Law
- Legal 500 2019: Recognized in the Financial Services: Regulatory practice area
- Legal 500 2017: Recognized in the Financial Services: Regulatory and the Cyber Law (Data Protection and Privacy) practice areas
- Legal 500 2016: Recognized in the Finance - Financial Services: Regulatory practice area
- Fellow, American College of Consumer Financial Services
- American Association of Residential Mortgage Regulators, 2003: Distinguished Service Award
Practice Areas
- Alternative Finance
- Bank Counseling & Compliance
- Broker-Dealers & Investment Advisers
- Consumer Finance
- Consumer Financial Protection Bureau
- Enforcement Actions & Investigations
- Examinations
- Equipment Leasing & Finance
- Fair Lending and Fair Servicing
- Fintech
- Formation, Charter & Structure
- Licensing
- Mortgages
- Private Banking
- Private Equity & Venture Capital
- Transactions
- Unfair, Deceptive, or Abusive Acts or Practices
Education
- J.D., University of Virginia, 1993
- B.A., University of Notre Dame, 1988 (magna cum laude)
Admissions
- District of Columbia
- Virginia
Government Service
- Legislative Assistant, U.S. Representative Larry J. Hopkins (R-KY)