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 private equity 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.
Mr. Kromer, a Partner in the Washington, D.C., office of Buckley LLP, helps clients navigate the complex maze of federal and state laws and regulations. He regularly counsels clients on compliance with regulations issued by the Consumer Financial Protection Bureau (CFPB), as well as examination and enforcement actions by the Bureau, federal banking agencies, state regulators, and other enforcement agencies. He advises on the laws governing licensing and chartering, usury, advertising, disclosures, privacy, lending and servicing practices, and laws prohibiting unfair, deceptive, or abusive acts or practices (UDAAP).
Mr. Kromer advises financial services firms on new product and business line development, including structuring and negotiating commercial relationships, joint ventures, and outsourcing arrangements. He also assists financial and strategic purchasers of financial services firms and assets on regulatory matters, including due diligence of companies, assets and portfolios, and transactional structuring in light of federal and state licensing and regulatory requirements.
Noteworthy work includes:
- Advising leading marketplace lending companies in responding to supervisory examinations and investigations by enforcement agencies
- Advising several major private equity firms in connection with the acquisition of or investment in multiple consumer finance businesses, including companies engaged in mortgage lending and servicing, consumer and commercial marketplace lending, litigation financing, and specialty finance
- Advising clients in responding to examinations from the CFPB, federal banking regulators andstate regulatory agencies
- Assisting nonbank lending platforms develop and negotiate a commercial partnership arrangements with banks
- Counseling clients on rapidly changing regulatory and licensing requirements applicable to online lenders and brokers and payments companies
Mr. Kromer is recognized by Chambers USA as a leading attorney in the field of Consumer Finance Compliance and is noted by The Legal 500 in the practice areas of Financial Services: Regulatory, and Cyber Law (including Data Protection and Privacy). He frequently speaks at industry conferences on legal issues affecting consumer finance companies. Mr. Kromer is a co-author of a number of publications, including Residential Mortgage Lending: State Regulation Manual; Residential Mortgage Lending: Brokers; Pratt’s State Regulation of Second Mortgages and Home Equity Loans; Mortgage Bankers Guide to Regulatory Compliance; and The Law of Electronic Signatures and Records, and has written numerous articles for consumer financial services industry publications.
Mr. Kromer is a member of the Board of Governors of the Online Lending Policy Institute and a Fellow of the American College of Consumer Financial Services Lawyers. He also served on the Advisory Council of the American Association of Residential Mortgage Regulators from 1998-2018, and is a past Chair of the Housing Finance Subcommittee of the Consumer Financial Services Committee of the Business Law Section of the American Bar Association. He served as Buckley’s Co-Managing Partner from 2009-2019 and is a member of the firm’s partner Board. He received his J.D. from the University of Virginia and his B.A. from the University of Notre Dame.
Expertise in all aspects of consumer lending ... very capable, very sharp, and very responsive. A first-rate attorney.Chambers USA
In The News
The 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 ReleasesBuckley Sandler and its founding profiled in Law360
The firm was profiled in a Law360 article, "Too small to fail?" which discussed the creation of Buckley Sandler and its success over the past decade. Click here to read the full article . Originally published in Law360; reprinted with permission.
In The NewsGordon Miller joins Buckley Sandler
WASHINGTON, DC (August 13, 2018) – Buckley Sandler LLP announced today that banking regulatory lawyer Gordon L. Miller has joined the firm as a Senior Counsel in its Washington, D.C., office. Miller brings more than three decades of public- and private-sector experience in bank regulation,...
Press ReleasesThe Washington Post names Buckley Sandler a Top Workplace for fourth consecutive year
Buckley Sandler was named a Top Workplace by The Washington Post for the fourth consecutive year — making it one of only 19 companies to achieve such an honor. The recognition is based on employee-feedback surveys that measure workplace culture and professional...
AnnouncementsBuckley Sandler recognized by Chambers USA as “an excellent firm” with “a fine stable of expert attorneys”
Buckley Sandler once again has 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 by researching the firms and interviewing...
AnnouncementsBuckley Sandler launches APPROVED licensing service
WASHINGTON, D.C. (March 7, 2018) – Buckley Sandler LLP today formally announced the launch of APPROVED , a new approach to licensing for financial services companies. Buckley Sandler is building upon years of financial services experience and licensing know-how to offer APPROVED, a technology-...
Press ReleasesTim Lange Joins Buckley Sandler as Director of Licensing
WASHINGTON, DC (December 4, 2017) - Buckley Sandler LLP announced today that Tim Lange has joined the firm’s Washington, DC office as Director of Licensing. He will be a member of the firm’s Licensing & Chartering practice, which advises mortgage companies, payments companies, online lenders,...
Press ReleasesBuckley Sandler Recognized by Chambers USA as an “Exceptional” Financial Services Regulation and White Collar Firm
Buckley Sandler has continued to receive top recognition in the areas of 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 in-depth client interviews and peer...
In The NewsThe Legal 500 2017 Recognizes Four Practice Areas and 20 Attorneys at Buckley Sandler
Buckley Sandler has again been cited as one of the nation’s top law firms by The Legal 500 in its 2017 rankings, with the recognition of four practice areas:
- Financial Services: Litigation
- Financial Services: Regulatory
- Cyber Law (Data Protection and ...
Legal 500 Recognizes Four Practice Areas and 14 Attorneys at Buckley Sandler in 2016 Rankings
Buckley Sandler LLP has again been noted as one of the nation’s top law firms, with recognition of four practice areas by The Legal 500 in its 2016 rankings: Financial Services: Litigation Financial Services: Regulatory Technology: Data Protection and Privacy White-Collar Criminal Defense In...
In The NewsBuckley Sandler Noted As "One of the Most Significant Consumer Finance and Banking Enforcement Firms in the US Market" By Chambers USA
Buckley Sandler has continued to receive top recognition in financial services regulation and white collar crime/government investigations from Chambers USA , which ranks leading firms and lawyers in a range of practice areas throughout the US based on in-depth client and peer research. The firm...
In The NewsJohn Kromer Quoted in PennRecord Article, "Commonwealth Court Rules Against Florida Online Lenders"
John Kromer was quoted in Katie Rucke's PennRecord article, "Commonwealth Court Rules Against Florida Online Lenders," on March 21, 2016. A recent Commonwealth Court decision against Florida-based companies should serve as a warning to lenders that do business over the Internet, a Washington, D.C...
In The NewsBuckley Sandler Hosts 2nd Annual CFPB Today Conference
Buckley Sandler LLP hosted its second annual CFPB Today conference in Washington, DC October 25-26, 2015. The two-day event featured an evening of interactive roundtable discussions on CFPB trends, followed by a full day of seminars and breakout sessions. The roundtables and seminars were led by...
Press ReleasesBuckley Sandler Ranks in Top 10 on AmLaw 2015 Midlevel Associates Survey
Buckley Sandler is pleased to announce that the firm has ranked 8th nationwide on The American Lawyer’s “ 2015 Midlevel Associates Survey ,” which measures midlevel associate job satisfaction at AmLaw 200 and Global 100 firms nationwide. Buckley Sandler is also the highest ranked DC-based firm on...
Press ReleasesBuckley Sandler Noted as "Firm of Preeminent Repute in the Consumer Finance and Fair Lending Space" by Chambers USA
Buckley Sandler LLP is pleased to announce that the firm and 13 of its attorneys have received top rankings in Chambers USA , which ranks leading firms and lawyers in a range of practice areas throughout the US based on in-depth client and peer research. Buckley Sandler is ranked as a Band 1 firm...
Press ReleasesBuckley Sandler Hosts Inaugural CFPB Today Conference
Buckley Sandler LLP hosted its inaugural CFPB Today conference in Washington, DC October 5-6, 2014. The two-day event featured an evening of interactive roundtable discussions on CFPB trends, followed by a full day of seminars. The roundtables and seminars were led by approximately 30 Buckley...
In The News
Articles & Special Alerts
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...
InfoBytesSpecial 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 Sandler's TRID Resource Center
Buckley Sandler 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 Sandler’s analysis of the TRID rule and the CFPB’s amendments, transcripts of CFPB webinars providing...
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...
Articles
Awards and Recognitions
Awards & Recognitions
- Chambers USA 2012-2019, Band 3, Financial Services Regulation: Consumer Finance (Compliance)
- 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
- 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, House of Representatives for Rep. Larry J. Hopkins (R-KY)