Consumer Finance
One of the most significant consumer finance firms in the US market.Chambers USA
Practice Overview
Consumer financial services is one of the nation’s most heavily regulated industries. Whether a company is addressing compliance with governing regulations, considering a significant transaction, navigating matters relating to regulatory supervision, or facing an enforcement action or litigation, having an experienced legal team is foundational for long-term success.
With more than 100 lawyers focusing on consumer finance, Buckley has an industry-leading team that is seasoned in counseling clients on the ever-growing array of statutes and regulations that govern consumer financial products and services. Our lawyers are intimately familiar with these laws and regulations through their daily work, and in many instances, have been involved in their drafting. The depth of our work in this field enables us to offer an unparalleled view across the playing field as companies seek to tackle current challenges and look around the corner to address emerging risks.
From money-center banks to start-ups, Buckley advises clients across products, markets, and industries. Our clients include depository institutions; mortgage companies; auto, student, and specialty lenders; secondary market loan purchasers; credit, debit, and payment card companies; the full spectrum of online financial services programs, including marketplace lenders and other fintech companies; money transmitters and payment processors; debt collectors and debt buyers; and retail installment sellers. In addition, we represent private equity firms that own these companies or are considering acquiring them.
We regularly counsel clients in matters involving the Consumer Financial Protection Bureau (CFPB), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Federal Trade Commission (FTC), the Department of Housing and Urban Development (HUD), the Department of Justice (DOJ), state attorneys general, and other federal and state regulators.
Our notable work includes:
- Represented Flagstar Bank in the first CFPB enforcement action regarding the CFPB’s mortgage servicing rules that resulted in an administrative consent order settlement for $37.5 million relating to default servicing loss mitigation practices
- Represented Verizon Wireless in a settlement with CFPB, Federal Communications Commission (FCC), and 51 attorneys general alleging that Verizon Wireless permitted third parties to place unauthorized charges on consumers’ wireless phone bills
- Represented a payday loan/check cashing management company in an FTC enforcement action regarding the Fair Credit Reporting Act Disposal Rule and the Gramm–Leach–Bliley Act Safeguards Rule
- Represented JPMorgan Chase Bank in a joint CFPB and Maryland Attorney General investigation into allegations that loan officers accepted leads and marketing assistance from a now-defunct title company in exchange for referrals to the title company. The investigation resulted in a settlement for less than $1 million with no admission of liability
- Conducted an enterprise-wide compliance risk assessment for a top five consumer finance company to assess the strength of the company’s compliance management system in preparation for CFPB supervision
- Conducted a compliance gap analysis for a consumer finance company with a multistate footprint to evaluate regulatory risk under federal consumer protection laws. Providing ongoing regulatory counseling and transactional advice for the company
- Represented numerous correspondent lenders in actions for breach of contract and indemnification brought by the ResCap Liquidating Trust as successor to Residential Funding Company (RFC) arising from the sale and subsequent securitization of residential mortgage loans
One of the most significant consumer finance firms in the US market.Chambers USA
Articles
"Reducing the regulatory risk of merchant cash advances and factoring" by Clinton R. Rockwell, Moorari K. Shah, and Lauren Frank (Law360)
A growing number of courts and regulators have reached different conclusions on whether factoring and merchant cash advances constitute loans subject to state lender licensing and usury regulations, leaving many factoring companies and their clients without legal certainty about the nature of the...
Articles"What to expect from increased FTC-state AG collaboration" by Michelle L. Rogers, Antonio J. Reynolds, and Katherine L. Halliday (Law360)
In prepared remarks at the winter meeting of the National Association of Attorneys General on March 5, 2019, Federal Trade Commission Chairman Joseph Simons advocated for increased collaboration with state attorneys general and noted that such collaboration is critical to the FTC’s mission. His...
Articles"Breaking down (language) barriers: A practical approach to LEP borrowers" by Jessica L. Pollet and Susanna K. Sedrak (Westlaw Journal)
In roughly 5.3 million households in the United States, the head of the house doesn’t speak English as the primary language or has limited ability to understand it.1 But like most individuals seeking full participation in the U.S. economy, those with limited English proficiency need access to...
Articles"FTC has big agenda for 2019. How should companies prepare?" by Michelle L. Rogers and Katherine L. Halliday (Bloomberg Law)
Federal Trade Commission Chairman Joseph Simons recently previewed an aggressive and expansive consumer protection agenda for 2019, invoking the commission’s broad powers to pursue unfair or deceptive acts or practices, and adding “fraudulent” to the types of conduct he expects to police. Among the...
Articles"Is the CFPB bound by its non-binding guidance? The implications of the PHH due process decision for TRID and other CFPB rules" by Brandy A. Hood and Steven R. vonBerg
Predictability and certainty are crucial components of the consumer finance market. Consumers crave it, as do industry participants. A common understanding of legal requirements promotes uniformity in the application of consumer protections and allows lenders, servicers, systems providers,...
Buckley Commentary & Analysis"Takeaways from military member complaints at CFPB" by Jeffrey P. Naimon, Sasha Leonhardt, and Christina R. Smith (Law360)
The Consumer Financial Protection Bureau ’s Office of Servicemember Affairs recently released a report highlighting issues facing military consumers based on complaints submitted by service members, veterans and their families. This report identifies categories and trends among the approximately 48...
Articles"The great data breach standing circuit split" by Amanda R. Lawrence, Antonio J. Reynolds, and Michael A. Rome (Law360)
Data breaches are back in the news in a big way. Over the past several weeks alone, prominent hotel chains, online platforms and retailers announced significant data breaches. Unsurprisingly, in the aftermath of these disclosures, consumers filed class actions alleging that the data breaches...
Articles"Finding the purpose in bureau civil investigative demands" by Aaron C. Mahler (Bloomberg BNA)
“Why me?” It’s a common refrain whenever something bad happens. It’s also one of the first questions companies ask when finding themselves on the receiving end of a civil investigative demand from the Consumer Financial Protection Bureau. The logical place to look should be the notification of...
Articles"FTC v. D-Link Systems and the internet of things" by Elizabeth E. McGinn, John B. Williams, and Christopher M. Walczyszyn (Westlaw)
As businesses expand the availability of internet-connected devices, Buckley Sandler LLP attorneys Elizabeth McGinn, John Williams and Christopher Walczyszyn address the Federal Trade Commission’s role in regulating and enforcing “internet of things” device security to protect consumers’ data...
Articles"Hurricane Florence: How state laws protect service members" by Jeffrey P. Naimon, Sasha Leonhardt, and Jessica M. Shannon (Law360)
As the southeastern United States braces for Hurricane Florence, the governors of North Carolina, South Carolina and Virginia have authorized their state National Guard for response efforts, and neighboring governors in Maryland and West Virginia have placed their National Guard members on notice...
Articles
News & Blogs
Democratic Senators ask regulators about fintech discriminatory lending
On June 10, Senators Elizabeth Warren (D-Mass.) and Doug Jones (D-Ala.) wrote to the Federal Reserve Board, the OCC, the FDIC, and the CFPB requesting information regarding the role the regulators can play in ensuring that fintech companies serve consumers on a nondiscriminatory basis. The letter...
InfoBytes11th Circuit: Motion to reschedule foreclosure does not violate RESPA
On June 11, the U.S. Court of Appeals for the 11th Circuit affirmed the dismissal of a RESPA action against a mortgage servicer, concluding that rescheduling a foreclosure sale is not a violation of Regulation X’s prohibition on moving for an order of foreclosure sale after a borrower has submitted...
InfoBytesFDIC encourages relief for Oklahoma borrowers
On June 10, the FDIC issued Financial Institution Letter FIL-30-2019 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Oklahoma affected by severe weather from May 7 through the present. The FDIC is encouraging institutions to consider, among other...
InfoBytesFTC shares 2018 enforcement report with the CFPB
On June 6, the FTC announced that it submitted its 2018 Annual Financial Acts Enforcement Report to the CFPB . The report—which the Bureau requested for its use in preparing its 2018 Annual Report to Congress—covers the FTC’s enforcement activities regarding Regulation Z (the Truth in Lending Act...
InfoBytes4th Circuit overrules own precedent, holds undersecured homestead mortgage claims can be bifurcated
Recently, the U.S. Court of Appeals for the 4th Circuit overruled its own precedent, holding that the plain language of the Bankruptcy Code authorizes modification of undersecured homestead mortgage claims—not just the payment schedule for such claims—including through bifurcation and cram down...
InfoBytesOIG finds exempt veterans being charged VA home loan funding fees
On June 6, the Department of Veteran’s Affairs (VA) Office of the Inspector General (OIG) issued a report concluding that the VA improperly charged exempt veterans VA home loan funding fees. According to the OIG, from 2012 through 2017, the VA charged approximately 72,900 exempt veterans around $...
InfoBytesJohn C. Redding extensively quoted in a Powersports Finance article, “New robocall ruling could block lenders from calling consumers”
John C. Redding was extensively quoted on June 10, 2019 in a Powersports Finance article, “New robocall ruling could block lenders from calling consumers,” which discussed the Federal Communications Commission’s new ruling allowing voice service providers to block unwanted robocalls. The article...
In The NewsAmanda R. Lawrence and Jonice Gray Tucker quoted in Law360 article, “Policing cryptocurrency ads: 4 things you should know”
Amanda R. Lawrence and Jonice Gray Tucker were quoted on June 7, 2019 in a Law360 article, “Policing cryptocurrency ads: 4 things you should know,” which discussed what practitioners need to know about cryptocurrency advertising enforcement, including the activity of state regulators in this space...
In The NewsClass action alleges national bank’s grace period practices breach terms of cardholder agreement
On June 3, a consumer filed a class action complaint against a national bank alleging that the bank charges interest on credit card accounts even when consumers’ balances are paid in full by the billing cycle due date, in breach of the bank’s cardholder agreement. The complaint alleges that the...
InfoBytesCFPB report explores ties between credit score fluctuations and credit applications
On May 30, the CFPB released the latest quarterly consumer credit trends report , which examines the fluctuations in consumers’ credit scores and the timing of consumers’ applications for credit. The report analyzes consumers whose credit scores showed large increases or decreases between 2009 and...
InfoBytes
Press Releases & Announcements
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...
AnnouncementsThe Legal 500 2018 recognizes five practice areas and 17 attorneys at Buckley Sandler
Buckley Sandler LLP again has been noted as one of the nation’s top law firms by The Legal 500 in its 2018 rankings, with recognition in five practice areas:
- Financial Services: Litigation
- Financial Services: Regulation
- Corporate ...
Buckley 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 ReleasesThe 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 ...
Our Consumer Finance Team
Partners
Counsel
FYI
"Reducing the regulatory risk of merchant cash advances and factoring" by Clinton R. Rockwell, Moorari K. Shah, and Lauren Frank (Law360)
"Breaking down (language) barriers: A practical approach to LEP borrowers" by Jessica L. Pollet and Susanna K. Sedrak (Westlaw Journal)
Recent Blog Posts
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June 14, 2019
Democratic Senators ask regulators about fintech discriminatory lending
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June 14, 2019
11th Circuit: Motion to reschedule foreclosure does not violate RESPA
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June 13, 2019
FDIC encourages relief for Oklahoma borrowers
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June 13, 2019
FTC shares 2018 enforcement report with the CFPB
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June 12, 2019
4th Circuit overrules own precedent, holds undersecured homestead mortgage claims can be bifurcated