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. Companies creating new products, considering significant transactions, undergoing regulatory examinations, or facing enforcement actions or litigation need an experienced legal team to ensure their long-term success.
Buckley has a seasoned, industry-leading team of more than 100 lawyers focusing on consumer finance that counsels clients on the ever-growing array of federal and state statutes and regulations governing their products and services. Our lawyers are intimately familiar with these statutes and regulations and with the business dynamics of each product segment of consumer finance. The depth of our work gives us an unparalleled view of the marketplace as companies seek to tackle challenges and address emerging risks.
Buckley advises clients — from global financial institutions to start-ups — 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 products, 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, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Trade Commission, the Department of Housing and Urban Development, the Department of Justice, state attorneys general, and other federal and state regulators.
Our work has included:
- Creating Winnow, a comprehensive, interactive, and searchable database of more than 44,000 state law requirements through which financial services companies can generate legal inventories tailored by business type, license, and product (mortgage, auto, credit card, consumer, and commercial loans, among others); it also includes laws related to servicing of these products, and topics like marketing and advertising, debt collection, telemarketing, notary requirements, electronic signatures and documents, powers of attorney, and privacy and data security
- Advising fintech companies on approaching IPOs, performing due diligence of business models, licensure, and regulatory compliance, drafting opinions for underwriters and investors, and drafting risk factors for securities filings
- Representing a consumer lender in connection with an FTC investigation into data security and lending practices
- Providing counsel and assistance on an array of matters (including those relating to origination and servicing) to an established UK-based financial services company launching a web-based platform in the United States, which offers low-interest, unsecured loans to consumers that are repaid primarily through payroll deduction
- Advising a bank regarding its credit card, open and closed-end consumer loan program (including closed-end personal loans as well as overdraft, personal, and home equity lines of credit) and provided revisions to its account-opening, advertising, and other disclosures for such products
- Assisting fintech companies with their bank partnerships, including providing regulatory counsel on compliance matters, ensuring acquisition of proper licenses, and negotiating bank partnership agreements
- Representing a manufactured and mobile-home lender in investigations by the CFPB and DOJ into its lending and servicing practices
- Advising a marketplace lender on compliance with the Fair Credit Reporting Act and the Equal Credit Opportunity Act
- Conducting a compliance gap analysis for a consumer finance company with a multistate footprint to evaluate regulatory risk under federal consumer protection laws, along with ongoing regulatory counseling and transactional advice for the company
- Conducting a state law survey for a telecom client regarding finance charge limitations, payment requirements, and default rights
One of the most significant consumer finance firms in the US market.Chambers USA
Articles
“Implications of the SCOTUS Viking River Cruises decision for arbitration agreements covering California consumer protection claims” by Fredrick S. Levin, James McGuire, Sarah Davis, and Lauren L. Erker
For practitioners seeking to send California consumer claims to arbitration, the U.S. Supreme Court’s recent opinion in Viking River Cruises, Inc. v. Moriana (“Viking”), offers guidance for avoiding the pitfalls of California’s McGill rule, which has been a roadblock...
Buckley Commentary & Analysis"9th Circ. FCRA ruling highlights furnishers' role in disputes" by Sasha Leonhardt and Cierra D. Newman (Law360)
In recent years, consumers have raised a variety of arguments to dispute negative information on their consumer reports — in some instances, raising not only factual questions about the existence or amount of a debt, but also more complex questions about whether a debt is legally permitted under...
ArticlesSpecial Alert: Federal court says state bank, fintech partner must face Maryland’s allegation of unlicensed lending before state ALJ
A federal court late last month told a state-chartered bank and its fintech partner that they must return to a state administrative law proceeding to fight a Maryland enforcement action alleging that their failure to obtain a license to lend and collect on loans violated state law — potentially...
Special Alerts"Mortgage regulation developments: Qualified mortgage updates and Covid-19 assistance" by Sasha Leonhardt (ABA)
Throughout the past year, the Consumer Financial Protection Bureau (“CFPB”) continued to actively issue rules and other guidance applicable to the mortgage industry. This survey highlights recent developments related to qualified mortgages (“QM”), specifically the publication of four final rules...
Articles"BankThink: Has CFPB gained an upper hand in enforcement cases?" by Amanda R. Lawrence and John B. Williams III (American Banker)
The Consumer Financial Protection Bureau in late February issued a procedural rule with little fanfare or press that nonetheless may mark a significant strategic shift in how the agency pursues enforcement — and give it more latitude in tackling what appears to be an increasingly crowded...
Articles"FTC updates data security expectations for nonbanks" by Elizabeth E. McGinn, Amanda R. Lawrence, Sherry-Maria Safchuk, Lauren Bomberger (Bloomberg Law)
Persistent cyberbreaches are compelling government responses to protect consumer data, particularly consumer financial information. Laws passed in California, Colorado, and Virginia are among the most influential at the state level, but federal regulators are also moving to implement additional...
Articles"New 9th Circ. rulings may restrict McGill Rule's scope" by Fredrick S. Levin, James McGuire, Ali M. Abugheida, and Megan E. Whitehill (Law360)
In the 2017 McGill v. Citibank NA decision, the California Supreme Court held that any arbitration clause that bars a plaintiff from seeking public injunctive relief in any forum is unenforceable. The so-called McGill rule has become a central feature of the California arbitration landscape, and...
Articles"The pendulum always swings twice: Disparate impact under the Obama, Trump, and Biden administrations" by Jeffrey P. Naimon and Sasha Leonhardt (American Bar Association Consumer Financial Services Committee Newsletter)
For over forty years, courts took the lead on interpreting the Fair Housing Act’s (“FHA’s”) prohibition on discriminatory housing practices, including home mortgage lending. While different administrations have varied as to whether the Supreme Court’s disparate impact theory from the Griggs v. Duke...
Articles"CFPB order offers insight into pandemic mortgage servicing" by Jeffrey P. Naimon (Law360)
The U.S. Consumer Financial Protection Bureau in December issued a consent order based on alleged violations of its 2014 mortgage servicing regulations. The consent order, which also bootstraps claims of unfairness and deception to alleged technical violations of the servicing regulations —...
Articles"CFPB credit stance has broad specialty finance implications" by Jeffrey P. Naimon (Law360)
The Consumer Financial Protection Bureau issued an advisory opinion at the end of November that could compel specialty-finance companies — including those offering income-share agreements, litigation funding, merchant cash advances and earned wage access products — to take a fresh look at whether...
Articles"6 key ways the California Privacy Rights Act of 2020 would revise the CCPA" by Amanda R. Lawrence and Sherry-Maria Safchuk (Corporate Compliance Insights)
The California Consumer Privacy Act (CCPA), the state’s landmark privacy regulation, became effective only eight months ago – and yet, the California Privacy Rights Act of 2020 (CPRA), a modified version of the CCPA, has garnered enough support to appear on the November 2020 ballot in California...
Articles"Implementing the CCPA regulations: Are you ready?" by Amanda R. Lawrence, Elizabeth E. McGinn, and Sherry-Maria Safchuk (Cybersecurity Law Report)
The final regulations under the California Consumer Privacy Act, introduced by the California Attorney General last October, became effective on August 14, 2020. The AG has already implemented many of the changes suggested in the public comments, but there are still several open questions that...
ArticlesSpecial Alert: California’s new consumer financial protection law expands UDAAP and enforcement authority
On Monday, August 31, the California Legislature passed Assembly Bill 1864 , which enacts the California Consumer Financial Protection Law (CCFPL) and changes the name of the Department of Business Oversight (DBO) to the Department of Financial Protection and Innovation (DFPI). Key takeaways...
Special Alerts"After storm and fire: How states protect service members" by Jeffrey P. Naimon and Sasha Leonhardt (Law360)
This has been an active year for National Guard call-ups to active duty, as the U.S. addresses hurricanes, wildfires and the novel coronavirus pandemic. National Guard activations are likely to remain high for several months due to ongoing responses to COVID-19, the National Oceanic and Atmospheric...
Articles"Data security best practices for licensed lenders' telework" by Sherry-Maria Safchuk and James C. Chou (Law360)
State-licensed/registered brokers, lenders and servicers have increased their focus on data security as the spread of COVID-19 has extended work-from-home orders, and what now seems to be a lasting acceptance of remote work means that the tools used to secure data will remain relevant when the...
Articles"Budding decentralized finance industry comes with risks" by Ali M. Abugheida (Law360)
The sudden rise of Compound Labs Inc.'s COMP governance token in recent months pushed decentralized finance into the headlines, raising the profile of blockchain-based finance systems to a more mainstream audience. This article provides a short primer on decentralized finance and discusses some of...
Articles"Educational tools may bring regulatory risk for fintech cos." (Law360)
Financial services providers are increasingly combining delivery of products and services with advice designed to help consumers make better-informed financial decisions. Fintech companies, which typically rely upon data and analytics as fundamental components of their business proposition, should...
Articles"What constitutes reasonable security per Calif. privacy law?" by Amanda R. Lawrence and James C. Chou (Law360)
California Consumer Privacy Act compliance has been focused on developing the policies, procedures and infrastructure to support new privacy rights for California residents, which include, among other things, the right to know what personal information companies have on them, the right to delete...
Articles"Accurate FCRA reporting during Covid-19" by Marshall T. Bell and Jessica L. Pollet (Bloomberg Law)
As financial institutions respond to a flurry of regulatory recommendations and mandates in response to the Covid-19 crisis, those relating to consumer reporting may be among the most difficult to decipher and operationalize. Federal and state authorities have made it clear that they expect...
Articles
News & Blogs
CFPB denies petition to set aside investigative demand in student loan discharge probe
On September 19, the CFPB published a recent decision and order denying the petition of one of the nation’s largest private student loan servicers to set aside the CFPB’s civil investigative demand (CID) in connection with its investigation into potential violations of the CFPA’s prohibition of...
InfoBytesCFPB issues guidance on adverse action reasons by creditors using AI
On September 19, the CFPB issued guidance about legal requirements that creditors must follow when using artificial intelligence and other complex models. In prior guidance , the agency stated that lenders must provide specific and accurate reasons for adverse actions against consumers. The latest...
InfoBytesCalifornia AG advocates for medical payment reforms
California Attorney General Rob Bonta submitted a letter to federal agencies urging the federal government to adopt regulations and statutory protections to help protect patients who may need to use medical credit cards and installment loans to pay for healthcare-related bills. The letter notes...
InfoBytesCFPB adjusts annual dollar amount thresholds under TILA, HMDA regulations
On September 18, the CFPB released a final rule revising the dollar amounts for provisions implementing TILA and its amendments that impact loans under the Home Ownership and Equity Protection Act of 1994 (HOEPA) and qualified mortgages (QM). The Bureau is required to make annual adjustments to...
InfoBytesGinnie Mae released the Social Impact and Sustainability Framework and supports broader access to mortgage financing
On September 14, Ginnie Mae announced the launch of its “Social Bond” label to indicate underlying collateral that is designed to support a positive social and affordable housing outcome, and released the Social Impact and Sustainability Framework. The “Social Bonds” revision to Ginnie Mae’s...
InfoBytesRisks in college tuition payment plans revealed in CFPB report
On September 14, the CFPB released a report highlighting risks associated with college tuition payment plans. Analyzing nearly 450 college websites, the report found that many plans lack clear disclosures and have confusing repayment terms, potentially causing students to miss payments and...
InfoBytesChopra shares prepared remarks about the lessons from 2008
In his recent address at the Better Markets Conference and his address at the Mortgage Collaborative National Conference, CFPB Director Rohit Chopra reflected on lessons from the 2008 financial crisis, discussing the regulatory failures exemplified by mortgage entities’ risky practices and...
InfoBytesCalifornia AG announces settlement with mortgage servicer
On September 1, California Attorney General (AG) Rob Bonta announced a settlement with a mortgage servicer for its alleged failure to properly process and grant mortgage deferment requests from California military reservists called to active duty. California’s Military and Veterans Code, which...
InfoBytesCalifornia appeals court reverses dismissal of Rosenthal Act class action
On August 30, a California Appeals Court (Appeals Court) reversed a lower court’s ruling that a mere alleged debt, whether or not actually due or owing – as opposed to a debt that is, in fact, actually due or owing – is insufficient to state a claim under the Rosenthal Fair Debt Collection...
InfoBytesCFPB contests Kentucky banks' motion to block enforcement of Small Business Lending Rule
On September 5, the CFPB filed an opposition to a motion for a preliminary injunction made by a group of Kentucky banks (plaintiff banks) in the U.S. District Court for the Eastern District of Kentucky. As previously covered by InfoBytes, the plaintiff banks filed their motion for a preliminary...
InfoBytes
Press Releases & Announcements
Buckley 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....
AnnouncementsThe 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 Releases
Our Consumer Finance Team
Partners
Counsel
FYI
"FTC updates data security expectations for nonbanks" by Elizabeth E. McGinn, Amanda R. Lawrence, Sherry-Maria Safchuk, Lauren Bomberger (Bloomberg Law)
"New 9th Circ. rulings may restrict McGill Rule's scope" by Fredrick S. Levin, James McGuire, Ali M. Abugheida, and Megan E. Whitehill (Law360)
Recent Blog Posts
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September 22, 2023
CFPB denies petition to set aside investigative demand in student loan discharge probe
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September 22, 2023
CFPB issues guidance on adverse action reasons by creditors using AI
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September 22, 2023
California AG advocates for medical payment reforms
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September 22, 2023
CFPB adjusts annual dollar amount thresholds under TILA, HMDA regulations
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September 22, 2023
Ginnie Mae released the Social Impact and Sustainability Framework and supports broader access to mortgage financing