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
"Is the CFPB bound by its non-binding guidance? The implications of the PHH due process decision for TRID and other CFPB rules" by Benjamin K. Olson, 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 & AnalysisC-Suite Financial Services Review: Enforcement Trends - The States Step Up
The new leadership at the Consumer Financial Protection Bureau has explicitly stated that it expects to pursue fewer enforcement actions than it has in the past. While the anticipated reduction in CFPB enforcement activity may cause some companies to feel a sense of relief, there may be less cause...
C-Suite Review"Takeaways from military member complaints at CFPB" by Jeffrey P. Naimon, Benjamin K. Olson, 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 and Daniel Cheriyan (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"Between a Rock and Hard Place: Debt Collection, Consumer Remediation and Tax Consequences" by John C. Redding, Sasha Leonhardt, and Jessica M. Shannon (Bloomberg BNA)
In recent years, debt collection has become a focal point for regulatory oversight and government enforcement actions. The Consumer Financial Protection Bureau (CFPB) considers debt collection to be a priority and scrutinizes the conduct of debt collectors for violations of the Fair Debt Collection...
Articles"The role of State AGs in solving student loan crisis" by Douglas F. Gansler, Sasha Leonhardt, and Dana Walsh Kumar (Law360)
State attorneys general are the chief legal officers of their state; state attorneys general are the chief law enforcement officers of their state; and state attorneys general must protect their citizens and vigorously enforce their state’s consumer protection statutes. As broad as these powers and...
Articles"Mortgage pricing scrutiny poses new challenges for lenders" by Jeffrey P. Naimon and Benjamin K. Olson (Law360)
Notwithstanding the dramatic expansion of consumer financial protection regulation in the wake of the financial crisis and the Dodd-Frank Act, most would still agree with the general principle that markets, not regulations, should determine the prices that consumers pay for taking a loan. But...
Articles
News & Blogs
Ohio Court of Appeals reverses trial court because no evidence consumer agreed to interest rate
On February 7, the Ohio Court of Appeals reversed a state trial court’s decision in favor of a national bank, holding that the bank failed to prove it had the right to charge interest exceeding the statutory limit on a credit card account. At trial, the bank sought payment of the consumer’s store...
InfoBytesDistrict Court holds state law claims preempted by FCRA
On February 8, the U.S. District Court for the Western District of North Carolina dismissed a consumer’s state law claims under the North Carolina Unfair and Deceptive Trade Practices Act and civil conspiracy claims because they were preempted by the FCRA. According to the opinion, which affirmed...
InfoBytesJeffrey P. Naimon quoted in American Banker article, “Why Kraninger's CFPB is mandating fewer consumer refunds”
Jeffrey P. Naimon was quoted on February 20, 2019 in an American Banker article, “Why Kraninger's CFPB is mandating fewer consumer refunds,” which discussed how the Consumer Financial Protection Bureau appears to be shifting away from requiring financial institutions to refund customers in response...
In The NewsDistrict Court: New Jersey licensing requirements apply to debt collector
On February 11, the U.S. District Court for the District of New Jersey denied a motion to dismiss a putative class action against a debt collector and its legal counsel, holding that the plaintiff debtor made a plausible claim under the FDCPA that the debt collector was required by New Jersey’s...
InfoBytesCFPB releases 2019 lists of rural or underserved counties
On February 12, the CFPB released its annual list of rural counties and rural or underserved counties for lenders to use when determining qualified exemptions to certain TILA regulatory requirements. In connection with the release of the lists, the Bureau also directed lenders to use its web-based...
InfoBytesD.C. act provides eviction and foreclosure relief to federal employees and contractors impacted by shutdown
On February 6, the Mayor of the District of Columbia signed Act 23-5 (B23-0080) to protect federal workers, contractors, and employees of the District of Columbia Courts from eviction and foreclosure during federal government shutdowns. Among other things, the D.C. Superior Court will have the...
InfoBytes7th Circuit holds arithmetic does not affect a debt’s character under the FDCPA
On February 7, the U.S. Court of Appeals for the 7th Circuit held that arithmetic does not affect a debt’s “character” under the FDCPA, reversing the district court’s judgment against a debt collector. A debt collector reported to a credit bureau that the debtor had nine unpaid bills of $60, rather...
InfoBytesOCC praises CFPB’s payday rule proposal
On February 11, the OCC released a statement from Comptroller of the Currency Joseph Otting supporting the CFPB’s proposed rule rescinding certain requirements relating to underwriting standards for short-term small-dollar loans. (Covered by InfoBytes here .) Calling the proposal “important and...
InfoBytesJeffrey P. Naimon quoted in an American Banker article, “Government shutdowns add new wrinkle to credit bureau reform”
Jeffrey P. Naimon was quoted on February 11, 2019 in an American Banker article, “Government shutdowns add new wrinkle to credit bureau reform,” which discussed an effort to reform the credit bureaus due to the effects on federal workers and consumers during the government shutdown, and the...
In The NewsCFPB announces settlement with payday lending operation
On February 6, the CFPB announced a settlement with an Indiana-based payday retail lender and affiliates (companies) in seven states to resolve alleged violations of the Consumer Financial Protection Act (CFPA), Truth in Lending Act (TILA), and Gramm-Leach-Bliley Act (GLBA) privacy protections. The...
InfoBytes
Press Releases & Announcements
The 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
Jeffrey P. Naimon, Jon David D. Langlois, and Daniel Cheriyan Authored a Law360 Article, "Ignore Borrower Preference In Loss Mitigation? CFPB Says Yes"
Recent Blog Posts
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February 20, 2019
Ohio Court of Appeals reverses trial court because no evidence consumer agreed to interest rate
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February 20, 2019
District Court holds state law claims preempted by FCRA
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February 15, 2019
District Court: New Jersey licensing requirements apply to debt collector
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February 13, 2019
CFPB releases 2019 lists of rural or underserved counties
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February 12, 2019
D.C. act provides eviction and foreclosure relief to federal employees and contractors impacted by shutdown