Consumer Financial Services

We advise clients on the “alphabet soup” of federal and state consumer credit laws, including the Dodd-Frank Act, ECOA, FCRA, FDCPA, GLBA, RESPA, TILA, TCPA, EFTA, CLA, Uniform Commercial Code Articles 2A, 3, 4, 4A, and 9, and state unfair and deceptive practices acts. Using our knowledge of and relationships with regulators to resolve questions, we shepherd clients through examinations and defend against enforcement actions. We help clients evaluate consumer financial marketing materials, policies, procedures, disclosures and other documents for compliance with the banking and credit laws referenced above, as well as the CAN-SPAM Act, TSR and the FTC Act.

We develop cost-effective and winning strategies for litigation of individual cases and class actions in arbitration and state or federal courts, as well as in bankruptcy proceedings. We manage all aspects of consumer financial litigation from initial case assessment through appeal, including arguing cases of first impression and successfully asserting novel defenses.

We serve clients launching new credit, debit, and prepaid card programs, products and features by drafting and/or advising on disclosures, agreements, advertising campaigns, policies and procedures, forum selection clauses, arbitration provisions and other relevant documents. We provide counsel for credit card issuers and servicers on the CARD Act, TILA, EFTA, FCBA, ECOA and FCRA, the payment card brand rules and applicable state laws. Additionally, we advise clients on checks, ACH, wire transfers, credit and debit cards, gift, prepaid and stored-value cards, mobile, telephonic and online bill payment, cryptocurrency and other types of emerging payment and value-transfer systems.

Financing. Our team advises sales finance companies on the overlapping framework of state and federal regulations affecting licensing, interest rates, retail installment contracts and collection activities. We counsel consumer financial services clients in the development of forms and processes to maximize their business interests while minimizing their exposure in litigation. We represent auto finance companies in self-help repossession disputes, title disputes, and suits affecting lien interests. In addition to auto finance companies, we defend auto dealerships in consumer actions and dealer auction activities.

Consumer Leasing. We counsel companies offering leases for a variety of consumer products, including auto, solar panels, and traditional heating and air conditioning units. We advise companies on true leases versus disguised consumer credit agreements, and we draft compliant disclosures. We also defend individual and class action cases involving auto and other types of consumer leases. We litigate nationwide class claims brought under the Consumer Leasing Act and state consumer protection statutes challenging lease disclosures and lease-end fees, and we represent purchasers of consumer leases from independent brokers in commercial disputes involving disputed ownership, security interests and titling difficulties.

Installment Lending. Our team advises traditional finance companies on the specific state statutes and regulations that govern installment lending, including licensing and form requirements. We also draft agreements and disclosures and develop policies and procedures. We assist with regulatory audits, administrative investigations and actions; appeal zoning decisions and defend individual and class lawsuits.

Short-term lending. We represent short-term lenders on all consumer finance laws applicable to them. We advise, for example, on licensing and form requirements and underwriting standards imposed by such laws, and any required documentation and disclosures. We also assist with zoning issues and appeals.

Our multidisciplinary Data Privacy, Cybersecurity & Breach Response team features members specifically focused on consumer financial services. Our team crafts information security programs and policies to comply with regulatory requirements and effectively manage company risk, including drafting privacy notices under the GLBA, GDPR, and CCPA, preparing vendor agreements, and counseling clients regarding the appropriate collection, use, sharing, transmission, correction, protection, retention, and destruction of personal consumer information. We also routinely advise on breach incidents and coordinate breach responses, including navigating breach response plans, conducting internal investigations, drafting required notices, and coordinating with law enforcement.

We guide clients as they develop new consumer financial products and services and enter new markets by navigating increasingly complex regulatory issues, drafting credit-related documents, advising on policies and procedures, reviewing potential licensing requirements, drafting consumer agreements and disclosures, preparing AML, KYC and CIP programs, advising on collection practices, ensuring loan products are enforceable and counseling on consumer-facing best practices.