Offering products and services to certain service members gives rise to a range of requirements under state and federal regulations. These laws are far-reaching and cover most of the financial products and services offered by banks and other consumer lenders. The stakes are high: a violation of these laws can trigger steep civil penalties — such as the complete voidance of the borrower's obligation — in addition to other civil and criminal liabilities.
Clients need clarity and precise direction to deploy their products and services with confidence. Our national team helps leading financial and other lending institutions understand their obligations, create mechanisms to avoid or to mitigate their exposure, and identify potential vulnerabilities in their current or future offerings. We offer time-tested advice from varied perspectives, including our first chair litigators who uniquely understand the business implications of a violation, as well as former state and federal AGs and regulators. Collectively, we equip our clients with effective tools to help prevent violations of the Military Lending Act (MLA), the Servicemembers Civil Relief Act (SCRA), as well as their ever-changing state analogs. Our holistic approach also ensures our clients are compliant with the Truth in Lending Act (TILA) and the UDAP/UDAAP, and the myriad of additional laws addressing credit reporting, debt collection, and fair lending.
Disputes in court, as well as OCC/ Consumer Finance Protection Bureau (CFPB) investigations and enforcement actions, are unavoidable in certain situations. Our approach is streamlined, comprehensive, and involves the strategies we have used in state and federal consumer class actions for decades. Our market-leading, nationally recognized team is one of the largest and most experienced consumer finance law firms in the U.S. We regularly resolve single-plaintiff and class-action litigation in all state and federal forums, and handle inquiries and investigations initiated by consumer complaints to the CFPB, state attorneys general (AGs) and other administrative agencies. Our team has first-hand experience with each of the 50 state AG offices and understands each office's approaches and processes as they relate to consumer finance investigations and enforcement actions. We position our clients for optimal outcomes by applying our insights from extensive experience handling simultaneous class action litigation and state AG actions.
Firm News
02.01.24
Troutman Pepper Releases 2023 Consumer Financial Services Year in Review & 2024 Look Ahead
Consumer Financial Services Law Monitor
07.27.23
CFPB’s Summer Edition of Supervisory Highlights Focuses on Auto Lending/Servicing and Debt Collection Practices
Consumer Financial Services Law Monitor
06.21.23
CFPB’s Office of Servicemember Affairs Issues Annual Report Highlighting Complaints Related to Payment App Fraud
Consumer Financial Services Law Monitor
06.09.23
Virginia Federal Court Applies Broad Reading of Military Lending Act’s Statute of Limitation in Dismissal of Borrower Class Action
Press Coverage
04.14.23
AG Backs Richmond Vet Seeking Supreme Court Hearing on GI Bill Benefits
Consumer Financial Services Law Monitor
04.12.23
Fourth Circuit Affirms Dismissal Finding Dual-Purpose Auto Loan Not Covered by MLA