Clients in the financial services industries depend on our top-ranked, national team to resolve litigation, provide regulatory guidance, and assist with investigations and actions initiated by government agencies. Law360 has recognized our team twice as a Consumer Protection Practice Group of the Year, and we are ranked by Chambers USA at the national level for consumer finance compliance and litigation. In February 2022, our firm announced that the nation's premier consumer financial services regulatory enforcement and compliance practice joined our existing industry-leading consumer financial services litigation team. Our combined team provides a full range of transactional, litigation, enforcement, and regulatory compliance services to national, regional, and community financial institutions; consumer and commercial lenders; payment processors; financial technology companies; and a host of other financial services providers. In fact, we've added more than 30 seasoned professionals to our practice since January 2022.
Our Consumer Financial Services Practice is purposely structured and staffed to reflect our clients' legal reality: significant problems often manifest in multiple ways, including compliance, regulatory changes, governmental investigations, governmental litigation, and private lawsuits. Our team of compliance, litigation, and enforcement attorneys work together in one multidisciplinary practice to bring a holistic view of the problem, drawing upon specialized knowledge, practical guidance, and advice of multiple attorneys. This unique collaboration offers seamless legal services to effectively and efficiently resolve clients' problems by addressing the many perspectives that may arise for a single legal issue before it turns into a larger problem, or that may lead to compliance solutions and regulatory strategies arising out of contentious litigation.
We handle a wide range of issues involving consumer finance and privacy laws, including bank and nonbank consumer lenders, credit reporting, background screening, fair housing, debt collection, credit repair, auto finance, mortgage lending and servicing, online lending, and payment processing. With the collaboration of our dedicated class action, state attorneys general, and regulatory practices, we help clients minimize the immediate and long-term impact of matters that often have the potential for broad implications.
We also counsel clients on establishing new consumer lending businesses and new product development, with special emphasis on residential mortgage lending and online lending platforms and products. We counsel on issues involving fair lending and fair credit reporting, the Truth-In-Lending Act and Regulation Z, Real Estate Settlement Procedures Act (RESPA) and Regulation X, TRID, Equal Credit Opportunity Act and Regulation B, Electronic Funds Transfer Act, Community Reinvestment Act, Fair Credit Reporting Act, state insurance laws, state and local predatory lending laws, and the myriad of other federal and state laws affecting consumer financial services. We counsel on every aspect of establishing new businesses and new consumer finance products, including preparing documentation, disclosures and procedures for various types of mortgage products, as well as open- and closed-end secured and unsecured credit programs, insurance programs, and auto and recreational vehicle finance and leasing programs. We've helped launch many online consumer lending platforms, advising on startup corporate structuring and compliance and other launch issues, as well as ongoing operations.
For an archive of Troutman Pepper webinars related to the Consumer Financial Services industry, click here.
Our firm's comprehensive legal tracking service is designed to help financial institutions stay current with regulatory and legislative changes in three key areas:
Delivered directly to your inbox, these trackers include an overview of the most important changes and analyses on the potential impact to your business. A subscription to one or more trackers includes a monthly one-hour call with our attorneys, who will provide additional insights and be available to answer your questions.
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Litigation
Our trial attorneys are national leaders in the consumer financial services industry. We have handled thousands of individual and class cases across the U.S., including the following illustrative experience:
Regulatory Enforcement
Federal and state regulators repeatedly make news with their enforcement, investigatory, and regulatory actions suggesting consumer protection laws have never posed more of a risk to financial service businesses. We are skilled and equipped to successfully interact and negotiate with the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), state attorneys general, and other state regulators. Our enforcement experience includes:
Compliance
We routinely assist clients in addressing their company’s overall compliance risks consisting of comprehensive compliance counseling. Examples of our regulatory compliance experience include:
Business and Product Development
Consumer Financial Services 2023 Year in Review and A Look Ahead
Consumer Financial Services 2022 Year in Review and A Look Ahead
2021 Consumer Financial Services Year in Review and A Look Ahead
2020 Consumer Financial Services Year In Review & A Look Ahead
Consumer Financial Services 2019 Year In Review & A Look Ahead
Consumer Financial Services 2018 Year In Review & A Look Ahead
Consumer Financial Services 2017 Year In Review & A Look Ahead
Firm Events
08.14.24
Fair Lending and Bias Issues Related to AI/ML Model Development and Governance
Articles + Publications
07.01.24
In Case You Missed It: Consumer Financial Services Law Monitor - June 2024 in Review
Press Coverage
06.28.24
Supreme Court Issues 'Seismic Shift' on Federal Rules. Here's What That Means for Businesses
Consumer Financial Services Law Monitor
06.28.24
Supreme Court Overrules Chevron Doctrine in Landmark Administrative Law Decision
Consumer Financial Services Law Monitor
06.28.24
Virginia Takes Step Towards Prohibiting Creditors from Charging Electronic Payment Surcharges on Credit Transactions
Consumer Financial Services Law Monitor
06.27.24
Alabama Federal Court Allows FDCPA Case Involving Ambiguous Dispute Letters to Proceed to Trial