Related Practices
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We regularly advise financial institutions and non-financial companies regarding compliance with consumer protection laws and regulations governing financial products. Laws and regulations with which we have experience include the Truth in Lending Act (TILA), Truth in Savings Act (TISA), Fair Credit Reporting Act (FCRA), the Electronic Funds Transfer Act, and Real Estate Settlement Procedures Act (RESPA), as well as state laws governing gift certificates/gift cards, stored value, money transmission, and escheat. Our representations of clients have included ongoing compliance counseling, new product review, investigation and remediation of potential violations, and defending enforcement actions.
Representative Matters
- Assisted a depository institution in investigating a large number of potential mortgage loan TILA violations, calculating the appropriate reimbursement, and preparing for self-disclosure to the institution’s primary regulator.
- Helped a non-financial company devise a 50-state compliance plan for its online and gift card stored value products.
- Reviewed a depository institution’s innovative consumer lending program for compliance with regulatory guidance and best practices concerning predatory lending.
- Successfully applied for money transmission licenses in several states on behalf of a company offering a cutting-edge remittance product to Mexican migrants.
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