Related Practices
Related Industries
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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 Title X of the Dodd-Frank Act; the unfair and deceptive acts and practices provisions of the Federal Trade Commission Act; 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
- Advising banks and other financial institutions with respect to interpretive and compliance issues involving Title X of the Dodd-Frank Act and the new Consumer Financial Protection Bureau.
- Representation of Wells Fargo in connection with Federal Reserve Board investigation and consent cease and desist/civil money penalty order with respect to allegations of customer income alteration and steering in originating nonprime mortgage loans – one of the most substantial Federal Reserve consumer compliance investigations ever initiated.
- Representing Citigroup in connection with the widely publicized Federal Reserve Board and OCC consent orders concerning mortgage servicing and foreclosure activities.
- Representing the independent consultant Treliant Risk Advisors LLC in conducting a required independent review of a financial firm’s mortgage foreclosure practices.
- Representation of many different financial institutions, over many years, with respect to compliance and litigation issues involving federal preemption of state and local banking laws regulating the delivery of retail financial products – including the successful representation of Wachovia Bank, N.A., in the landmark Supreme Court decision of Watters v. Wachovia Bank, N.A. (2007).
- Representing a large financial firm with respect to the Federal Trade Commission’s ongoing role with respect to financial consumer protection issues.
- Representing JP Morgan Chase, Wells Fargo, and GE Capital Corporation in consumer class action matters.
- Assisting 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.
- Representing a non-financial company in devising a 50-state compliance plan for its online and gift card stored value products.
- Reviewing a depository institution’s innovative consumer lending program for compliance with regulatory guidance and best practices concerning predatory lending.
- Successfully applying for money transmission licenses in several states on behalf of a company offering a cutting-edge remittance product to Mexican migrants.
Accolades
- Chambers USA, Financial Services Regulation (2011)
- Banking (Compliance): John Dugan, Mark Plotkin, and Stuart Stock
- Banking (Enforcement & Investigations): Stuart Stock and D. Jean Veta
- Best Lawyers in America (2011)
- Banking: Mark Plotkin, David Rosinus, Stuart Stock, and D. Jean Veta
- Washington D.C. Super Lawyers (2010)
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