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David Stein
David A. Stein
Of Counsel
Washington +1 202 662 5074 dstein@cov.com Download V-card

David Stein advises clients on retail financial services, credit reporting, financial privacy, payments, fair lending, and technology and e-commerce issues. He assists banks, non-bank lenders, consumer reporting agencies, payments and technology companies, and their vendors with regulatory, compliance, supervision, enforcement, and transactional matters.

  • Provided advice to banks, consumer reporting agencies, and non-bank lenders on a broad range of credit reporting and financial privacy issues.
  • Advised digital gaming companies on the use of virtual currencies.
  • Advised a Fortune 500 company evaluate a bitcoin solution to cross-border fund transfers.
  • Provided advice to a small-business lender regarding fair lending and credit reporting issues.
  • Advised a national bank in responding to an OCC supervisory inquiry about sales practices and unauthorized account openings.
  • Prepared comment letters for trade association clients on the CFPB’s proposed arbitration rule.
  • Prepared a comment letter for a trade association client on the CFPB’s proposed small-dollar lending rule.
  • Assisted a consumer reporting agency in preparing a compliance plan to satisfy the terms of a CFPB consent order.
  • Represented a regional bank in responding to FRB supervisory concerns regarding overdraft services.
  • Conducted readiness reviews or simulated exams to assist two consumer reporting agencies prepare for CFPB examinations.
  • Assisted a trade association evaluate and develop alternatives to proposed legislation adverse to members.
  • Advised a regional bank in responding to CFPB fair lending concerns related to a credit card portfolio.
  • Assisted a national bank prepare a comprehensive action plan to satisfy an OCC consent order on the marketing and sale of credit card add-on products.
  • Assisted a regional bank with a review of overdraft protection programs in preparation for a potential regulatory inquiry.
  • Advised a bank on regulatory risks of acquiring an institution with a military allotment business.
  • Assisted a debt collector/debt buyer prepare redress and compliance plans to satisfy the terms of a CFPB consent order.
  • Assisted a national bank achieve compliance with the OCC’s Heightened Standards and three-lines-of-defense model.
  • Prepared a consolidated risk assessment for a bank holding company and a fair lending risk assessment for a regional bank.

Memberships and Affiliations

  • American Bar Association, Consumer Financial Services Committee, Privacy Subcommittee, Co-Vice Chair (2015-2017), Chair (beginning 2017)
  • American College of Consumer Financial Services Lawyers, Fellow

Previous Experience

  • Promontory Financial Group, Director (2012-2015)
  • Consumer Financial Protection Bureau, Office of Regulations, Senior Supervisory Attorney-Advisor (2011-2012)
  • Board of Governors of the Federal Reserve System, Division of Consumer and Community Affairs, Managing Counsel (2008-2011), Counsel (2003-2008), Senior Attorney (2001-2003), Attorney (1999-2001)