The Dodd-Frank Wall Street Reform and Consumer Protection Act ushered in an era of regulatory oversight and scrutiny that touches nearly every segment of the nation's financial services industry. Our Financial Services Regulatory Matters Group helps clients navigate the maze of new requirements, stay ahead of business-critical issues, and manage compliance effectively.
Our lawyers have extensive experience dealing with state and federal regulators in transactions. We counsel banks, insurance companies, mortgage companies, and other financial service providers in a wide range of regulatory and operating issues and frequently represent them before regulators in connection with nontransactional, regulatory matters. Our experience includes advising clients in connection with federal and state regulations affecting loan origination, loan servicing, licensing, branching, financial privacy, fair lending and anti-money laundering, as well as payment processing and deposit account issues. We regularly deal with issues arising under the Gramm-Leach-Bliley Act, the Truth in Lending Act, the Real Estate Settlement Procedures Act, the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and Unfair or Deceptive Acts or Practices.
Our Financial Services Regulatory Matters Group is closely aligned with lawyers in related practices to provide integrated client solutions. For example, we work closely with our mergers and acquisitions team to help clients take advantage of new market opportunities. Our Securities Group assists with securities offerings (including mutual to stock conversion offerings), securities act filings, proxies and shareholder issues, exchange and NASDAQ listings, and related matters. We also leverage the strength and experience of the firm's litigators as needed to represent our clients in SEC and FINRA enforcement investigations as well as before state attorneys general.
Regulatory matters we have handled for financial services providers include the following:
• development of loan and deposit products and documentation for same
• permitted investments and activities
• branch, "limited branch," and trust office applications
• advice regarding compliance with consumer protection regulations
• portfolio review
• advice re operational issues (e.g., check clearing, branch closing, lending restrictions, trust powers, et al.)
• product approval
• market conduct investigations and compliance programs
• IMSA independent assessor reviews
• guaranty fund and insolvency issues
Assisted institutions in complying with consumer protection and other laws affecting consumer products and services. Institutions are subject to the numerous laws, which are designed to protect consumers, such as unfair and deceptive acts and practices ("UDAP") acts, "plain language" contract laws, and regulations governing advertising, retail sales promotions, promotional drawings, and raffles.
Counseled financial institutions in addressing privacy issues raised by the Gramm-Leach-Bliley Act, the Fair Credit Reporting Act, and various state laws.
Assisted individuals and institutions in addressing licensing issues regarding the sale and promotion of insurance products.
Assisted institutions in complying with installment loan financing laws applicable to auto mobile loans and other consumer goods and services, and the FTC holder-in-due course and trade practices rules, as well as state and federal regulations relating to timeshares, campground interests, student loans, and other consumer obligations.
Represented clients in the audit, acquisition, financing, and sale of residential loan portfolios, timeshare loan portfolios, student loan portfolios, campground unit purchase contracts, automobile leases, and other consumer receivables, including due-diligence reviews of the underlying documents, contracts, and procedures for compliance with federal and state laws.
Counseled clients with respect to the Truth-in-Savings Act, deposit account contracts, credit insurance, electronic funds transfers, ACH transfers, garnishments, setoffs, the offering of securities products and life insurance, as well as other matters affecting the rights of consumers in relation to bank deposit accounts and other financial investment products.
Assisted clients in complying with state and federal laws applicable to the collection of consumer debts and other consumer obligations, as well as the repossession of the accompanying collateral.
Assisted in employment matters, including compliance with federal regulatory requirements.