Consumer Financial Services
Banks and financial services companies have been providing life-changing products and services to consumers for centuries. ArentFox Schiff’s Consumer Financial Services team works to advise clients on consumer financial matters of all types, including litigation, investigations, transactions, and regulatory oversight. We also provide legislative and rulemaking guidance for our clients. The team is led by a former bank regulator whose perspective is particularly useful for companies in the consumer finance space.
Our team represents a broad array of market participants, including banks, lenders, Fintechs, consumer reporting agencies, data brokers, student loan companies, auto finance, debt recovery agencies, and any retailers that offer consumer financing options in-store or online.
Whether in the context of supervisory exams, enforcement investigations, litigation, or product design, we deliver clients nuanced services they need to lead the business to greater certainty and resolution. We routinely help clients in the following areas:
Investigations or Examinations
- Consumer Financial Protection Bureau
- Federal Trade Commission
- State attorneys general
- State banking departments
- Federal or state litigation involving consumer disputes
Compliance Counseling & Fintech
- Regulatory due diligence in mergers and acquisitions
- Disclosures or loan file review
- State surveys on regulatory requirements
- Commercial agreements
How We Can Help
Enforcement & Litigation
Our team defends clients in complex enforcement litigation matters involving federal or state consumer financial statutes, class actions, and government investigations, including matters before the Consumer Financial Protection Bureau, the Federal Trade Commission, the state banking or financial departments (e.g., California Department of Business Oversight, the New York Department of Financial Services), the state attorneys general, county district attorney investigations, as well as Congressional inquiries.
We regularly negotiate compliance with Civil Investigative Demands (CIDs) from the government, prepare witnesses for investigational hearings, and guide clients through the PARR Letter or NORA Letter process near the conclusion of an examination or investigation. Utilizing our insider knowledge of the CFPB, we are able to help companies through the most challenging, high-stakes proceedings.
In addition, we represent companies in the defense of consumer class actions arising out of financial services regulations. Our enforcement and litigation work spans the country given our nationwide reach and federal/state expertise.
Our team also represents businesses in policy-setting and rulemaking meetings with the government officials tasked with drafting new regulations. Leveraging our understanding of the complex array of federal and state banking and consumer finance laws, we advise companies during the development of new consumer financial services products to ensure they comply with all regulatory standards.
Regulatory Counseling & Due Diligence
ArentFox Schiff advises financial services and Fintech clients in regulatory matters involving federal and state regulators. This includes developing, reviewing, and monitoring internal compliance programs, policies, and procedures.
We also oversee transaction structuring and conduct regulatory due diligence for clients who are considering acquisitions or strategic alliances with other financial services companies. Throughout all these activities, we work to develop a streamlined regulatory approach that reflects our clients’ business objectives so they can continue to grow in this competitive industry.
With respect to all skillsets above, ArentFox Schiff handles matters implicating the following statutes and regulations: Dodd-Frank Act prohibition on Unfair, Deceptive and Abusive Acts and Practices, Federal Trade Commission Act’s prohibition on Unfair and Deceptive Acts and Practices, Electronic Fund Transfer Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Real Estate Settlement Procedures Act, Truth in Lending Act, and their state analogs.