INDUSTRIES & PRACTICES

client protective

Consumer Financial Services
DORSEY WATCHES AFTER FINANCIAL INSTITUTIONS’ INTERESTS IN THE COMPLEX CONSUMER FINANCIAL SERVICES MARKET BY DEFENDING AGAINST THE PLETHORA OF DISPUTES THAT TEND TO SURROUND CONSUMER FINANCIAL SERVICES PROVIDERS.

Overview

Dorsey is a national leader in the Consumer Financial Services field. Our work is focused in the areas of litigation, regulatory compliance, product development and enforcement. With attorneys throughout the country, we have a robust practice that assists clients with a vast array of federal and state laws and the defense of private and government actions. Our clients include large, mid-sized and regional banks, mortgage lenders, small-dollar lenders, auto lenders, loan servicers, "fintech" companies and card issuers.

Litigation + -
Fair Lending + -
Compliance and Enforcement + -
Mergers and Acquisitions + -
Product Development + -

Experience

Compliance and Enforcement

  • Representation of a national bank in receipt of CID by the CFPB    
  • Assisting a non-banking consumer lender in structuring a compliance management system pursuant to CFPB order    
  • Negotiation with the OCC regarding a proposed civil money penalty for alleged UDAP violations    
  • Fair Lending compliance audit maintaining attorney/client privilege    

Product Development

  • Prepared 50-state licensing survey and filing of required state licenses
  • Advise clients regarding TILA-RESPA Integrated Disclosure ("TRID") preparation and compliance
  • Drafting mortgage lending documents and state disclosures
  • Advise clients regarding payday loan and bank overdraft programs

Litigation and Investigations

  • Represented overseas entities in CFPB litigation involving small-dollar lending and allegations of UDAAP and the Credit Practices Rule violations 
  • Represented national lender as lead counsel in dozens of actions throughout the country alleging predatory lending and violations of state and federal consumer protection laws
  • Obtained dismissal of complaint against a national lender as lead counsel of nation-wide class action under the Truth in Lending Act and New York State-wide class action under consumer protection laws
  • As lead counsel, obtained dismissal of numerous predatory lending and unfair business practices actions against a national lender 
  • Represent a mortgage company against a number of disparate impact and intentional discrimination claims in federal court
  • Obtained favorable jury verdict in state court for a mortgage company in a suit alleging deceptive lending practices
  • Obtained dismissal of discrimination action against a bank in a suit involving a residential refinance transaction
  • Represented a mortgage company in a HUD disability discrimination investigation   

Accolades

Contacts

David Scheffel
Practice Group Co-Chair
Joseph Lynyak, III
Practice Group Co-Chair

Industries & Practices

  • Banking
  • Bankruptcy & Financial Restructuring
  • Corporate Trust Services
  • Financial Services Regulatory
  • Lending Transactions
  • Mortgage Banking
  • Securities & Financial Services Litigation & Enforcement
  • Telephone Consumer Protection Act
Read Our Blog Consumer Financial Services Legal Update