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.
Our attorneys represent banks, mortgage and consumer finance companies, servicers and other consumer financial intermediaries in class action and individual litigation matters throughout the United States. These cases have raised challenges under federal consumer protection laws, including the Fair Housing Act, the Equal Credit Opportunities Act, the Real Estate Settlement Procedures Act, the Truth in Lending Act and the Fair Credit Reporting Act. In addition, our attorneys have defended consumer financial institutions against claims under the Consumer Financial Protection Act's prohibition of unfair, deceptive and abusive acts and practices ("UDAAP") and analogous state laws. Dorsey also has a team dedicated to defending financial institutions for claims under the Telephone Consumer Protection Act ("TCPA").
Our fair lending attorneys handle a variety of issues involving individual and class action defense, government enforcement and regulatory compliance. We represent clients in matters brought by the Consumer Financial Protection Bureau ("CFPB"), the DOJ, the OCC, the FDIC, the Federal Reserve Board, HUD, and comparable state financial service agencies. We regularly defend mortgage companies, banks and other consumer financial institutions against fair lending claims in federal and state courts.
Our attorneys regularly advise clients in preparation for, and conduct of the examination and supervision by federal banking agencies, including the CFPB. We regularly analyze policies and procedures for compliance with federal and state laws, conduct due diligence and evaluate enterprise risk and quality control systems.
As a result of the aggressive enforcement posture taken by the CFPB, Dorsey attorneys represent and defend clients against Civil Investigative Demands ("CIDs") and CFPB litigation, as well as the negotiation of proposed enforcement orders and civil money penalties.
Our attorneys perform due diligence or otherwise assess regulatory risks under federal and state consumer financial protection laws.
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
- 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
Industries & Practices
- Bankruptcy & Financial Restructuring
- Corporate Trust Services
- Financial Services Regulatory
- Lending Transactions
- Mortgage Banking
- Securities & Financial Services Litigation & Enforcement
- Telephone Consumer Protection Act