Government Investigations and Enforcement
- JPMorgan Chase Bank, N.A. in a joint investigation by the U.S. Department of Justice, the U.S. Department of Housing and Urban Development, state banking regulators and fifty Attorneys General concerning allegations of mortgage servicing and foreclosure practices that the states alleged violated state consumer protection laws. Debevoise lawyers took a lead role in negotiating a $25-billion global “National Mortgage Settlement” among all the parties.
- JPMorgan Chase NA in civil actions brought by the Massachusetts and New York Attorneys General in connection with mortgage foreclosure practices.
- A major lender in a fair lending investigation by the CFPB and the Justice Department. A major lender in a fair lending investigation by the CFPB and the Justice Department.
- A mortgage originator in a fair lending inquiry by the U.S. Attorney’s Office for the Southern District of New York.
- A card-issuing bank in several New York DFS and Attorney General Inquiries.
- Various life insurance companies in state regulatory inquiries relating to escheat of unclaimed property and claims handling.
- Chase Insurance Agency in the first-ever hearings held by the N.Y. Department of Financial Services concerning lender-placed insurance.
- Banks in several enforcement actions regarding FHA requirements by the Department of Housing and Urban Development.
- A major consumer lender in a state examination and potential enforcement action regarding “add on” products in addition to remediation and compliance measures, including refunds to consumers.
- A bank in an investigation by the U.S. Attorney’s Office for the Southern District of New York regarding origination of FHA-insured loans.
- JPMorgan Chase in the dismissal with prejudice of a borrower class action alleging kickbacks in connection with a captive mortgage reinsurance program in alleged violation of Real Estate Settlement Practices Act.
- A major financial institution in a CFPB investigation regarding "add on" products.
Regulatory Advice and Counseling
- Ongoing advice regarding a wide variety of consumer financial protection requirements, such as: servicing and debt collection requirements; fair lending; privacy, data security, FCRA and affiliate-sharing arrangements under FACTA; Servicemembers Civil Relief Act; Durbin Amendment and Regulation II; RESPA; Card Association and NACHA rule requirements; remittance transfers and Regulation E; UDAAP requirements and compliance reviews; Truth in Lending and marketing and advertising practices relating to consumer financial products, including "add on" products.
- The Financial Services Roundtable’s Consumer Working Group regarding rulemaking, enforcement and other developments at the CFPB and other agencies regarding consumer financial protection matters, including legal analysis, holding seminars, drafting comment letters and meeting with agency staff.
- A global money transmission company with respect to a comprehensive risk assessment regarding consumer financial protection matters.
- A major financial institution regarding analysis and policy advocacy with the Federal Reserve Board on the Durbin Amendment and Regulation II.
- A major lender in a substantive review of the marketing and structure of “add on” products.
- Numerous clients to comply with state data breach notice requirements.
- Potential new entrants into the mortgage loan origination and servicing businesses regarding licensing and substantive requirements.
- A lender in designing a regulatory compliance program with respect to a new home improvement loan initiative.
- A card-issuing bank and payment processor company with regulatory issues in expanding merchant acquiring relationships overseas.
- Numerous clients with ongoing advice regarding various aspects of working with and preparing for the supervisory review of the CFPB, including with respect to examinations, questions regarding waiver of attorney-client privilege, ""CFPB readiness"" compliance reviews and advice regarding CFPB examination guidance.
- A major global financial institution with data privacy issues arising out of its sale of card asset portfolios.
- JPMorgan Chase & Co. in the dismissal with prejudice of a borrower class action alleging kickbacks relating to a captive mortgage reinsurance program in alleged violation of the Real Estate Settlement Practices Act.
- A major life insurer in successful representations in individual policyholder and nationwide class actions alleging improprieties in the sale, underwriting, servicing and administration of insurance policies. We are also recognized for our representation of life insurance companies in the high-profile class actions alleging racially discriminatory underwriting practices in the early and middle parts of the 20th century.
- JPMorgan Chase Bank, N.A. in successful representations resulting in dismissals of several putative class actions filed by various counties across the country relating to the bank’s use of the Mortgage Electronic Registration System, including before several federal and state appeals courts. Two actions remain pending in Ohio state court and the Eighth Circuit.
- Citizens Financial in its acquisition of Franklin American Mortgage.
- Nationstar Mortgage, a leading mortgage servicer and originator, in its $3.8 billion merger with WMIH.
- Sellers and purchasers in sales of portfolios of mortgage and non-mortgage loans and transfers of mortgage servicing, including inquiries from state regulators and attorneys general regarding such transfers.
- Numerous private equity firms and other investors in potential acquisitions or investments in consumer financial services companies, including a major diversified consumer financial business, a nationwide credit bureau and an international payment processing firm.
- A major broker-dealer with regulatory advice in a bank program to offer private-label credit cards.
- Numerous clients with sales of deposit portfolios and related regulatory questions, including Truth in Savings requirements.
- Numerous clients with negotiating and regulatory issues arising out of deposit account and cash management agreements.