Experience

Government Investigations and Enforcement
- A national bank in responding to CFPB’s potential enforcement referral of supervisory findings regarding mortgage servicing.
- A large national bank in responding to CFPB investigation of Early Warning Services and Zelle.
- A financial services company in responding to UDAP findings by the Federal Reserve Bank related to deposit account fee waiver practices.
- A background screening company in responding to Civil Investigative Demands from the CFPB and FTC.
- Multiple banks in responding to CFPB CIDs regarding student loan servicing.
- An investment management firm in responding to a CFPB CID relating to certain of its portfolio companies.
- The CEO of a consumer credit reporting agency in an investigation by the Consumer Financial Protection Bureau.
- A major credit card company in responding to a Consumer Financial Protection Bureau investigation regarding consumer card account opening practices.
- A technology company in responding to a federal regulatory inquiry regarding their advertising practices and compliance with the Fair Housing Act.
- A major mortgage servicer in multiple investigations and inquiries by federal and state regulators, including the CFPB, multiple state Attorneys General, and the Multistate Mortgage Committee of state financial regulators, relating to its mortgage servicing practices.
- JPMorgan Chase 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 Bank, N.A. in investigations by several State Attorneys General and a federal regulator into credit card collections and debt sale practices.
- JPMorgan Chase in civil actions brought by the Massachusetts and New York Attorneys General in connection with mortgage foreclosure practices.
- A major auto finance company in a fair lending enforcement action by the CFPB and the Justice Department and the subsequent implementation and compliance with the consent order.
- 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 & Co. and certain of its affiliates in dismissal of a class action lawsuit challenging provision of private mortgage reinsurance under RESPA.
- 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; student lending; privacy, data security, FCRA and affiliate-sharing arrangements under FACTA; Servicemembers Civil Relief Act; RESPA; Card Association and NACHA rule requirements; remittance transfers and Regulation E; UDAAP requirements and compliance reviews; the Home Mortgage Disclosure Act; Truth in Lending Act and marketing and advertising practices in connection with consumer financial products, including “add on” products.
- A large global financial institution on applicable state licensing and registration requirements for purposes of engaging commercial banking business in the United States.
- A major auto finance company in structuring their data sharing platform with affiliates, including assessing the potential implications under the Gramm-Leach Bliley Act and the Fair Credit Reporting Act.
- The Securities Industry and Financial Markets Association in submitting a public comment letter concerning the Consumer Financial Protection Bureau’s advance notice of proposed rulemaking on consumer access to financial records.
- 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 in 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 in compliance 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.
Litigation
- Submission of an amicus brief on behalf of the Marketplace Lending Association regarding litigation in Colorado related to the provision of loans by online lending platforms in the state.
- JPMorgan Chase & Co. and certain of its affiliates in dismissal of a class action lawsuit challenging provision of private mortgage reinsurance under RESPA.
- 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 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.
Transactions
- Funds managed by Oaktree Capital Management in the launch of Encina Lender Finance, a new independent lender finance platform targeting commercial and consumer specialty finance companies in the United States and Canada.
- Carlyle in its investment in American Express Global Business Travel. (Terminated)
- Citizens Financial in its acquisition of Franklin American Mortgage.
- Nationstar Mortgage, a Fortress Investment Group portfolio company and 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 in negotiating and regulatory issues arising out of deposit account and cash management agreements.

Debevoise’s Consumer Finance Group combines the unparalleled investigative skill and advocacy of Debevoise’s preeminent white collar group and the deep consumer finance experience of its leading bank regulatory practice to help clients with their most difficult regulatory and compliance challenges and provide seasoned representation in examinations, enforcement, transactions and litigation.Our Consumer Finance Group works with many of the nation’s largest consumer financial services firms including depository institutions; mortgage originators and servicers; credit card issuers, payment processors and networks; auto and student lenders; and other consumer lending and servicing companies. The Group provides advice concerning the full range of consumer financial protection laws applicable to these institutions, including federal and state laws related to banking, lending and servicing and collections activities, deposit taking, credit reporting, payments, electronic delivery of financial services, unfair, deceptive or abusive acts or practices (UDAAP) and consumer privacy and data protection requirements. Our team, consisting of former senior attorneys at the Consumer Financial Protection Bureau (CFPB), federal banking agencies, Department of Justice (DOJ) and the New York Department of Financial Services (DFS), is able to provide invaluable insights and deep knowledge of not only the laws and regulations applicable to our clients but the government entities that implement and enforce those laws. Our Consumer Finance lawyers, many of whom have been repeatedly ranked as leading practitioners in Benchmark Litigation, Chambers USA, The Legal 500 and IFLR1000 have a depth and breadth of experience providing advice in enforcement, counseling, litigation and transactional contexts. We are thought leaders; in writings, speaking engagements and authoring comment letters on proposed regulation, we are able to provide insights and advice that help our clients stay ahead of regulatory issues.Government Investigations and EnforcementWe regularly represent consumer finance institutions in connection with matters before federal, state and local government entities. At the federal level, we help clients navigate investigations and enforcement actions by the CFPB, including responding to investigative demands, remediating consumers, and negotiating resolutions. We also assist companies in the investigations and enforcement actions before the Office of the Comptroller of the Currency (OCC), Federal Reserve (FRB), Federal Deposit Insurance Corporation (FDIC), Federal Trade Commission (FTC), United States Department of Housing and Urban Development (HUD) and DOJ. On the state and local level, we regularly represent clients under investigation by state attorneys general and state financial regulators, including the New York Attorney General and NY DFS, as well as the New York County District Attorney’s Office and other local prosecutors.Regulatory Advice and CounselingWe regularly assist clients in the development of new products and with chartering and licensing of new financial services companies, drafting compliance policies and procedures and compliance reviews. We assist individual institutions and leading industry trade associations in many aspects of the regulatory process, including the preparation of comment letters, seeking interpretive relief and formulating regulatory and legislative strategies. We also work on a number of matters for FinTech companies, including advising on matters related to rate exportation, pre-emption and chartering.LitigationDebevoise has an active litigation practice in federal and state courts across the country. In the consumer financial services area, we have assisted in numerous class actions, including those throughout the country relating to the use by mortgage servicers of the Mortgage Electronic Registration Systems (MERS) and actions brought by the New York and Massachusetts Attorneys General in connection with foreclosure practices.TransactionsConsumer banking has seen a marked increase in transactions by virtue of the changing regulatory landscape and otherwise. We counsel banks and nonbank consumer finance companies, including companies in the FinTech space, in a broad range of transactional matters, including mergers and acquisitions, public offerings, asset purchases and sales, loan purchase agreements, lending agreements, joint ventures, joint marketing agreements and servicing and outsourcing arrangements.Our Consumer Finance lawyers work closely with our other financial institutions practice groups, including our banking, insurance, broker-dealer and investment management practices, as well as the firm’s corporate, derivatives and structured finance, private equity, tax and ERISA attorneys. This coordinated approach of strong, complementary specialties ensures that deals are structured to achieve a client’s immediate goals and also to minimize regulatory, litigation and other risks in the future.