Consumer Financial Services

Overview

A practice within Dykema's Financial Industry Group, the Firm's Consumer Financial Services practice provides ongoing counseling and litigation representation to a wide variety of financial institutions, including banks, thrifts, finance companies, credit card issuers, mortgage bankers, vendors and retailers.  Dykema also serves as a state editor to HouseLaw, a leading consumer financial services online publication. In addition, we publish the NextGen Financial Services Report (www.nextgenfinancialservicesreport.com), a blog that provide news and thoughtful analysis of the most pertinent issues in the consumer financial services industry.

Dykema has one of the largest consumer finance litigation practices in the United States. The Firm represents many of the largest financial services companies throughout the United States, including banks, mortgage and auto finance companies, retailers, credit card issuers and many others, in the defense of individual and putative class actions alleging false or deceptive practices, statutory and common law consumer lending violations, governmental investigations and enforcement actions brought by state and federal agencies. Among its institutional clients are nine of the ten largest banks and seven of the ten largest mortgage servicers.  

Dykema's Financial Services Regulatory and Compliance practice represents depositories, non-depositories, secondary market participants, vendors, retailers, service providers and trade associations in commercial, corporate compliance, regulatory, administrative and enforcement matters involving local, state and federal financial services laws and regulations. We prepare and conduct compliance reviews, assist clients in preparing for and defending agency audits, provide ongoing advice concerning new products and services, advise clients on the licensing or chartering of new financial services entities, and counsel clients on fair lending issues.

We counsel and defend clients on various federal laws affecting consumer lending, including but not limited to the following:

  • Dodd–Frank Wall Street Reform and Consumer Protection Act
  • Truth in Lending Act (TILA) and Regulation Z
  • Consumer Leasing Act and Regulation M
  • Home Ownership and Equity Protection Act (HOEPA)
  • Fair Housing Act (FHA); the Truth in Savings Act (TISA)
  • Fair Credit Reporting Act (FCRA), including the Fair and Accurate Credit Transactions Act (FACTA)
  • Telephone Consumer Protection Act (TCPA)
  • Equal Credit Opportunity Act (ECOA)
  • Home Mortgage Disclosure Act (HMDA)
  • Magnuson-Moss Warranty Act
  • Real Estate Settlement Procedures Act (RESPA)
  • Fair Debt Collection Practices Act (FDCPA), as well as state debt collection statutes
  • United States Bankruptcy Code
  • Gramm Leach Bliley Act, including regulations issued by the FTC and OCC, among others
  • FTC rules concerning consumer credit practices (e.g., the Telemarketing Sales Rule and the FTC Holder Rule)
  • The primary federal usury statutes, including the National Bank Act, the Home Owners Loan Act (HOLA) and the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA)
  • Alternative Mortgage Transactions Parity Act (AMTPA)
  • Community Reinvestment Act (CRA)
  • Electronic Fund Transfer Act (EFTA)
  • Expedited Funds Availability Act
  • Electronic Signatures in Global and National Commerce Act (E-SIGN)
  • Uniform Electronic Transactions Act (UETA)

Dykema is a member of various national trade associations, including the Mortgage Bankers Association and the American Financial Services Association.

Some of the services we provide include:

  • Defense of suits (including class actions) arising under various federal and state laws affecting the consumer financial services industry.
  • Regulatory and compliance advice concerning (i) the offer and sale of loan, insurance and related products; and (ii) personal property financing, leasing and lien enforcement.
  • Formal review of consumer loan, lease and insurance forms. 
  • Fifty-state or limited multistate projects and surveys to ensure client compliance with applicable laws. 
  • Counseling on the sale, purchase or ongoing operations of financial services entities, including due diligence. 
  • Counseling and litigation support concerning consumer bankruptcies and debt collections.

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