Financial Products and Services Regulation

Banks and financial services entities develop a special kind of trust with their consumers. It’s a trust that gives your organization security and opportunities for growth, but it also brings unrelenting scrutiny from regulators and agencies.

When financial institutions are faced with the most difficult of regulatory challenges, they turn to a law firm that has earned the industry’s trust: Dykema.

ALERT: FFIEC Updates Authentication Guidance for Internet-Based Financial Services

Banks offering services online run the risk of being liable for unauthorized transfers unless a customer’s written acknowledgement waiving certain security procedures is obtained. Here’s what you should know.

From developing compliance programs to responding to investigations, Dykema’s team helps clients ensure that their businesses are on sound regulatory footing and that scrutiny from regulators does not become a hurdle to achieving their goals.

Our practice is not limited to traditional consumer credit laws. We regularly advise industry participants on matters of privacy and information security, anti-money laundering and related reporting requirements, electronic delivery of financial products and services, and unfair and deceptive trade practice laws (including enforcement priorities of federal and state regulators under these laws).

Transactions and Due Diligence

We act as regulatory and due diligence counsel, representing buyers, sellers and finance parties in commercial and corporate transactions involving the sale and purchase of financial services companies and assets.

In this capacity, we formulate strategic alternatives in transaction structures to reduce impacts of licensing, registration and compliance requirements and to mitigate compliance, litigation and government oversight risks.

We are often called upon to shepherd non-financial services companies that are expanding business lines into consumer and retail financial services via strategic investments or acquisitions.

Investigations and Enforcement

We represent financial institutions and other respondents in investigations, examinations, and enforcement actions brought by state and federal regulators, including the FDIC, the OCC, HUD, and the FTC.

We also offer strategic and substantive advice on pending or threatened cases and proceedings.

National banks and others affected by the interaction of state and federal laws call on us for advice and guidance on matters of federal preemption, state law compliance, and coordinated investigations conducted by federal and state authorities.

Contacts

Scott R. Fryzel
Member
Lindsay S. Henry
Member
Lauren E. Quigley
Senior Counsel

View All Professionals

Practices

Real Estate Lending, Finance, and Workouts Restructuring and Bankruptcy

Industries

Financial Services Cannabis

Latest News and Insights

Speaking Engagements5.9.24

Voice Recognition for Payments: Obligations and Rights of Customers and Financial Institutions

Scott Fryzel will serve as a featured presenter for Smarter Faster Payments 2024, which takes place…

Learn more

Speaking Engagements12.4.23

Regulation E - Common Findings at Financial Institutions

Scott Fryzel and Lauren Quigley each served as featured presenters at the Wespay Quarterly Member…

Learn more

Press Releases11.2.23

Dykema Receives 14 National Rankings and 153 Metro Rankings in Best Law Firms for 2024

Dykema, a leading national law firm, announced today that the firm was nationally ranked in 14…

Learn more

Assessment of legal, regulatory and operational impacts of Title X of the Dodd-Frank Act, including compliance with emerging guidelines and regulations promulgated by the Consumer Financial Protection Bureau, for private clients and trade associations.
Legal, regulatory and compliance consulting to several of the nation’s largest mortgage servicers, including multistate compliance and licensing matters for newly formed mortgage servicing affiliates.
Advising as regulatory counsel a nationally ranked mortgage servicer in numerous acquisitions of interests in target companies and MSRs, handling regulatory, licensing, and operational issues.
Providing regulatory, commercial and compliance counsel to leading technology vendors and BPO firms in mortgage lending and servicing, payment systems, and point-of-sale financing.
Advising credit card issuers and others with respect to marketing, sales and credit practices, such as prescreen firm offer requirements and new advertising campaigns.
Compliance audits and reviews for banks and other creditors and service providers, such as reviews of outsourced default and foreclosure functions for major national mortgage servicers.
Retail product design and review and drafting of consumer credit documentation in multistate implementation of credit and depository programs for bank and nonbank credit providers and vendors.
Review and preparation of internal policies, procedures, and training materials for significant national financial services providers, in connection with responses to administrative findings, periodic reporting requirements and due diligence in corporate transactions.
Delivering periodic updates on developing laws, regulations and proceedings affecting responsibilities and potential liabilities of secondary market participants.
Providing compliance and regulatory advice on government and quasi-governmental loan programs, such as VA, FHA, USDA, Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
Counseling mortgage lenders, brokers, title companies, home builders, and real estate professionals with respect to proposed joint ventures involving the marketing of credit products and settlement services.
Establishing data security procedures and privacy programs for consumer financial service clients and assisting clients in real time with responses to information security breaches.
Advising on issues related to default and repossession of collateral, including foreclosures, and responding to government and regulatory inquiries regarding post-default acts and practices.