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Consumer Financial Services

Attorneys in Saul Ewing's Consumer Financial Services practice are experienced in regulatory issues; securities; financial and business transactions of various types; corporate governance; bankruptcy; labor and employment and general business matters. They counsel financial institutions, including banks, finance and credit card companies, savings associations, mortgage brokers and leasing and special financing entities, on a broad range of consumer lending regulatory issues. They defend consumer lending clients in lawsuits brought on by a heightened regulatory environment.

CAPABILITIES

Lender Liability Litigation

Lender liability law is a growing practice, due in large part to an increase in the number of state and federal laws designed to protect the customers of lending institutions. Saul Ewing attorneys represent financial institutions, including mortgage lenders, in a range of litigation under numerous state and federal statutes, including: 

  • New Jersey Consumer Fraud Act
  • Equal Credit Opportunity Act (ECOA)
  • Fair Credit Reporting Act (FCRA)
  • Fair Debt Collection Practices Act (FDCPA)
  • Home Ownership and Equity Protection Act (HOEPA)
  • Real Estate Settlement Procedures Act (RESPA)
  • Retail Installment Sales Financing Act
  • Truth in Lending Act (TILA)
  • Federal and state unfair trade practices acts
  • Federal and state uniform commercial codes

Members of the Consumer Financial Services team also defend mortgage companies in state investigations of consumer fraud and predatory lending claims. Examples of recent litigation include defending a New Jersey mortgage banker in a breach of warranty matter in federal court, and a Pennsylvania mortgage banker in complex multi-party litigation involving claims of conversion, breach of contract, and fraud in connection with proceeds from sales of two large loan portfolios and a two-month trial in Philadelphia, which Saul Ewing successfully defended.

Regulatory Compliance

In today's heightened regulatory environment, the smallest to the largest financial transactions are scrutinized and subject to an unprecedented number of state and federal laws. We offer our lending institution clients advice and counsel on:

  • TILA, Reg. Z
  • Consumer Credit Protection Act
  • Equal Credit Opportunity Act, Reg. B
  • RESPA, Reg. X • Home Mortgage Disclosure Act, Reg. C
  • Consumer leasing provisions of TILA, Reg. M
  • Community Reinvestment Act, Reg. BB
  • Truth-in-Savings Act, Reg. DD
  • Electronic Fund Transfer Act, Reg. E
  • Gramm-Leach-Bliley Act and other federal and state privacy and data security laws, including TILA, FCRA and FDCPA

Transactional Experience

In addition to our proactive regulatory work on behalf of consumer lenders, we advise on and negotiate numerous joint venture arrangements including:

  • Subservicing agreements
  • Mortgage lender-bank private-label mortgage origination programs
  • Sale and purchase agreements for mortgage and student loan portfolios
  • Mortgage outsourcing arrangements
  • Financial Services Litigation

Other Services to Financial Institutions

Our Consumer Financial Services team represents local, community and regional banks, credit unions and other private and public finance entities in a wide range of transactional and business matters. Clients include:

  • Federal and state chartered banks and thrifts
  • Federal and state chartered credit unions
  • Non-depository trust companies
  • Bank holding companies
  • Credit card banks
  • Mezzanine Lenders
  • Venture capital Firms
  • Finance companies
  • Mortgage brokerage firms
  • Leasing and special financing entities
  • Insurance companies
  • Securities brokers/dealers
  • Creditors' committees

Additional capabilities include:

  • Organizing new banks and stock insurance companies
  • Negotiating mergers and acquisitions
  • Overseeing conversion of mutual to stock form
  • Forming mutual holding companies
  • Integrating bank and insurance companies

We also handle secured and asset-based lending transactions for many clients throughout the region, and represent clients in numerous aspects of domestic and international secured and unsecured lending. Several of our attorneys have substantial experience in UCC Article 9 secured transactions. We also structured special insurance programs, as well as leases and financing for facilities and transportation assets, including ships and aircraft. 

Recognition

The group includes attorneys who have been named to the following lists:

Trade Groups & Associations

Contacts

Francis X. Riley III
Donald A. Rea