Regulatory Advice: Clients depend on us to anticipate and guide compliance with new and revised regulations issued by the CFPB, and we closely follow issues that will be the target of future CFPB rulemakings. In addition to providing regulatory advice, our attorneys also conduct privileged reviews of compliance with laws and regulations within the CFPB's jurisdiction, draft policies and procedures, and advocate with the CFPB for future rulemakings and regulatory changes to existing rules.
We also advise both investors and investor targets regarding CFPB regulatory risks in major transactions. For more information, please visit our Retail Financial Services page.
Supervision: We help banks and nonbanks prepare for and respond to CFPB examinations. These efforts have included conducting mock examinations to identify and remedy issues prior to CFPB examinations, working closely with clients during examinations to address particular requests and issues, drafting responses to examination findings, and preparing successful Potential Action and Request for Response (PARR) letter responses on high-risk issues. Our advocacy has led to supervisory resolutions rather than public enforcement actions in several cases.
Internal Investigations: Whether responding to an internal detection of issues or simply preparing for the CFPB's next areas of focus, we help clients stay ahead of emerging regulatory and legal issues prior to government investigations by identifying and addressing potential issues and remediating customers impacted by those issues. Internal investigations include email and other document review and interviews of employees, resulting in findings, suggested corrective action and customer remediation to ensure clients are prepared for regulatory scrutiny.
Government Investigations and Enforcement: WilmerHale leads the industry in representations before the CFPB for both large financial institutions and newly regulated financial services companies. In fact, WilmerHale has played a leading or supporting role in nearly every CFPB enforcement action against a large national bank since the bureau's inception. Our representation has expanded beyond large banks to include industry leaders in mortgage origination and servicing, student loan origination and servicing, midsized financial institutions, and financial technology companies.
We have handled matters raising allegations of unfair, deceptive, or abusive acts or practices (UDAAP), and violations of federal law including the Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act and Military Lending Act. Our experience spans the lifecycle of enforcement actions, including:
- initial informal or formal requests for information;
- petitions to set aside civil investigative demands;
- Notice and Opportunity to Respond and Advise submissions;
- consent order negotiations; and
- compliance with consent orders.
Litigation: Should supervision and enforcement settlement negotiations not lead to a desirable outcome, our Litigation/Controversy Department, with its in-depth knowledge of governmental and regulatory litigation and long track record of success litigating against the government, is well equipped to litigate against the CFPB. Our litigation attorneys provide litigation risk analyses to clients with respect to any ongoing CFPB investigations, and are prepared to strengthen clients' positions in negotiations with the CFPB.