Overview

We advise a wide range of companies, from traditional lenders to technology companies, on the increasingly complex regulatory landscape for consumer financial products and services. Our cross-disciplinary team provides regulatory, compliance, transactions and operations advice in the rapidly evolving FinTech space. We help bring new technologies to market and counsel companies ranging from startups to Fortune 500 corporations and traditional banks and lenders on the design and implementation of innovative products and services, including how to leverage partnerships with third parties.

Stinson attorneys apply their deep understanding of consumer credit products, payment systems and financial technology to represent bank and non-bank financial service providers. Nationally recognized for their proficiency in consumer finance, our lawyers advise clients in designing innovative financial products to comply with federal and state laws.

Several of our attorneys have worked as in-house counsel for financial companies, which gives them the capability and perspective to understand the complexities and challenges facing our clients in consumer financial services. We can also provide a broad range of services for banks and financial entities that do not have their own in-house team.

Our comprehensive experience in the financial products arena includes:

FINTECH

Our counsel blends regulatory and technology experience to facilitate the expansion of mobile banking and lending, online financial services, and other innovative and market-leading finance technologies:

  • Regulatory and compliance issues for new technologies
  • Marketplace lending
  • Financial data privacy compliance in mobile and online applications
  • Data security for service providers and recipients of mobile, online and cloud-based services
  • Consumer finance product development, including prepaid cards, credit and deposit products, retail installment sales and money transfers
  • Technological changes in payment systems and payment cards
  • Vendor management and due diligence focusing on technology risk allocation
  • Protecting and leveraging key financial technology intellectual property assets
  • Compliant design and content of financial product websites, portals and mobile apps
  • Joint venture transactions to create and commercialize financial technology assets
  • Capital markets, private equity and other financing for FinTech companies
  • IPOs, mergers, licensing and other exit strategies
  • Defending new technologies in governmental enforcement actions by DOJ, FTC and CFPB

CONSUMER FINANCE

We advise financial institutions, non-bank lenders and third parties, such as internet-based platforms, on a wide range of regulatory, legal, and business issues:

  • Helping clients design innovative credit products to comply with federal and state laws
  • Establishment of partnerships between banks and technology companies (marketplace lending)
  • Due diligence in connection with acquisition of assets related to consumer finance
  • Federal preemption and exportation of interest rates
  • Drafting consumer-facing documents, disclosures, communications, and other content
  • Pre-dispute consumer arbitration agreements
  • Compliance with federal laws, regulations, guidance, and enforcement trends, including:
    • Truth in Lending Act (TILA) and Regulation Z
    • Equal Credit Opportunity Act (ECOA) and Regulation B
    • Electronic Fund Transfer Act (EFTA) and Regulation E
    • Fair Debt Collection Practices Act (FDCPA) and Regulation F
    • Fair Credit Reporting Act (FCRA) and Regulation V
    • Financial privacy laws, such as the Gramm-Leach-Bliley Act (GLBA) and Regulation P
    • Real Estate Settlement Practices Act (RESPA)
    • Military Lending Act and Servicemembers Civil Relief Act
    • Unfair, deceptive or abusive acts or practices laws (UDAAP)
    • Federal Trade Commission Act
    • Electronic Signatures in Global and National Commerce Act (E-SIGN)
    • Bank Secrecy Act (BSA)
    • USA PATRIOT Act
    • Federal rules, such as the Payday Lending Rule and Debt Collection Rule
  • Compliance with the laws of all 50 states and the District of Columbia governing:
  • Usury and consumer credit, including laws governing small loans, installment lending, payday lending, title lending, and mortgage lending
  • Loan brokers and credit service organizations
  • Check cashing
  • Retail installment sales
  • Money transmission
  • Debt collection and servicing
  • Credit reporting
  • Privacy
  • UDAP

REGULATORY AND OPERATIONAL ISSUES

Our practice includes former in-house financial institution counsel who combine real-world experience with in-depth understanding of financial services industry operations. We also have extensive experience managing the regulatory risks of developing and documenting products and the outsourced services supporting those products, and counseling financial services companies on operational issues, including:

  • Federal and state regulatory examinations
  • Regulatory enforcement trends at the nation's banking regulators, Consumer Financial Protection Bureau (CFPB), and Federal Trade Commission (FTC)
  • Bank branching, rate exportation, and preemption
  • AML/BSA and "know-your-customer" issues
  • SARs and related issues
  • Posting order issues
  • Overdraft programs and compliance
  • Fees and preemption/exportation issues
  • Unfair and Deceptive Acts or Practices (UDAP) and Regulation AA issues
  • Abandoned property compliance
  • MSB registration and compliance and state money transmitter licensing laws
  • Fair lending and Community Reinvestment Act (CRA) issues
  • Adverse claims issues
  • Garnishments, particularly in a multistate branching context
  • Setoff and consensual security interests in deposit accounts
  • Escheatment
  • State licensing matters, such as lender licenses and money transmitter licensing
  • Compliance plans
  • Other day-to-day deposit and check issues
  • Federal preemption

PAYMENT CARDS AND PAYMENT SYSTEMS

Our deep knowledge of payment systems allows us to help financial institutions comply with system requirements, assist in product design, and efficiently negotiate the complex contracts under which these systems and products operate. We advise clients on the following consumer payment systems:

  • ACH transactions and NACHA rules
  • Prepaid/Stored-value cards and gift cards
  • Mobile banking and mobile payments
  • Credit cards and card association rules
  • ATM/Debit cards and related network rules
  • Health care payment products


Team

Team

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