Compliance and Enforcement in Consumer Financial Services: Navigating the Changing Landscape of Federal and State Oversight (Presented by Troutman Pepper Locke)

Stefanie H. Jackman | Troutman Pepper Locke

Stefanie devotes her practice to assisting financial services institutions facing state and federal government investigations and examinations, counseling them on complex compliance issues, as well as defending them in individual and class action lawsuits. Stefanie represents clients across the financial services industry, including banks and nonbanks, mortgage banking lenders and servicers, debt collectors and buyers, third-party service providers, health care and medical revenue cycle service providers, credit and prepaid card companies, auto lenders, and fintechs. She regularly advises her clients on issues arising under an array of federal and state consumer financial laws, including UDAP/UDAAP statutes, the FDCPA, FCRA, TCPA, EFTA, SCRA, and TILA.

In addition to her litigation and government investigations work, Stefanie focuses a significant portion of her practice on providing compliance-related advice to her clients. She regularly counsels clients on conducting compliance assessments relating to their debt collection, credit reporting and dispute resolution processes, fair lending and underwriting, and vendor oversight, as well as the functionality of their overall compliance management system. Stefanie also brings her litigation and enforcement experience to bear in assisting clients in designing new products and processes, including product structuring, advertising, online application flows, underwriting, and servicing-related strategies.

Chris J. Willis | Troutman Pepper Locke

Chris is the co-leader of the Consumer Financial Services Regulatory Practice Group at the firm. He advises financial services institutions facing state and federal government investigations and examinations, counseling them on compliance issues including UDAP/UDAAP, credit reporting, debt collection, and fair lending, and defending them in individual and class action lawsuits brought by consumers and enforcement actions brought by government agencies.

Chris also leverages insights from his litigation and enforcement experience to help clients design new products and processes, including machine learning marketing, fraud prevention and underwriting models, product structure, advertising, online application flows, underwriting, and collection and loss mitigation strategies.

Chris brings a highly practical focus to his legal advice, informed by balancing a deep understanding of the business of consumer finance and the practical priorities of federal and state regulatory agencies. Chris speaks frequently at conferences across the U.S. on consumer financial services law and has been featured in numerous articles in publications such as the Wall Street Journal, the New York Times, the Washington Post, American Banker, National Law Journal, BNA Bloomberg, and Bank Safety and Soundness Advisor.

Michael Yaghi | Troutman Pepper Locke

Michael is a partner in the firm’s State Attorneys General and Regulatory Investigations, Strategy + Enforcement (RISE) Practice Groups, nationwide teams that advise clients on consumer protection enforcement matters and other regulatory issues. The Legal 500 United States recognizes Michael as a key lawyer in its State Attorneys General Practice. Based in the firm’s Orange County office, Michael represents clients in regulatory enforcement investigations involving all facets of their business, including but not limited to, advertising and sales practices, monthly membership programs, auto renewal programs, telemarketing and telephone solicitations, door-to-door sales practices, consumer financial services, and testimonials and endorsements. Having begun his career as a commercial litigator, he also supports clients throughout litigation, should an investigation move in that direction.

Mike works with companies facing regulatory enforcement cases brought by state attorneys general, the Federal Trade Commission (FTC), and the Consumer Financial Protection Bureau (CFPB). These enforcement actions typically involve federal and state regulators inquiring about a client’s advertising campaigns, promotional materials, marketing and sales practices, marketing through emerging media including social networks and blogs, telemarketing campaigns, email marketing, and other regulatory issues affecting consumer marketing and sales. Throughout an investigation, Mike keeps clients informed of likely developments and outcomes, assists with developing appropriate strategies, and approaches all cases with the goal of steering pending investigations toward a favorable resolution.

Mike also leverages his experience with the Better Business Bureau (BBB) to assist clients with enhancing their relationships with both regional BBBs and the Council of Better Business Bureaus (CBBB). By transforming potentially adversarial interactions into collaborative partnerships, he helps to foster public trust and credibility. His efforts have led to significant improvements in client BBB ratings and accreditation, resulting.

Caleb N. Rosenberg | Troutman Pepper Locke

Caleb helps clients across the financial services industry navigate the complexities of a highly regulated landscape. His work with fintech companies and state and national banks includes advising them on the regulatory risks posed by state and federal laws intended to protect consumers and small businesses in the credit and alternative finance products industry.

Caleb also advises industry trade groups on a variety of matters, including counseling on the impact of pending legislation and rules affecting the group’s members. He drafts comment letters and also provides guidance issues that arise in their day-to-day operations.

As a key resource across his clients’ needs, Caleb assists with a variety of transactions, such as secured and unsecured loan agreements, retail installment sales contracts, credit card agreements, and alternative finance agreements. His finance experience also includes performing regulatory due diligence on fintech companies.

Caleb provides practical advice on implementing policies and procedures necessary to comply with state and federal law. He assists clients in responding to regulatory inquiries, including those related to the application of state law to bank partnerships and alternative financing products.

Before entering private practice, Caleb was a staff attorney at the U.S. Court of Appeals for the Eighth Circuit, where he provided recommendations in civil and criminal cases on a multitude of topics, including employment discrimination, the Family Medical Leave Act, the Class Action Fairness Act, federal jurisdiction, and civil and appellate procedural rules.

Lane Richards Page | Troutman Pepper Locke

Lane represents financial institutions and other clients in federal and state regulatory investigations and complex civil litigation. He is particularly focused on consumer protection and fair lending issues.

Lane has experience in dealing with investigations led by various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), the Department of Justice (DOJ), the Federal Trade Commission (FTC), the Department of Housing and Urban Development (HUD), the Office of the Comptroller of the Currency, the Securities and Exchange Commission (SEC), and numerous state attorneys general. His practice extends to class action and general litigation, internal investigations, transactional due diligence, and risk assessments of policies and procedures.

Lane is also committed to pro bono work. He has represented clients seeking asylum before the U.S. Immigration Court, handled housing matters before the D.C. Superior and Landlord-Tenant courts, and advocated for clients seeking Social Security benefits before the Social Security Administration.

I. Regulatory dynamics | 1:00pm – 2:00pm

• Examine the latest shifts in consumer financial services regulation, focusing on the interplay between federal and state oversight and its impact on industry practices

Break | 2:00pm – 2:10pm

II. CFPB and state AGs’ roles | 2:10pm – 2:40pm

• Gain insights into the current priorities and enforcement strategies of the CFPB and state AGs, highlighting their roles in consumer protection and the implications for service providers

III. Emerging trends and challenges | 2:40pm – 3:10pm

• Explore new trends in fair debt collection practices and credit reporting, discussing the compliance challenges and potential future developments in the regulatory landscape