Consumer Finance Litigation
With one of the most sophisticated and experienced consumer finance litigation practices in the United States, O’Melveny has the essential industry knowledge to help clients navigate the unique challenges posed by today’s intense regulatory and litigation climate.
- Veterans of controversies involving the subprime mortgage industry, we play a leading role in connection with the problems facing the financial services industry as a result of the financial crisis. We represent bank and non-bank lenders, servicers, and investors, and have extensive experience in a variety of matters, including class actions and state attorney general actions.
- We regularly counsel companies on an array of federal and state regulatory matters, helping some of the biggest companies in this industry navigate the complex regulatory regime designed to provide relief to homeowners, including Making Homes Affordable, Home Affordable Modification Program (HAMP), Home Affordable Foreclosure Alternatives, Second Lien Modification Program, and the Hardest Hit Fund.
- We routinely advise clients facing scrutiny from the Consumer Finance Protection Bureau, including regulatory investigations and enforcement actions. Often, we persuade regulators that such actions are unwarranted. And when necessary, we design and lead compliance programs pursuant to consent orders. We also create internal risk-assessment programs to test the efficiency of and recommend improvements to existing compliance controls.
Capital OneO’Melveny won the dismissal of all claims against client Capital One in a case challenging the late fee and over-limit fee practices of credit card issuers. Read
DitechO’Melveny guided Ditech (f/k/a Green Tree Servicing) through a joint investigation brought by the CFPB and the FTC. We helped the company create a record undermining the CFPB’s claims and negotiated the first-ever consent order among a mortgage servicer and the CFPB and FTC. Read
Leading Financial InstitutionWe represented a leading financial institution in an action brought by the City of Los Angeles alleging that fair lending violations at the time of origination resulted in a disproportionately high number of foreclosures in primarily African American and Latino neighborhoods, purportedly reducing the City’s property-tax revenues and increasing its municipal-services costs. Read
OcwenO’Melveny represented Ocwen Financial Corporation and Ocwen Loan Servicing in In re Ocwen Mortgage Servicing Litigation, a multidistrict litigation proceeding comprising nearly six dozen cases, including numerous putative nationwide class actions. Read
OneWest BankO’Melveny has acted as OneWest Bank’s national coordinating counsel for its lender-placed-insurance litigation, including numerous putative nationwide class actions. Read
Option OneO’Melveny obtained decertification of a nationwide class comprising more than 129,000 mortgage borrowers asserting disparate-impact claims under the Fair Housing Act and the Equal Credit Opportunity Act. Read
State National Bank of Big Spring, TexasO’Melveny is representing State National Bank of Big Spring, Texas in challenging the constitutionality of the Consumer Financial Protection Bureau (CFPB) created by the Dodd-Frank Act as well as President Obama’s recess appointment of CFPB Director Richard Cordray. Read
Visa, Inc.O’Melveny has served as Visa’s primary counsel on matters involving major account data compromise events at processors and merchants. Read
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March 29, 2018Burton, Close Named BTI Client Service All-Stars
“Well-equipped to handle litigation as well as regulatory investigations and enforcement actions across a range of specialisms including consumer finance, investment adviser regulation and mortgage industry regulation.”
- Legal 500