O’Melveny Worldwide

Consumer Finance Regulation

We help our clients develop innovative services for their customers while abiding by evolving regulations.

We help our clients develop innovative services for their customers while abiding by evolving regulations.

These are unprecedented times for financial services providers: On the one hand, countless new entrants, novel business models, and breathtaking technological advances are producing inventive products for consumers; on the other hand, never before have there been such complex consumer protection regulations, coupled with heightened scrutiny and aggressive enforcement. O’Melveny works with every stripe of consumer financial services firms and their investors and counterparties to ensure that they can realize their full market potential, while consumers reap all the benefits from this age of innovation.

Our team works across diverse product lines, with an emphasis on consumer-facing products and services, to inform our clients of the latest developments in the regulatory community and reinforce all compliance requirements. We are intimately familiar with the growing array of federal and state statutes and regulations governing banks, nonbanks, fintechs, and their service providers. We routinely advise our clients regarding both supervisory and enforcement interactions with major regulators, including the CFPB, OCC, FTC, FINCEN, FINRA, SEC, FDIC, FRB, state financial regulators, state Attorneys General, and others. The depth of our work and decades of experience give us an unparalleled view of the marketplace, its rewards and its risks.

We offer cross-disciplinary representation from beginning to end of any inquiry, and we develop programs that withstand regulatory scrutiny while maximizing business opportunity. Our services include:

  • Diligence of product assets and liabilities
  • New financial product development
  • Risk assessments
  • Compliance testing and counseling
  • Consumer remediation
  • Regulatory examination support
  • Regulatory investigation defense
  • Consent order negotiation
  • Enforcement action defense
Federal education loan servicing company

Counseled company throughout a CFPB investigation related to its debt-collection practices.

Large consumer bank

Represented bank in several CFPB investigations involving digital banking, mortgage servicing, and HMDA compliance.

Large non-bank mortgage servicer

Negotiated the first-ever joint consent order with the Consumer Financial Protection Bureau and the Federal Trade Commission regarding mortgage servicing.

Mid-size bank

Overhauled client’s practices for tracking and accounting for consumer bankruptcy filings across all consumer-lending and deposit lines.

Multiple banks and non-bank lenders

Successfully supported institutions in regulatory exams, avoiding reference to enforcement divisions of multiple fair-lending issues.

Multiple federally regulated institutions

Helped overhaul mortgage-servicing and depository processes related to customers in bankruptcy. 

Multiple fintech companies

Advised on payment processing, electronic fund transfers, and lending issues in response to inquiries from the CFPB, FTC, and state regulators.

State-chartered bank

Assisted with response to FDIC and FRB inquiries into its marketplace lending practices.

Representative Clients
Capital One Financial Corp.
Fannie Mae
First Citizens Bank
Nationstar Mortgage
JPMorgan Chase
Morgan Stanley
Ocwen Financial Corp.
TD Bank

“Well known for its involvement in mortgage lending matters, consumer financial services litigation, and various large-scale regulatory investigations.”

The Legal 500 US

“O’Melveny provides a ‘practical’ service to financial services entities facing scrutiny within the consumer finance sector.”

The Legal 500 US

“I have the utmost confidence in their ability to handle complex regulatory actions, litigation and disputes.”

—Client Testimonial, The Legal 500 US