Consumer Finance and Fintech Practice
Sheppard Mullin partners with clients in the financial services industry on regulatory, enforcement, transactional, litigation, and consumer protection matters. Our seasoned team of attorneys is focused on the constantly evolving federal and state statutes and regulations governing our clients’ products and services. We understand the unique business and legal challenges faced by clients in the consumer financial services industry and that is why clients turn to us when a thorough understanding of the industry is required to deliver valuable advice and solutions in real time. We pride ourselves on the integrated nature of our offering. We address the regulatory, enforcement, transactional, litigation and consumer protection issues faced by our financial services clients at a senior level, and provide central coordination to craft a strategy which recognizes and respects federal and state differences.
Sheppard Mullin's Consumer Finance and Fintech Blog
Meet Our Consumer Finance Team Leaders
Consumer Finance and Fintech Blog
Our Consumer Finance and Fintech Blog covers the issues of the day, including new regulations, regulatory and enforcement trends, important cases, and events on Capitol Hill for one of the nation’s most heavily regulated industries.
Meet Our Consumer Finance Team Leaders
Moorari Shah | bio
Partner | Orange County / San Francisco
714.424.8264H / 415.434.3947
A.J. Dhaliwal | bio
Special Counsel | Washington, D.C.
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Sheppard Mullin’s team of financial services, blockchain, corporate, intellectual property, regulatory and privacy attorneys collaborates with emerging FinTechs and other companies to launch products and services, create bank partnerships to provide financial services using innovative technologies, and invest in new solutions. We represent companies – from startups to Fortune 100 – who are pioneering technologies and business models in this space, as well as the companies using these technologies. We advise clients on how to meet their business objectives, while avoiding unnecessary legal risk by clearing regulatory and compliance hurdles along the way.
Read our latest posts: Consumer Finance and Fintech Blog
A.J. Dhaliwal - Financial Services, Lexology Legal Influencers, Q2 2022
A.J. Dhaliwal - Lexology author
Top Author, JD Supra Readers' Choice Awards, 2022
Enforcement & Investigations
Represented indirect auto finance company in a DOJ and state AG investigation into subprime auto loan origination and securitization practices.
Represented several card issuers in CFPB enforcement actions relating to unfair billing tactics and deceptive marketing with respect to credit card add-on products.
Represented a large student loan servicer in parallel federal government investigations, focusing on issues related to UDAAP and SCRA compliance.
Represented a credit reporting bureau in a CFPB enforcement action alleging UDAAP violations relating to the marketing of credit scores to consumers.
Represent financial institutions in connection with data breach and cyber matters, including in connection with related state regulatory and enforcement investigations into breaches.
Represent multiple companies stemming from a CFPB sweep of investigations, which led to enforcement actions and negotiated settlements, alleging violations of the CFPA prohibition against deceptive acts and practices, the MAP Rule, and Regulation Z.
Represented multiple mortgage companies in FCA and FIRREA investigations by the DOJ, various U.S. attorneys’ offices, HUD, and VA, concerning compliance with the Fair Housing Administration (FHA) Direct Endorsement Lender program guidelines, VA loan requirements, HECMs, and Fannie Mae and Freddie Mac origination and servicing guidelines.
Represented a non-bank in a confidential bank regulator enforcement matter based on a referral from the CFPB to the DOJ for alleged fair lending violations.
Responded to FDIC investigation subpoena on behalf of a national bank alleging RESPA violations arising out of co-marketing agreements and desk rentals.
Participated on due diligence teams to assess regulatory risks related to the acquisition of financial services entities, including mortgage originators and servicers.
Represented financial institutions in acquiring core provider, information technology, and business process outsourcing services from domestic and foreign-based service providers.
Represented fintech companies preparing for funding rounds and initial public offerings.
Represented mortgage companies in warehouse financings, affiliated business arrangement joint ventures, and loan purchase and sale agreements.
Represented helped equipment lessors in financing transactions and state regulatory and licensing matters.
Represented “challenger banks” and other fintech platforms in bank partnership agreements.
Represented private equity companies in acquisitions and regulatory due diligence of mortgage, commercial equipment, automobile, and specialty finance company targets.
Represented a bank in connection with an FDIC examination that alleged RESPA violations.
Representing large financial institution in connection with CFPB supervisory examination into fair lending activities.
Represented several banks and non-banks through CFPB examinations and pre-enforcement matters and responding to Proposed Action and Request for Response (PARR).
Represented banks and nonbanks in CFPB, FTC, OCC, FDIC, and state regulatory examinations involving bank vendor activities.
Regulatory & Compliance
Advised credit, debit, and prepaid card issuers in compliance management, deferred interest, and technical compliance with consumer financial laws and regulations.
Helped a card issuer redesign existing rewards program, create benchmarks against best in class standards, conduct risk assessments, integrate grandfathered balances, and terminate legacy programs.
Represented a major card issuer in identifying, self-reporting to CFPB, and remediating UDAAP non-compliance, resulting in the avoidance of a consent order and civil money penalties.
Advised a FinTech payments processor on matters related to disclosure delivery, advertising and marketing compliance, and risk management.
Advised multiple non-banks on issues related to their advertising and marketing practices in compliance with TCPA, TILA, the MAP Rule, and UDAP/UDAAP.
Assisted financial institutions to develop new products and services, including consumer and small business financing products, banking services, point-of-sale financing options, and home acquisition and investment alternatives.
Represented several clients in defense of (separate) complaints asserting alleged violations of the Telephone Consumer Protection Act based on calls made by autodialers and allegedly unsolicited text messages.
Represented several national retailers and restaurants (in separate cases) against class action complaints challenging clients’ respective credit card policies under the Song-Beverly Credit Card Act and California’s unfair competition law.
Represented several national retailers (in separate cases) against class action complaints challenging clients’ gift card policies.
Defended residential mortgage lender in FCA qui tam litigation in Southern District of California regarding the FHA government-insured loan program.
Major auto finance companies in consumer class actions challenging financing and leasing issues, including Toyota Financial Services, GM Financial, Nissan Motor Acceptance Corporation, Consumer Portfolio Services and Santander Consumer USA, among others. E.g. In re Toyota Motor Corp. Unintended Acceleration Marketing, Sales Practices, and Products Liability Litigation, 785 F. Supp. 2d 883, 904 (C.D. Cal. 2011) (granting motion to dismiss with prejudice); AmeriCredit Financial Services, Inc. (now GM Financial), including Bankston v. AmeriCredit, 2011 WL 89730 (N.D. Cal.) (granting dismissal for lack of standing); and Wright v AmeriCredit, 2010 WL 5058345 (S.D. Cal.) (upholding validity of notice and dismissing action).