Sullivan & Cromwell’s Consumer Financial Services Group represents clients in the full array of regulatory, compliance, supervisory, enforcement and litigation matters that may arise in providing financial products and services to consumers—whether those products and services involve traditional offerings, such as deposit-taking and mortgage, auto, credit card and other lending, or less traditional offerings through alternative payment, deposit and lending platforms.
Consumer protection laws and regulations and agency priorities have been evolving at an historically unparalleled pace, and it has become increasingly challenging for institutions to keep up with the shifting regulatory, supervisory and enforcement regime. Consumer financial services providers now face an unprecedented level of scrutiny of their practices as well as a marked uptick in investigations and enforcement actions by regulatory and law enforcement agencies, including the Consumer Financial Protection Bureau (CFPB), the federal banking agencies, the Department of Justice (DOJ), the Federal Trade Commission (for non-banks) and state regulatory and law enforcement authorities. Clients trust S&C to guide them through this increasingly complex regulatory landscape.
S&C has a long history of successfully helping clients navigate complex regulatory regimes and related litigation and an established track record of representing financial institutions in regulatory, compliance and enforcement matters before the CFPB, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the FTC, the DOJ, and state bank regulatory and law enforcement agencies. Our lawyers work to develop a deep understanding of clients’ operations, advise them in responding to financial services reforms, and represent them in civil litigation, arbitrations and mediations concerning consumer financial products and services, including class actions and other private lawsuits in state and federal courts throughout the nation.
S&C’s Consumer Financial Services group is well-positioned to serve clients in these challenging times. The lawyers in our practice group, which include former federal and state prosecutors, former bank regulatory and enforcement counsel, and other leading practitioners, coordinate efforts with colleagues across the Firm’s practice areas to meet our clients’ needs:
The diverse backgrounds of our consumer financial protection team enable S&C to analyze issues from the perspectives of the client financial institution, the regulatory or law enforcement agencies involved, and the consumer to provide a more sophisticated strategy for avoiding regulatory issues, and, if issues arise, addressing them in an appropriate fashion to minimize or eliminate negative effects on the client’s standing with its customers and regulators.
S&C’s recent consumer financial services experience includes:
The Firm has broad experience in a wide variety of matters alleging unfair, deceptive or abusive practices prohibited by the Consumer Financial Protection Act and the Federal Trade Commission Act, the foundational consumer financial protection statutes.
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