Locke Lord stands as a prominent law firm with a significant footprint in the consumer finance industry. Their consumer finance practice offers a broad spectrum of legal services, catering to a diverse clientele ranging from traditional banks and credit unions to fintech companies and private equity firms investing in the sector. They provide counsel on regulatory compliance, transactional matters, and litigation defense, navigating the complex and evolving legal landscape that governs consumer lending and financial services.

A core area of their expertise lies in regulatory compliance. Locke Lord attorneys assist clients in understanding and adhering to a multitude of federal and state regulations, including the Truth in Lending Act (TILA), the Equal Credit Opportunity Act (ECOA), the Fair Credit Reporting Act (FCRA), the Fair Debt Collection Practices Act (FDCPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act. This includes providing guidance on issues related to advertising, disclosures, loan origination, servicing, and debt collection. They also monitor legislative and regulatory changes, helping clients proactively adapt their practices to remain compliant and minimize potential risks.

On the transactional side, Locke Lord’s consumer finance practice represents clients in a variety of deals, including loan portfolio acquisitions and sales, securitizations, and mergers and acquisitions. They provide due diligence, structuring, and negotiation support to ensure that transactions are structured effectively and comply with all applicable laws and regulations. This expertise is particularly valuable in the current environment, where consolidation and strategic partnerships are increasingly common in the consumer finance space.

Locke Lord also has a robust litigation practice, defending clients against consumer lawsuits and government enforcement actions. They represent lenders and servicers in cases involving allegations of predatory lending, unfair debt collection practices, and violations of consumer protection laws. Their attorneys have experience handling class action lawsuits, individual claims, and administrative proceedings before agencies such as the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC). Their litigation team leverages their deep understanding of consumer finance law and their extensive courtroom experience to develop effective defense strategies and achieve favorable outcomes for their clients.

The firm’s deep bench of experienced attorneys, coupled with their industry knowledge, allows them to provide practical and effective legal solutions to clients operating in the dynamic and heavily regulated consumer finance market. They are recognized for their commitment to understanding their clients’ business objectives and providing tailored advice to help them achieve their goals while mitigating legal and regulatory risks. Locke Lord’s consumer finance practice continues to be a go-to resource for companies seeking legal guidance in this complex and crucial sector of the financial industry.