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Cadwalader’s expertise in consumer financial services and payments regulations allows us to help banks, licensed lenders, fintechs and payment companies maneuver through the maze of federal, state and impending laws and regulations that govern their businesses. Cadwalader’s team is equally adept at advising on consumer financial services and payments issues in capital markets transactions and counseling companies directly—often operating at the intersection of financial services and technology.
We offer comprehensive services to both emerging and established market participants by combining our extensive knowledge of technology with a thorough grasp of our clients’ business. This includes addressing issues in data privacy, cybersecurity and artificial intelligence complexities that arise when new financial services or products are developed and introduced to the market.
Our representative experience includes:
- Advising on the impact of new legislation or regulation on market participants, including rules and guidance promulgated by the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the Federal Trade Commission (FTC).
- Representing fintechs, lenders and payment companies in investigations with the CFPB and the FTC regarding alleged violations of the Truth In Lending Act (Regulation Z), the Equal Credit Opportunity Act (Regulation B), the Electronic Fund Transfer Act (Regulation E), the Fair Credit Reporting Act and the Real Estate Settlement Procedures Act (Regulation X).
- Working with banks and fintechs on deposits-related issues including advertising of deposits, drafting deposit agreements, analyzing FDIC insurance issues, negotiating and supporting deposit networks, advising on deposit broker concerns, remote deposit capture capabilities and developing tokenized deposit strategies.
- Providing practical direction and advice to capital markets desks on consumer loan portfolios originated through bank partnerships, by marketplace lenders and on loan origination platforms as well as traditional loan portfolios (including risks posed by the loans themselves), servicing and collections policies and service providers, and the relative activity of various state agencies on issues including true lender concerns and state licensing.
- Counseling clients regarding financial product and service development, especially when it involves utilizing artificial intelligence, blockchain solutions, smart contracts. In these representations, we combine our deep working knowledge of the relevant consumer financial services laws with our cutting-edge expertise in privacy, cybersecurity and technology law to provide useful and reasonable insights that can guide the development and lead to beneficial conversations with regulators and investors.
