Rachel Rodman specializes in financial services enforcement and civil litigation. Rachel defends banks, specialty finance companies, and other financial services institutions in investigations, supervisory actions, and civil litigation by federal and state banking regulators, the Securities & Exchange Commission, and state Attorneys General. She also maintains an active class action defense practice, representing financial services companies in consumer protection class actions. Rachel’s cases often present novel questions of statutory interpretation, and she therefore has significant experience in administrative law and procedure, constitutional litigation, and cases challenging the scope of government agency authority.
Many of Rachel’s matters involve advising companies in the consumer financial services industry, and she regularly publishes and speaks on legal issues important to the industry. Rachel was previously with the Consumer Financial Protection Bureau (CFPB). She served as senior counsel in the CFPB’s Legal Division, representing the agency in trial and appellate courts and advising agency leadership. She also served as an enforcement attorney in the CFPB’s Division of Supervision, Fair Lending and Enforcement, where she led investigations of banks and nonbanks involving overdraft practices, debt collection, mortgage servicing and consumer reporting. Rachel was lead counsel in several of the CFPB’s major settlements with banks and mortgage companies. She was previously with Williams & Connolly LLP.
Rachel received a B.A., summa cum laude, in International Relations from Colgate University, where she was awarded the Harvey Picker Award recognizing the outstanding graduate in International Relations. She received her J.D. from the University of Virginia, where she was a member of the Virginia Law Review.
Rachel is a member of the District of Columbia and Virginia bars, and is admitted to practice before the United States District Court for the Eastern District of Virginia, and the United States Courts of Appeal for the Third and Fourth Circuits.
Rachel’s agency enforcement and litigation experience includes:
- Defending nonbank mortgage servicers in response to supervisory actions and enforcement action by the CFPB for violations of Regulation X
- Defending multiple banks in supervisory and enforcement actions by federal banking regulators involving alleged violations of federal consumer financial law, including representing a large bank in an investigation and supervisory examinations by the CFPB and OCC related to sales practices
- Representing public company in a civil action by the Securities and Exchange Commission alleging violations of Sections 10(b) and 13(b) of the Exchange Act
- Representing bank service provider in civil litigation by a state financial regulator involving novel issues of federal preemption and state licensing laws
- Defending non-bank company in an investigation by multiple state Attorneys General relating to an offering of ancillary financial products to consumers
Rachel’s class action experience includes:
- Defending the CEO of a tribal lending company in multiple putative nationwide class actions alleging RICO violations and that consumer loans were illegal under state law
- Defending reseller of consumer reports in nationwide putative class action alleging violations of the Fair Credit Reporting Act
Rachel’s administrative and constitutional law experience includes:
- Representing banking trade associations as amicus curiae in litigation defending banks’ federal statutory right to freely extend credit and to sell loans on a nationwide basis
- Representing banking trade association in federal district court and the Third Circuit in First Amendment litigation challenging state campaign finance restrictions on banks
- Advising clients on questions of agency authority under Title X of the Dodd-Frank Act and separation of powers doctrine
Several of the above representations were handled by Rachel before she joined Cadwalader.