Consumer Finance & Regulation

Featured Links

Consumer Financial Protection Bureau (CFPB)

Federal Deposit Insurance Corporation (FDIC)

Federal Financial Intuitions Examination Council (FFIEC)

Federal Trade Commission

Financial Crimes Enforcement Network (FinCEN)

Minnesota Department of Commerce

Office of the Comptroller of the Currency (OCC)

Office of the Minnesota Attorney General

U.S. Department of Commerce

Federal Reserve Board (FRB)

Gray Plant Mooty provides effective and strategic legal counsel in matters involving consumer financial services, including consumer protection laws and commercial laws with consumer protection provisions. The Consumer Finance and Regulation team at Gray Plant Mooty is knowledgeable about consumer finance products and services, industry practices, and applicable laws and regulations, which enables the team to counsel clients in an efficient and effective manner.

Our clients include:

  • Banks
  • Savings associations
  • Credit unions
  • Mortgage lenders
  • Automobile dealers
  • Retailers
  • Payment systems and stored value providers
  • Providers of loan origination and account documentation software
  • Student loan lenders

Our team’s experience includes:

  • Counseling
    • Compliance with state and federal laws and regulations
    • Licensing and lending authority issues
    • Mortgage lending and loan servicing
    • Electronic payment system issues
    • Marketing, advertising, and telemarketing compliance
    • Unfair, deceptive, or abusive trade practices (UDAAP)
    • Product development, including secured and unsecured loans, home equity lines of credit, retail installment sales contracts, consumer leases, and layaway agreements
    • Time and demand deposit account structure and documentation
    • Payment cards, stored value cards, and gift cards/certificates
    • Mobile banking
    • Privacy and data security policies; data breaches
    • Fair credit reporting act policies
  • Drafting
    • Consumer loan documents
    • Retail installment contracts
    • Disclosures
    • Deposit account documentation and disclosures
    • Policies and procedures
    • Electronic payments and mobile banking agreements
  • Litigation
    • Defaults and foreclosures
    • Consumer claims
    • Defense of Fair Debt Collection Practices Act claims
    • Fair Credit Reporting Act claims

Our Consumer Finance and Regulation team is able to provide extensive federal and multi-state research and analyses on various issues our clients encounter, including state licensing requirements, federal preemption matters, consumer disclosure requirements, interest rate regulation and exportation, credit reporting requirements, collection practices, and loan servicing requirements.

Our team understands the relevant consumer protection laws and regulations, both federal and state, as well as regulatory guidance, including:

  • Federal laws and regulations:
    • Dodd-Frank Act
    • ECOA and Regulation B
    • Truth in Lending Act and Regulation Z
    • Real Estate Settlement and Procedures Act (RESPA)
    • Home Ownership and Equity Protection Act and Homeowners Protection Act
    • Fair Debt Collection Practices Act
    • Fair Credit Reporting Act
    • Truth-in-Savings Act and Regulation DD
    • Electronic Funds Transfer Act and Regulation E
    • E-SIGN and Uniform Electronic Transactions Act (UETA)
    • Consumer Leasing Act and Regulation M
    • Gramm-Leach-Bliley Act
  • State laws:
    • Privacy and Telemarketing Laws
    • Predatory Lending Laws
    • Usury Laws and Federal Preemption
    • Lender Licensing Laws
    • Leasing Laws
    • Motor Vehicle and Retail Installment Sales Acts
    • Mortgage Lender and Mortgage Broker Statutes
    • Uniform Commercial Code
    • Unfair and Deceptive Acts and Practices law
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