Compliance & Regulatory

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The Compliance & Regulatory Section is led by James Schultz (San Diego) and David Israel (New Orleans).

Representing the Financial Services Industry

Over the last decade, many new consumer protection laws have been enacted or amended. Our team is adept at analyzing these changes, particularly as they relate to the financial services industry and impact collection agencies, creditors, banks, debt buyers, student loan servicers, telemarketers, and other financial institutions.

Legal Advice and Compliance Calls

A critical part of our practice is providing preventive, proactive, practical, problem-solving legal advice. For our enterprise clients who are part of our Compliance Partner Program, we hold weekly or biweekly compliance calls. In preparation for the calls, agendas are created to identify the topics for discussion, such as trending issues, proposed new laws, and problematic cases involving the client.

Reviews and Risk Assessments  

We regularly conduct detailed reviews and risk assessments of all forms of debt collection communication, including letters, scripts, and emails. The team will provide a thorough analysis of all concerns and make specific recommendations of any changes. In addition, we frequently review or draft policies and procedures concerning debt collection, credit reporting, payment processing, privacy, and other consumer protection issues. With the Firm’s Compliance Bullets℠ tool, we also assist clients in building robust monitoring and auditing mechanisms to ensure compliance with company policies and procedures.

In addition, due to the increased regulatory scrutiny over the last 10 years, businesses have begun to look beyond their own practices and now consider the practices of their vendors and agencies. We are often retained to review or audit the policies and procedures of a client’s vendors or agencies to ensure compliance with applicable federal and state laws.

Federal and State Investigations, Subpoenas, Audits, Examinations, and Enforcement Actions

At some point, you will be investigated, subpoenaed, audited, or examined by some federal or state agency for compliance with applicable laws. We will help you prepare for the inevitable event by reviewing your policies and procedures for any gaps with a focus on the issues the federal or state agency will be analyzing, and then we will make recommendations on any changes that should be implemented. In addition, if you are subpoenaed, we will be there to assist you with the production and if you are audited or examined, we will be there to guide and assist you through the process by preparing individuals that will be questioned and drafting responses or coordinating the production of documents or data. And, if an enforcement action is ever brought, we will be there to defend you.

We have handled numerous investigations, subpoenas, audits, examinations, and enforcement actions before agencies such as:

  • Consumer Financial Protection Bureau
  • Federal Trade Commission
  • State and local financial regulatory and licensing agencies
  • State attorneys general

The Firm has a long-standing relationship with most of the federal and state regulators.  

Responses to Regulatory Complaints

We regularly assist clients in preparing responses to their regulatory complaints issued through the CFPB portal or from the state agencies or Better Business Bureau.

What We Provide

We can help you by providing:

  • Practical Compliance Advice. Customized advice pertaining to the industry and your business so you can proactively adjust your practices as needed.
  • Compliance Research and Memoranda. We draft and regularly update various comprehensive memoranda on issues impacting the financial services industry, including numerous state-by-state legal summaries and other summaries concerning the FDCPA, TCPA, FCRA, EFTA, bankruptcy, student loans, and other federal and state consumer protection issues.
  • Reviewing and Drafting. The reviewing or drafting of policies and procedures to minimize risks and improve business operations.
  • Audits. Auditing your business or your vendor or agency for compliance with applicable federal and state laws to avoid litigation and regulatory scrutiny.
  • Assistance with Responding to Regulators. Preparation for CFPB supervisory reviews, state regulatory reviews, and state licensing audits; guidance and assistance if subpoenaed or during any investigation, audit, or examination; representation during an enforcement action; help in preparing responses to regulatory complaints.

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