Consumer Financial Services Regulatory

McGuireWoods’ consumer-financial-services regulatory team advises clients in enforcement, supervision, and other matters before regulating authorities such as the Consumer Financial Protection Bureau (CFPB), Office of the Comptroller of the Currency (OCC), Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), Federal Trade Commission, Department of Justice (DOJ), state banking regulators, and state attorneys general.

With one of the preeminent CFPB practices in the United States, McGuireWoods regularly helps banks and other financial-services companies with regulatory-compliance issues related to consumer-financial products and services, including mortgages, credit cards, auto loans, retail loans, student loans, payment processing, debt collection, real-estate-settlement services, and credit reporting.

We have vast experience with consumer-financial-protection laws and regulations, including the:

  • Consumer Financial Protection Act of 2010
  • Federal Trade Commission Act
  • Equal Credit Opportunity Act and Regulation B
  • Community Reinvestment Act
  • Fair Debt Collection Practices Act and Regulation F
  • Electronic Fund Transfer Act and Regulation E
  • Electronic Signatures in Global and National Commerce Act
  • Fair Credit Reporting Act and Regulation V
  • Truth in Lending Act and Regulation Z
  • Real Estate Settlement Procedures Act and Regulation X
  • Servicemembers’ Civil Relief Act
  • Telephone Consumer Protection Act
  • Gramm-Leach-Bliley Act and Regulation P
  • Fair Housing Act
  • Home Mortgage Disclosure Act

We also assist clients on matters related to the Nacha Operating Rules and Guidelines, the card-brand rules, and other industry rules and guidelines.

Consumer FinSights

Regulatory, Enforcement and Litigation Insights on Consumer Financial and Fintech Issues.


  • Defending a national bank in enforcement actions by the OCC, DOJ, Securities and Exchange Commission, and several state attorneys general involving allegations of securities fraud and falsification of records.
  • Counseling a leading provider of nontraditional lending services on obtaining a fintech bank charter from the OCC.
  • Representing numerous employees of a multinational financial institution as part of a CFPB investigation.
  • Assisting one of the world’s largest banks related to the inadvertent disclosure of the personal information of millions of customers. McGuireWoods conducted hundreds of interviews, worked with a client team of more than 50 people investigating the matter across business lines, engaged in a root-cause analysis, guided outside consultants, and managed the distribution of data-breach notifications to individuals and state regulators. Following the investigation, McGuireWoods negotiated settlements with the CFPB, OCC, FDIC, and the Federal Reserve Board.
  • Representing a national retail chain in a CFPB investigation involving deferred-interest financing.
  • Defending a major wireless carrier in a CFPB enforcement action involving alleged unfair acts and practices.
  • Defending a financial institution in an OCC enforcement inquiry.
  • Representing mortgage-loan officers of a major depository institution in a CFPB investigation into kickbacks between the institution and a title company.
  • Defending an independent mortgage originator and servicer in a CFPB enforcement action related to marketing-service agreements.
  • Assisting a national wireless carrier creating retail-installment sales and leasing programs.
  • Representing numerous companies obtaining, maintaining, and managing state-issued financial-services licenses, including lending, mortgage, money-transmission, and debt-collection licenses.
  • Reviewing and revising payments processes for online retailers and service companies, including establishment of recurring payments in compliance with the Electronic Fund Transfer Act and Regulation E, the Nacha Rules and Guidelines, and the card-brand rules. 
  • Assisting numerous companies reforming adverse-action and risk-based-pricing letters and notifications. 
  • Advising lenders regarding their use of consumer reports, including furnishing activities. 
  • Creating compliance programs and trainings related to lending and money-services activities.
  • Advising a fintech company throughout its first CFPB examination.
  • Advising a credit union throughout its first CFPB examination.