The rules and regulations governing the consumer finance industry, at the federal, state, and local levels, seem to be constantly in flux. If you work in this space, it can be difficult to know if you are in compliance with current laws and what your rights are should a dispute arise or should a government agency investigate your operations. At Sprott Newsom, we have helped numerous consumer finance clients navigate both the regulatory and litigation processes. We have the combined industry experience needed to explain the current laws, make sure you are compiling with them, and brief you on potential changes so you can be proactive. We aim to help our clients avoid litigation when possible, finding creative and cost-effective solutions outside of the court system; however, if litigation cannot be avoided, we are trained to fight for your organization in court.
The Consumer Financial Protection Bureau (CFPB) is a relatively new agency designed to bring greater protection to consumers, but the agency has changed the applicable rules and regulations. Our team closely monitors this agency to see what laws they are proposing and enforcing. The laws that govern the consumer finance sector are vast.
The consumer finance lawyers of Sprott Newsom have extensive experience helping client with:
- Mortgage and Consumer Lending: Many consumers will take out mortgages and personal loans across their lifetimes, and there are layers of protections in place to make sure they are not taken advantage of in any way. We have helped companies who place and service these loans ensure they remain in compliance with all applicable rules and regulations.
- Texas Deceptive Trade Practices Act (DTPA): This law is in place to protect Texans against misleading and deceptive business practices, including false promises about goods and services. Examples include false advertising and misrepresentation about goods, services, or products meeting certain standards. Our team represents businesses against DTPA claims.
- Fair Credit Reporting Act (FCRA): Credit reporting agencies must be transparent and fair about the information they collect and provide to generate a credit score. Our team knows the ins and outs of the FCRA, can make sure your company is in compliance, and can represent you should allegations be made that your company has erred.
- Fair Debt Collections Practices Act (FDCPA): This law, and many others, govern how debt collectors can act, preventing the use of unfair or abusive tactics to collect unpaid debts. Documenting collection attempts can not only help a company demonstrate its compliance with collection laws, but it can also provide the foundation for a defense if a claim is made that your organization violated these rules.
- Telephone Consumer Protection Act (TCPA): Prerecorded telemarketing calls can only be made to a landline and can never be sent to a cell phone, as dictated by this law. We help firms ensure they remain in compliance with this law and help them navigate any lawsuits, particularly class actions, which arise.
These are only a few of the many areas in which we can help businesses in the consumer finance industry. If a lawsuit is filed, class actions are frequently the structure they take. We structure a strong defense for our clients to help keep them protected. We have successfully resolved consumer finance disputes via settlement, at trial, and through the appeals process. No matter what your situation is, Sprott Newsom will ensure your company does not suffer from long, drawn out litigation that keeps you away from your business. Our lawyers are ready to help clients of all sizes with any issue that comes their way.