Overview
Bates White has extensive experience with an array of consumer financial products. From auto finance to mortgage loans, student loans to payday loans, and credit cards to checking accounts, we provide rigorous analysis of the issues central to this diverse landscape. Our professionals combine a thorough knowledge of the fundamentals with a keen understanding of the nuances related to each product, which means we approach clients’ matters with a unique perspective. In expert or consulting work, we provide the thought leadership and strategic guidance that our clients require.
We routinely perform detailed analyses of product characteristics and performance and are skilled at designing statistical sampling methods that balance review costs with achieving desired levels of precision. Our expertise also extends to fair lending, where we apply rigorous statistical modeling techniques to identify unexplained disparities between demographic groups. We have a robust compliance monitoring offering that leverages data proficiency and a detail-oriented approach to deliver a careful assessment of whether the terms of a settlement or other agreement are being met. Our consumer finance professionals develop lasting client relationships and are trusted by law firms, corporate clients, and government agencies, to both fulfill short-turnaround inquiries and meet the demands of a long-running litigation.
Selected Work
- Testified on behalf of the CFPB in Consumer Financial Protection Bureau v. Navient Corporation and Navient Solutions, Inc., which alleged that Navient’s actions resulted in harm to student loan borrowers.
- Assisted with Synchrony Financial’s response to a Notice and Opportunity to Respond and Advise letter from the Consumer Financial Protection Bureau.
- Assisted three state attorneys (AGs) general in settlement discussions with Navient, which allegedly steered borrowers to forbearances and ultimately agreed to pay 32 state AGs $142.5 million.
- Advised independent monitor of eligibility issues with consumer relief provided by a large bank under the terms of a settlement agreement with the federal government and five states.
- Assisted independent administrator with compliance assessment of debt forgiveness required under a settlement entered into by a large for-profit education company.
- Provided consulting expertise related to fair lending issues on behalf of a major subprime mortgage lender accused of discriminating on the basis of race in permitting brokers to subjectively set fees and yield spread premium.
- Advised a government agency in an investigation regarding the performance of certain residential mortgage loan products.