Goodwin Procter defends consumer financial services companies in putative class actions, including prominent banks, mortgage companies, credit card issuers and insurers. We specialize in defense of class actions and government investigations against financial institutions in the consumer financial services industry.

Through our team of industry specialists in Washington, D.C., California and Boston, we have defended over 200 nationwide or statewide putative class actions in the last five years. Many of the suits we defend present groundbreaking issues with wide industry impact. We also have handled broad challenges to our clients’ practices in particular arenas, including pricing, loan origination, default management, bankruptcy and default servicing.

Goodwin Procter also provides representation before a variety of administrative agencies, including the Federal Trade Commission, Department of Housing and Urban Development, and federal and state bank regulators, and state Attorneys General.

We do more than litigate. In anticipation of potential litigation, we assist clients with internal investigations, responding to pre-suit demands and developing internal company procedures. Our trial lawyers work closely with financial services attorneys in all of our offices, adding analysis of business practices and litigation risks to advice about compliance in the particular regulatory environment in which the industry operates.

Industry leaders recognize our expertise. We frequently are asked to lead amicus curiae efforts in cases of importance to the industry. Through more than a dozen recent briefs, filed in a variety of state and federal courts, nationwide, we have represented Fannie Mae, Freddie Mac, America Bankers’ Association, Mortgage Bankers’ Association, Consumer Mortgage Coalition, Mortgage Insurance Companies of America and a number of other prominent consumer finance industry trade groups.  We have prepared amicus briefs on subjects including the right of rescission under the Truth-in-Lending Act, before the U.S. Supreme Court (Beach v. Ocwen Federal Bank, 523 U.S. 410 (2000)); federal preemption of state lending rules; the legality of lender-paid mortgage loan broker compensation; the use of consumer credit reports; and the legality of excessive punitive damages awards.

The positions we espoused prevailed in each case in which we filed an amicus, and our briefs have been quoted or cited favorably in reported opinions. In addition, we appear frequently on legal education programs and have co-chaired numerous seminars devoted to consumer financial services litigation.

Our practice is national, having handled matters in nearly all 50 states. We handle the full spectrum of claims, including:

• Claims under federal and state consumer credit laws (such as the Truth-in-Lending Act, Fair Credit Reporting Act, Real Estate Settlement Procedures Act, Fair Housing Act, Equal Credit Opportunity Act and Fair Debt Collection Practices Act)
• Fair lending claims and investigations
• Challenges to loan servicing and loan origination charges
• Consumer bankruptcy servicing litigation and investigations
• Federal preemption
• Claims under a wide variety of federal and state statutes and the common law challenging charges or disclosures in connection with extensions of credit