Overview
Skadden’s Consumer Financial Services Group represents many of the nation’s leading banks; mortgage, auto loan and other consumer lenders; loan servicers; insurance companies; and other consumer financial services companies in connection with government investigations, examinations, enforcement actions and significant litigation. We have deep familiarity with the laws regarding fair lending, unfair, deceptive and abusive practices and other consumer protection laws, and have handled many of the most significant matters in this space. We also have an active counseling practice, advising clients on topics such as the application of machine learning and innovative approaches for expanding access to credit.
We represent clients in investigations, examinations and other matters involving a wide range of consumer financial services issues, including fair lending matters arising in connection with the underwriting and pricing of loans; allegations of redlining; matters alleging unfair, deceptive or abusive acts and practices; and issues arising under other consumer protection laws, including the Fair Credit Reporting Act. We regularly handle matters before the Consumer Financial Protection Bureau; the U.S. Department of Justice; the Federal Trade Commission; federal bank regulatory agencies, including the Federal Reserve Board, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation; state financial services regulators and attorneys general; congressional committees; and other federal and state enforcement and regulatory agencies. We have considerable experience in advising on the analysis of data, and a substantial portion of our practice involves counseling clients on fair lending and other consumer compliance issues.
We regularly represent consumer financial services companies in federal and state consumer class action litigation, and also represent financial institutions in third-party subpoena matters. We have defended clients in numerous class actions involving claims under the Fair Housing Act, the Equal Credit Opportunity Act, the Civil Rights Acts, federal securities laws, unfair and deceptive business practice statutes, and numerous state consumer protection, sales practices, privacy and antidiscrimination statutes.
An important part of our practice involves counseling financial services clients across the industry on a broad range of examination, compliance and risk management issues. Our counseling practice includes advising on fair lending risk, developing special purpose credit programs and other affirmative outreach designed to enhance fair lending and Community Reinvestment Act performance, and the development of comprehensive compliance management programs. We regularly conduct regulatory and legal risk assessments and due diligence for clients considering acquisitions or investments in financial services companies.
Skadden was recognized as New York Law Journal's 2021 Litigation Department of the Year. We were also named a finalist in the general litigation category of the New York Law Journal’s 2022 Litigation Department of the Year competition and in The American Lawyer’s 2021 Litigation Department of the Year competition. Our practice is ranked as one of the top-tier firms by U.S. News — Best Lawyers Best Law Firms, IFLR1000 and The Legal 500, and our group and attorneys have repeatedly been included in Chambers USA: America’s Leading Lawyers for Business in the categories of Financial Services Regulation: Banking (Enforcement & Investigations) and Consumer Finance (Litigation).