Highlighted for its knowledge of complex federal rules within consumer finance, Ballard Spahr LLP leverages strong ties with enforcement agencies such as the CFPB and state banking agencies. The team is often entrusted with regulation-driven transactional work such as due diligence for large investors, mortgage companies, and private equity firms who deal with consumer finance companies, and is increasingly forging a path into lending laws related to credit cards. John Socknat in Washington DC and Daniel McKenna in Philadelphia are at the helm of a group which continues to stand out in the fintech realm, often representing payment systems. This particularly applies to emerging fintech systems and systems at the forefront of innovative technology, extending to AI, buy now pay later, privacy, and cybersecurity regulation. Regulatory aspects of high-stakes litigation form a key pillar of McKenna’s practice, while Socknat, managing partner of the DC office, is experienced in dealing with state and federal regulators and in helping clients with obtaining commercial lending licenses. Kristen Larson in Minneapolis handles a varied workload at all phases of the regulatory life cycle, from due diligence to risk management. Denver-based Joseph Schuster regularly advises on a range of consumer finance connected with consumer credit, payments, and debt collection.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
- ‘The team is very responsive to all our requests/asks related to regulatory and compliance needs for financial services products.'
‘John Socknat is quick to respond and does so reasonably. He is also clear to point out the business risks and how others in the industry are navigating certain issues. ’
‘Ballard's consumer finance group are very business-oriental and practical. They have a wealth of hands-on knowledge and experience in how to interpret and apply the highly complex and often confusing federal rules in this area. Their ability to provide clear and practical legal guidance is unparalleled.’
‘Richard Andreano and Kristen Larson are both highly competent and focused on delivering targeted, practical solutions to legal risks and concerns. They do not waste clients' time with abstracted, theoretical discussions but rather evaluate the facts and based on their years of industry experience guide you in designing an action plan that does not only comply with the rules in federal statutes and regulations but also reflects regulatory expectations, case law, and risk mitigation.’
Key clients
- American Bankers Association
- Consumer Bankers Association
- Mortgage Bankers Association, Real Estate Services Providers Council, Inc.
- Block, Inc., Square Capital, AfterPay
- TAB Bank, WebBank, Fifth Third Bank, First Electronic Bank
- Lending Club
- Two Harbors Investment Corp.
- Capital One
- Discover Bank
- TD Bank
- Social Finance (SoFi)
- Navient
Work highlights
Assisted both bank and non-bank clients with understanding the ability-to-repay, loan originator compensation, mortgage servicing and other rules.
Assisted American Bankers Association (ABA) and the Consumer Bankers Association (CBA) with submitting an amicus brief in NAIB et al. v. Weiser et al., the lawsuit challenging Colorado’s opt-out legislation.
Lawyers
Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Practice head
John Socknat; Daniel McKenna
Other key lawyers
Dan Wilkinson; Richard J. Andreano, Jr.; Kristen Larson; Joseph Schuster; Kaley Schafer