The Consumer Financial Services Group at Barrett & McNagny LLP represents banks, thrifts, credit unions, mortgage companies, finance companies and other financial service providers, including retail installment sellers, in connection with their provision of consumer financial services. Financial institutions were key clients of Barrett & McNagny LLP when consumer protection laws were first enacted and our involvement in compliance issues from the very beginning for such institutions, along with our commitment to continued professional development, has allowed Barrett & McNagny LLP to become the premier consumer financial services firm in Indiana and part of an elite group of firms with national recognition for expertise in the area.
The law firm's clients range from local institutions, engaged in the traditional banking business, to mortgage companies engaged in the consumer finance business on a nationwide scale. Members of the group have significant expertise and experience in all aspects of consumer credit compliance, consumer credit agreements and documentation and in defending consumer financial service providers in the courts.
Practice Highlights
Consumer Credit Compliance
Our attorneys assist clients in complying with the various state and federal consumer compliance laws. On the federal level, we regularly provide advice with respect to all of the laws of general application, including the Truth-in-Lending Act and Regulation Z, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Consumer Leasing Act and Regulation M, the Electronic Funds Transfer Act, and the privacy provisions of the Gramm-Leach-Bliley Act. Due to the variety of institutions that we have represented, we also are fully familiar with the consumer finance aspects of the federal statutes and regulations which are applicable to specific types of institutions and businesses.
Providing advice on state regulatory matters is also a key part of our practice. We handle all types of issues that arise under Indiana's version of the Uniform Consumer Credit Code, including usury limitations, limitations on fees and charges and licensing concerns. We also provide guidance respecting limitations that arise under Indiana's Unfair and Deceptive Trade Practices Act and with respect to the various Indiana statutes that relate to specific institutions or industries.
Consumer Credit Agreements and Documentation
The Consumer Financial Services Group focuses on the preparation of all types of consumer financial services agreements and documentation. We have significant experience in the preparation of promissory notes, loan agreements, mortgages, retail installment sales contracts, disclosure documents and other documentation relating to the relationship between the financial institution and the consumer. We also regularly review agreements and documentation prepared by others for compliance with applicable law.
The combination of commercial and consumer financial law experience within the group makes us uniquely qualified to negotiate and draft agreements between the various participants in the financial services industry. Specifically, we have negotiated and drafted joint venture agreements between financial service providers, agreements between financial service providers and dealers or other originators, and between service providers looking to outsource certain aspects of their operations and the providers of such services.
The expertise we have developed in connection with document drafting, including an intimate working knowledge of Articles 2 and 9 of the Uniform Commercial Code and various state lien laws, also allows us to service clients in other ways. For example, we have been involved in providing appropriate opinions in connection with securitization transactions and assisted financial institutions with perfection and remedy issues arising under the Uniform Commercial Code.
Litigation
Our Consumer Financial Services Group defends financial institutions in consumer initiated litigation. We have handled a wide variety of cases, including consumer class actions, in both the federal and state courts throughout Indiana and also represent financial institutions in situations involving regulatory examinations and actions. Our representation of nationwide financial service providers and our participation in overseeing their litigation throughout the United States has allowed us to gain considerable experience in defending consumer litigation even though our primary practice is in Indiana, a state which has not been traditionally known as a hot bed of consumer initiated litigation.
Consumer Collections
The Consumer Financial Services Group handles mortgage foreclosure actions on behalf of mortgage lenders. We focus on mortgage foreclosures in Northeast Indiana and are generally willing to handle such services on a fixed fee basis.
We do not handle other types of collection matters on a regular basis. However, we do provide advice to others, including attorneys, on various aspects of the Fair Debt Collection Practices Act and, as part of our litigation practice, defend those that are sued for violations of the Act. We have assisted financial institutions in developing their internal collection practices and are also familiar with the Indiana statutes relating to collection agencies and collection activities.
Practice Development
The laws respecting consumer finance change on a daily basis. The lawyers of the Consumer Financial Services Group are committed to keeping up with the developments and assisting clients in conforming to the latest standards and requirements. We monitor federal and Indiana developments on a continuous basis and also continually watch state law developments on a nationwide basis for some of our clients.
Members of the group participate in a number of different professional organizations and groups. The Consumer Financial Services Group includes members of the Committee on Consumer Finance Law and the Consumer Financial Services Committee of the Business Law Section of the American Bar Association. Members also regularly participate in the activities of the Mortgage Bankers Association of America.
The Consumer Financial Services Group includes Ronadl J. Ehinger and Anne E. Simerman.
For additional information regarding Barrett & McNagny's Consumer Financial Services Group, please contact one of the attorneys listed below:
Ronald J. Ehinger
Anne E. Simerman
