Edward Somers is Counsel in the Chicago office of Buckley Sandler LLP. Mr. Somers' practice focuses on advising institutions in regulatory and enforcement matters related to payment systems, consumer lending, and electronic financial services. Mr. Somers routinely assists clients with designing and enhancing policies and processes for compliance with the requirements of the Electronic Fund Transfer Act (Regulation E), the Electronic Signatures in Global and National Commerce Act (ESIGN), the Uniform Electronic Transactions Act (UETA), the Uniform Commercial Code, and various other laws and industry standards. He has also represented financial institutions in examinations by the Consumer Financial Protection Bureau (CFPB) and has extensive experience defending consumer class action litigation matters related to lender-placed insurance, loan modifications, and other mortgage servicing practices.
His experience includes:
- Providing gap analysis of Regulation E compliance, including preparing for and coordinating responses to CFPB examinations
- Advising financial institutions on end-to-end design of electronic contracting processes, from drafting underlying account agreements to the design of the electronic presentation and signature process
- Coordinating responses to Department of Justice (DOJ) subpoenas and civil investigative demands related to Federal Housing Administration (FHA) lending practices issued to a large FHA lender
- Assisting bank and non-bank financial services companies and mortgage clients with regulatory and litigation issues related to state and federal consumer protection laws regarding lending, debt collection, and residential mortgage servicing and foreclosure, with particular focus on Truth in Lending Act (TILA) and Regulation E issues
- Advising non-bank financial institutions and mortgage lenders and servicers on state lending, servicing, and debt collection licensing and compliance matters, including examinations by state regulators
Mr. Somers received his J.D. from the University of Chicago in 2009 and his B.A. from the University of Notre Dame in 2006.
WASHINGTON, DC (January 9, 2017) – BuckleySandler LLP, a premier financial services, government enforcement, and litigation law firm, today announced the promotion of eight associates in four of its offices to counsel, and one of its regulatory attorneys to associate, effective January 1, 2017. “We...Press Releases
Michelle L. Rogers, Edward W. Somers, and Lauren E. Quigley Authored a Law360 Article, "CFPB Shines Spotlight On Consumer Remittance Transfers"
The Consumer Financial Protection Bureau recently closed a 60-day public comment period on a plan to conduct an assessment of the effectiveness of its May 2013, final rule governing consumer remittance transfers under Subpart B of Regulation E (remittance transfer rule). The remittance transfer...Articles
The fifth edition of the Practising Law Institute’s Consumer Financial Services Answer Book was published this month, with 29 Buckley Sandler attorneys contributing to this leading desk reference. The 2016 edition of the Consumer Financial Services Answer Book continues to provide practitioners...Articles
The “Consumer Financial Protection Act of 2010” (CFPA), Title X of the Dodd-Frank Act, made major changes in how consumer financial services are regulated, and many of these important changes are now in effect. The Consumer Financial Services Answer Book 2014 describes in concise detail the new...Articles