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John P. Kromer
Expertise in all aspects of consumer lending ... very capable, very sharp, and very responsive. Chambers USA

Biography

John Kromer, one of the nation’s leading consumer financial services compliance lawyers, provides bank, non-bank, fintech and private equity clients with proactive and practical counsel to enable them to meet business objectives and manage risk in a rapidly changing business, legal, and regulatory environment. A Co-Managing Partner of Buckley Sandler LLP, Mr. Kromer helps clients navigate the complex maze of federal and state laws and regulations.

He regularly counsels clients on compliance with regulations issued by the Consumer Financial Protection Bureau (CFPB), as well as examination and enforcement actions by the Bureau, federal banking agencies, state regulators, and other enforcement agencies. He advises on the laws governing licensing and chartering, usury, advertising, disclosures, privacy, lending and servicing practices, and laws prohibiting unfair, deceptive and abusive acts and practices (UDAAP). In addition, he represents clients on pending federal and state regulations and legislation.

Mr. Kromer advises financial services firms on new product and business line development, including structuring and negotiating commercial relationships, joint ventures, and outsourcing arrangements. He also assists financial and strategic purchasers of financial services firms and assets on regulatory matters, including due diligence of companies, assets and portfolios, and transactional structuring in light of federal and state licensing and regulatory requirements.

Noteworthy work includes:

  • Advising leading marketplace lending companies in responding to supervisory examinations and investigations by enforcement agencies
     
  • Advising several major private equity firms in connection with the acquisition of or investment in multiple consumer finance businesses, including companies engaged in mortgage lending and servicing, consumer and commercial marketplace lending, litigation financing, and the purchase of structured settlements
     
  • Advising clients in responding to examinations from the CFPB, state banking agencies, and state consumer financial service
     
  • Assisting a non-bank marketplace lending client develop and negotiate a commercial partnership arrangement with a bank
     
  • Counseling clients on rapidly changing regulatory and licensing requirements applicable to online lenders and brokers

Mr. Kromer is recognized by Chambers USA as a leading attorney in the field of Consumer Finance Compliance and is noted by The Legal 500 in the practice areas of Financial Services: Regulatory, and Cyber Law (including Data Protection and Privacy). He frequently speaks at industry conferences on legal issues affecting consumer finance companies. Mr. Kromer is a co-author of a number of publications, including Residential Mortgage Lending: State Regulation Manual; Residential Mortgage Lending: Brokers; Pratt’s State Regulation of Second Mortgages and Home Equity Loans; Mortgage Bankers Guide to Regulatory Compliance; and The Law of Electronic Signatures and Records, and has written numerous articles for consumer financial services industry publications.

Mr. Kromer is a member of the Board of Governors of the Online Lending Policy Institute and a Fellow of the American College of Consumer Financial Services Lawyers. He also serves on the Advisory Council of the American Association of Residential Mortgage Regulators, and is the past Chair of the Housing Finance Subcommittee of the Consumer Financial Services Committee of the Business Law Section of the American Bar Association. He received his J.D. from University of Virginia and his B.A. from the University of Notre Dame.

Expertise in all aspects of consumer lending ... very capable, very sharp, and very responsive. Chambers USA

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Awards and Recognitions

Awards & Recognitions

  • Legal 500 2017: Recognized in the Financial Services: Regulatory and the Cyber Law (Data Protection and Privacy) practice areas
  • Chambers USA 2012-2017, Band 3, Financial Services Regulation: Consumer Finance (Compliance)
  • Legal 500 2016: Recognized in the Finance - Financial Services: Regulatory practice area
  • Fellow, American College of Consumer Financial Services
  • American Association of Residential Mortgage Regulators, 2003: Distinguished Service Award