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Biography

Lori Sommerfield brings more than 25 years of experience to her consumer finance practice, including leading one of the nation’s largest bank's fair and responsible lending programs, serving as in-house counsel at two other major financial institutions, and working as a staff attorney at the Federal Deposit Insurance Corporation (FDIC). As Senior Counsel in the Washington, DC office of Buckley Sandler LLP, she advises clients on consumer financial protection law, with an emphasis on fair and responsible lending regulatory compliance and Consumer Financial Protection Bureau (CFPB) matters. 

Ms. Sommerfield practices extensively in the areas of fair and responsible banking — including the Equal Credit Opportunity Act (ECOA), the Fair Housing Act (FHA), and unfair, deceptive or abusive acts or practices (UDAAP) laws — and assists banks and non-banks in preparing for and managing compliance examinations by the CFPB and federal prudential regulators. In addition, she assists clients in defending fair lending investigations and enforcement actions. Ms. Sommerfield also advises financial institutions on development of compliance management systems (CMS), including consumer complaint management processes.

Among other things, Ms. Sommerfield’s legal representations have included:

  • Performing fair lending reviews and fair lending risk assessments for major financial institutions and regional banks, either proactively or in response to formal or informal enforcement actions
     
  • Creating or enhancing fair lending CMS programs, including legal advice on fair lending statistical analysis
     
  • Conducting CFPB supervision and examination readiness reviews, including gap analyses, for banks, non-banks, and credit unions
     
  • Managing, or providing assistance to financial institutions in managing, mortgage origination and servicing, CMS, and fair lending examinations by the CFPB and prudential regulators
     
  • Representing banks and non-banks in CFPB indirect auto fair lending investigations and enforcement actions, including implementation of non-public memoranda of understanding

Prior to joining Buckley Sandler, Ms. Sommerfield managed Wells Fargo & Company’s Corporate Fair & Responsible Lending Compliance Program. During her time at Wells Fargo, she also served as Vice President and Compliance Manager for the Home & Consumer Finance Group’s Fair & Responsible Lending Compliance Program. She began her career as a staff attorney at the FDIC in Washington, DC where she worked in the Regulation & Legislation Section of the Legal Division developing banking policy and regulations.

Ms. Sommerfield is active in firm’s pro bono initiatives through her work with the Legal Counsel for the Elderly and is a member of the Board of Directors of the National Philharmonic Orchestra & Chorale. She received her J.D. from the Catholic University of America and her B.A. from the University of Minnesota.

Webcasts & Speaking Engagements

In The News

  • Buckley Sandler Hosts Eighth Annual Fair Lending Today Conference

    Buckley Sandler LLP hosted its eighth annual Fair Lending Today conference in Washington, DC on March 13-14, 2016. The two-day event featured an evening of interactive roundtable discussions on fair lending issues, followed by a full day of seminars. The sessions were led by Buckley Sandler...

    In The News
  • Buckley Sandler Announces 2016 Promotions

    Washington, DC (Jan. 6, 2016) – Buckley Sandler LLP , a premier financial services, government enforcement and litigation law firm, announced today the promotion of 11 attorneys from three of the firm’s five offices, effective January 1, 2016. Katherine L. Halliday , Stephen M. LeBlanc and James T...

    In The News
  • Buckley Sandler Hosts Annual Fair Lending Today Conference

    Buckley Sandler LLP hosted its annual Fair Lending Today conference in Washington, DC, March 15-16, 2015. The two-day event featured an evening of interactive roundtable discussions on fair lending issues, followed by a full day of seminars. The roundtables and seminars were led by Buckley Sandler...

    Press Releases

Articles & Special Alerts

Awards and Recognitions

Awards & Recognitions

  • “40 Under 40” Award – Minnesota Business Journal for achievements in banking law (2004)

Education

  • J.D., Catholic University
  • B.A., University of Minnesota

Admissions

  • District of Columbia
  • Minnesota

Government Service

    • Staff Attorney at Federal Deposit Insurance Corporation

Community/Civic Activities

    • National Philharmonic Orchestra & Chorale, Member of the Board of Directors (2015-2017)
    • Pro Bono Activities
      • Legal Counsel for the Elderly

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