Eric T. Mitzenmacher

Eric has significant experience advising lenders, service providers, and investors on compliance obligations under federal and state law. His experience covers a range of products and program structures, including Fintech and marketplace lending programs, retail and home improvement financing, credit cards, student lending and education financing, general-purpose unsecured credit, and small business lending and alternative financing. He regularly provides guidance on federal consumer financial laws such as the Equal Credit Opportunity Act (ECOA), Fair Credit Reporting Act (FCRA), Gramm-Leach-Bliley Act (GLBA), Military Lending Act (MLA), Servicemembers Civil Relief Act (SCRA), Truth in Lending Act (TILA), and prohibitions on unfair, deceptive, and abusive acts and practices (UDAAP). He also advises companies regarding state law requirements, including licensing, usury and other restrictions on product terms, and disclosures, and the preemption of state requirements by federal banking and consumer financial laws.

• Advised multiple consumer credit card companies on program development and day-to-day compliance, including development of cardholder agreements and disclosures, and compliance with requirements under federal consumer financial laws such as ECOA, EFTA, FCRA, MLA, SCRA and TILA.
• Advised multiple companies on the development of mortgage alternatives for financing residential home purchases and improvements, including shared appreciation and equity-based products.

Transactional Due Diligence

• Conducted regulatory due diligence reviews of marketplace lenders operating under bank partnership models in connection with clients’ extension of warehouse lines of credit and/or acquisition of general-purpose unsecured consumer loans or student loans (or receivables).
• Conducted regulatory due diligence reviews of retail and home improvement financing companies, including direct lenders and sales finance companies, in connection with clients’ extension of warehouse lines of credit and/or acquisition of loans or receivables.
• Conducted regulatory due diligence of a credit card issuer and its servicer in connection with a client’s purchase of receivables from multiple retail credit card programs.
• Conducted regulatory due diligence of lead generators, credit services businesses, and online lending platforms in connection with clients’ equity investments in such companies.
• Conducted regulatory due diligence of business-purpose financing programs, including fix-and-flip mortgage lending, receivables factoring, and merchant cash advances, in connection with clients extension of warehouse lines of credit and/or equity investments.
• Advised on the consumer financial regulatory content of securities disclosures in connection with securitizations of marketplace lending and credit card receivables.

Examination Preparation and Enforcement

• Conducted a mock CFPB examination of an auto finance company, including review of policies and other documentation provided by the company, as well as on-site interviews of operational, legal, and compliance personnel.
• Assisted a retail financing company operating under a bank partnership model in providing responses in connection with a FDIC examination of its partner bank.
• Represented a consumer reporting agency in a CFPB investigation regarding compliance obligations under FCRA.
• Represented banks in connection with fair lending investigations conducted by the CFPB, DOJ, and HUD regarding issues such as alleged redlining and discrimination in REO property maintenance activities.

Pro Bono

• Representing a Virginia prisoner in an ongoing habeas petition seeking protections afforded to juvenile offenders under Miller v. Alabama.
• Represented a Virginia couple in federal litigation against a mortgage/foreclosure relief scam, resulting in settlement.