Alec has broad experience in complex litigation, with emphasis on financial services litigation and regulation, insurance coverage, and business torts. He has also handled disputes at the trial and/or appellate level involving mergers and acquisitions, trade secret disputes, shareholder derivative and class action suits, as well as construction litigation. He currently manages a series of lending disputes and regulatory matters for multiple lenders, including large and midsize businesses. His clients span a wide variety of industries and have included Fortune 100 companies, small and midsize businesses, individuals, and nonprofit institutions.
By Jodie Herrmann Lawson and Alec Covington on Enforcement and Prosecution Policy and TrendsOn November 2, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General filed a lawsuit in federal district court in New York over an alleged “massive, illegal debt-collection scheme” that supposedly involved improperly increased debts and threats of arrest or legal action against delinquent borrowers. Douglas MacKinnon and Mark Gray are accused of… Continue Reading
By Alec Covington and Jodie Herrmann Lawson on Financial Institution RegulationThe Consumer Financial Protection Bureau’s (CFPB’s) consumer complaint database recently raised significant concerns from insiders at the CFPB as well as entities subject to the CFPB’s jurisdiction. In November 2015, the American Banker reported that the consumer complaint database “is riddled with errors and distrusted by some of its own employees, according to internal documents… Continue Reading
By Alec Covington and Government Investigations Group on Financial Institution RegulationOn August 20, 2015, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) filed suit in the U.S. District Court for the Central District of California against two pension lenders and their individual managers for allegedly deceiving consumers about the costs and risks of their pension advance loans. A pension… Continue Reading
By Alec Covington and Government Investigations Group on Financial Institution RegulationOn July 13, the Consumer Financial Protection Bureau (CFPB) Director Richard Cordray delivered remarks at the White House Conference on Aging and signaled the CFPB’s plans to issue an advisory later in 2015 to assist financial institutions with preventing, recognizing, and reporting elder financial abuse. He noted that the CFPB’s “Office for Older Americans has… Continue Reading
By Alec Covington and Jodie Herrmann Lawson on Financial Institution RegulationCorinthian Colleges (Corinthian) announced on April 26 that it would cease operations at its remaining physical campuses. This announcement refers to the 30 or so physical campuses that Corinthian continued to operate subsequent to the sale of more than 50 of its campuses to ECMC Group last fall. The campuses sold to ECMC Group are… Continue Reading
By Alec Covington and Government Investigations Group on Financial Institution RegulationOn January 29, five federal regulatory agencies (Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and National Credit Union Administration) issued new guidance regarding private student loans with graduated repayment plans that allow borrowers to make lower monthly payments early… Continue Reading