Robert Savoie focuses his practice on the representation of financial institutions with respect to banking and consumer financial services regulatory compliance. He has significant experience working with consumer financial services companies, ranging from established lenders operating in all 50 states to FinTech startups, to ensure their compliance with changing state and federal regulations and help them expand business operations. Robert's clients include national mortgage lenders and servicers, marketplace lenders and other FinTech companies, automotive and personal property finance companies, small loan companies, national and state banks, and companies engaged in merchant cash advance and factoring.
Robert has particular experience assisting lenders and servicers with compliance with state and federal lending, licensing, and debt collection laws, such as the Truth in Lending Act (TILA), Fair Debt Collection Practices Act (FDCPA), Servicemembers Civil Relief Act (SCRA), Military Lending Act (MLA), Fair Credit Reporting Act (FCRA), Real Estate Settlement Procedures Act (RESPA), and equivalent state laws. In representing financial services providers, Robert also advises clients on how to comply with federal and state data privacy laws, identity theft, and security breach laws and regulations to ensure consumer information remains secure. His experience in this area includes working with clients to ensure their data privacy policies and procedures result in compliant operations and that appropriate action is taken if a security breach occurs. He also regularly represents clients in related federal and state examinations, investigations, and enforcement actions.
Robert represents FinTech companies involved in every aspect of the consumer financial services industry, ranging from marketplace lenders to online mortgage lenders and brokers. He assists those companies in complying with state and federal laws that govern the offering of consumer financial services and products; the unique legal issues applicable to operating through a bank partnership program; and tailoring compliance practices to internet-based operations.
Robert is also experienced in assisting banks, established lenders, and FinTech companies in navigating the legal issues that apply when a company incorporates cutting-edge technology into their operations. These technologies include applying artificial intelligence and machine learning algorithms to various aspects of ongoing operations, introducing unorthodox factors to the identity verification (anti-fraud) or underwriting process, incorporating robotic process automation (RPA) into both mortgage and non-mortgage brokering and lending operations, and the use of blockchain and digital currencies.
In his compliance practice, Robert also represents insurance technology (InsurTech) companies. While representing InsurTech providers and more traditional FinTech companies engaged in offering ancillary products, Robert partners with McGlinchey Stafford’s insurance attorneys to help clients obtain the licenses required for their operations, ensure the compliant offering of insurance-related services, and to facilitate the offering of ancillary products in connection with consumer credit, such as vehicle service contracts, credit insurance, and similar offerings.
Robert also represents national and regional lenders with unique state licensing issues, including those raised by initial public offerings (IPOs), private stock offerings, and other transactions constituting a change in control of the lender under state law. Robert’s experience also involves assisting both domestic and foreign companies in obtaining the licenses required for their business and ensuring that his clients obtain required regulatory approvals to properly conduct business. Robert also represents local state and federal bank clients in mergers and acquisitions, and facilitates the required due diligence associated with those transactions.
He is a frequent speaker on consumer financial services compliance topics, including the issues relating to the FinTech industry, licensing, legislative updates, and emerging trends. Robert also regularly publishes updates pertaining to lenders of all types.