Overview
Brian Stief is a Senior Associate with the Consumer Financial Services practice at Paul Hastings, and is based in the firm’s Washington, D.C. office.
Mr. Stief focuses his practice on regulatory and enforcement matters related to consumer financial products and services. He has particularly deep experience advising clients on electronic funds transfers and other payment systems, deposit accounts, mortgages, bank-fintech partnerships, and innovative products, such as home equity investments and earned wage access.
Mr. Stief advises bank and non-bank clients on complex regulatory matters involving federal and state consumer protection laws. In addition to addressing discrete and novel legal issues, Mr. Stief conducts transactional due diligence on behalf of clients, assists with product development, and serves as regulatory counsel in connection with investments, asset purchases, acquisitions, and product partnerships.
Mr. Stief frequently represents clients in enforcement and supervisory matters in front of federal and state regulatory agencies, including the Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ), Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Department of Housing and Urban Development (HUD), and the Office of Foreign Assets Control (OFAC).
Mr. Stief has extensive experience advising clients on issues involving the Electronic Fund Transfer Act (EFTA), Uniform Commercial Code (UCC), Equal Credit Opportunity Act (ECOA), Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), federal and state prohibitions against unfair, deceptive, or abusive acts or practices (UDAAP), and state usury and licensing laws. Mr. Stief also provides guidance on payment network rules, such as NACHA.
Mr. Stief is currently the Vice Chair of the Payments and Electronic Banking Subcommittee of the American Bar Association’s Banking Law Committee. Prior to entering private practice, Mr. Stief was an investigative counsel with the Federal Housing Finance Agency Office of Inspector General and served as an attorney with the DOJ-led Residential Mortgage-Backed Securities (RMBS) Working Group.
Education
- Washington University in St. Louis School of Law, J.D. (cum laude), 2011
- Virginia Tech, B.A., 2007
Representations
Regulatory Compliance
- Counseled clients on federal and state consumer credit laws, including the Equal Credit Opportunity Act (ECOA), Fair Housing Act, Fair Credit Reporting Act (FCRA), Real Estate Settlement Procedures Act (RESPA), Truth in Lending Act (TILA), and others.
- Conducted regulatory-due diligence reviews for portfolio acquisitions of, or investments in, consumer financial products, including mortgage loans, unsecured consumer loans, and specialty finance products such as shared equity investments and business-purpose residential real estate-secured mortgage loans.
- Advised companies on the development of, or investment in, products for the financing and/or acquisition of residential dwellings and home improvements, including shared appreciation and equity-based products.
Supervisory and Enforcement
- Represented banks and non-bank companies in CFPB, HUD, and DOJ enforcement investigations concerning a broad range of issues, including fair lending, credit reporting, and unfair, deceptive, and abusive acts and practices (UDAAPs).
- Advised clients regarding consumer remediation plans in connection with possible UDAAPs or other regulatory violations.
- Assisted company in responding to OFAC subpoena.
- Assisted mortgage servicer in preparations for CFPB examination.
Matters may have been completed before joining Paul Hastings.
Engagement & Publications
- “House Party: Trends in Mortgage Origination and Servicing”, Paul Hastings Consumer Financial Services Webinar Series, March 14, 2024
- “Too hot to handle: US Consumer finance trends in 2024”, IFLR, 2024
- “Expect CFPB Enforcement To Continue Ramping Up”, Law360, 2024