Overview
Jonice M. Gray is the Chair of the Consumer Financial Services practice at Paul Hastings, and is based in the firm’s Washington D.C. office.
Ms. Gray specializes in work with banks, non-bank financial institutions, and other companies providing financial products and services. She works with many of the largest bank and non-bank financial institutions, emerging companies such as fintechs, and retailers whose business operations include consumer and small business finance.
Ms. Gray’s work is focused on representing corporate and individual clients in high-stakes legal proceedings, including matters initiated by federal and state regulators, private civil litigation, and internal investigations. Ms. Gray also counsels clients on compliance with consumer protection laws.
Ms. Gray focuses a substantial portion of her practice on representations involving escalated government examination matters, investigations, and enforcement. In this capacity, she routinely provides strategic advice to senior corporate leaders, including Boards of Directors, as they navigate complex, and often unexpected, business and legal challenges.
Ms. Gray has been representing financial institutions in matters involving the Consumer Financial Protection Bureau (CFPB) since it was first established frequently providing advice in connection with policy matters, supervisory matters such as responses to Proposed Action and Request for Response (PARR) letters, and enforcement matters.
In addition, Ms. Gray frequently represents institutions in matters initiated by other federal agencies, including the Federal Trade Commission (FTC), Department of Justice (DOJ), Department of Housing and Urban Development (HUD), Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), and Office of the Comptroller of the Currency (OCC). Many of these matters have been successfully closed without further action.
Ms. Gray also has an active state regulatory practice, representing institutions in matters involving state attorneys general, including multi-state groups, as well as other state regulators such as the New York Department of Financial Services (NYDFS), the California Department of Financial Protection and Innovation (DFPI), and state banking departments.
Ms. Gray is well-known for her advisory work in fair and responsible lending and servicing and is considered one of the nation's experts in this space.
More broadly, she frequently handles matters involving:
- Allegations of unfair, deceptive, or abusive acts in violation of the Federal Trade Commission Act (UDAP, Section 5), the Consumer Financial Protection Act (UDAAP, Section 1036), and similar state laws
- Compliance with federal and state consumer protection laws, including the Equal Credit Opportunity Act (ECOA), the Fair Housing Act (FHA), the Real Estate Settlement Procedures Act (RESPA), the Truth in Lending Act (TILA), the Fair Credit Reporting Act (FCRA), the Civil Rights Act, the Community Reinvestment Act (CRA), the Fair Debt Collection Practices Act (FDCPA) as well as related regulatory requirements such as state license laws.
Ms. Gray has been recognized in Chambers USA as a leading lawyer in the area of Consumer Finance (Enforcement & Investigations), where she was described as "whip-smart, high-profile and experienced," "a tenacious litigator and does a good job of building relationships that help us navigate the labyrinth of regulatory agencies," "as well as a top-notch lawyer," who is "very knowledgeable in the area," and "very well connected in the regulatory world." She has been described as a "go-to person for matters relating to the CFPB" in particular. Legal 500 recognized her in Financial Services Regulation and Fintech, and noted: "She provides special insights that she has gained through her role as a thought leader and nationally trusted adviser." She has also been recognized by Best Lawyers in the areas of Banking and Finance Law, and in Super Lawyers in the areas of Banking, Consumer Law, and Civil Litigation Defense. Ms. Gray has been named a Mortgage Star by Mortgage Women Magazine and has been recognized by the Minority Corporate Counsel Association as one of a handful of top diverse rainmakers in the nation and by Savoy magazine as one of the country's Most Influential Black Lawyers.
Ms. Gray has been featured in Washingtonian magazine's "Top Lawyers" issue in an article focusing on the path to partnership, a "Meet the Women Rainmakers" segment of Law Practice Today, and in Law360's "Rainmaker" series. She also was selected for Legal Bisnow's "40 Top Lawyers Under 40." Ms. Gray has published articles on a wide variety of legal issues impacting financial institutions, and is a frequent speaker on the industry, particularly on matters relating to government regulation, investigations, and enforcement activity.
Ms. Gray is active in the American Bar Association, where she is Immediate Past Chair of the Banking Law Committee, which has more than 2,000 members, and has held leadership positions on the ABA's Consumer Financial Services Committee. She presently sits on the ABA's Business Law Section Council. She has previously served on the Board of Regents of the American College of Consumer Financial Services Lawyers.
Ms. Gray serves as the Vice President of the Board of Directors for the Legal Aid Society of D.C. She also serves on the Advisory Board for the Ron Brown Scholars Program.
Before entering private practice, Ms. Gray served as a law clerk to the Honorable Marvin J. Garbis of the U.S. District Court for the District of Maryland. Ms. Gray holds a J.D. from Yale Law School and a B.A. from the University of Virginia (Phi Beta Kappa).
Recognitions
- Thomson Reuters Stand-out Lawyers, client nominated, 2022, 2023 & 2024
- Chambers USA: Financial Services Regulation: Banking (Enforcement & Investigations); Consumer Finance (Enforcement & Investigations)
- The Legal 500: Recognized in Financial services – Regulation; Fintech; Financial Services: Litigation
- Mortgage Women Magazine: 2021 Mortgage Star Award
- Savoy Magazine: 2018 Most Influential Black Lawyers
- Minority Corporate Counsel Association: 2018 Top Rainmaker
- Best Lawyers: Banking and Finance Law
- Super Lawyers: Consumer Law, Civil Litigation: Defense, Banking
- LegalBisnow: Top 40 Under 40
- Law360 Minority Powerbroker Series
- Law360 Rainmaker Series
- Stakeholder 100 Award
- International Union of Police Associations: President’s Award
Education
- J.D, Yale University, 2000
- B.A., University of Virginia, 1996 (Phi Beta Kappa)
Representations
Ms. Gray’s representations, many of which are nonpublic, have included:
- Representing a large conglomerate, with numerous affiliates performing retail sales, consumer lending, and related services, in parallel investigations by several federal government agencies and a large group of state attorneys general as well as concurrent supervisory activity
- Representing lenders in connection with redlining, underwriting discrimination, and pricing discrimination allegations by the DOJ, HUD, CFPB, prudential banking regulators, and state regulators, including matters which were closed without further action
- Representing several large institutions in escalated state and federal government supervisory activity and investigations regarding mortgage origination and servicing practices
- Representing two large, nonbank mortgage industry participants in landmark enforcement actions brought by the FTC
- Representing a nonbank institution in a FTC investigation alleging unfair and deceptive trade practices regarding the marketing of products and services to veterans
- Providing compliance advice to banks and nonbanks on small business lending and merchant cash advances (MCAs)
- Representing participants in the digital asset space, including those involved with cryptocurrencies, in matters involving compliance management, regulatory advice, and state investigations
- Representing a top U.S. bank in precedent-setting lawsuits brought by municipalities, under the FHA, in the wake of the foreclosure crisis
- Representing solar finance companies in regulatory matters, compliance management, and investigation defense
- Representing numerous participants in the credit bureau reporting industry in federal actions alleging UDAAP and FCRA violations, including matters closed without further action
- Advising numerous fintechs on regulatory, compliance, and enforcement matters, related to licensing, money transmission, Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance
- Preparation of comment letters on behalf of the Consumer Bankers Association, the Financial Services Roundtable (now Bank Policy Institute), and the Consumer Mortgage Coalition on CFPB’s use of Civil Investigative Demands, enforcement practices, and supervision process, with recent adoption of a number of significant recommended policy changes
- Representing a major credit reporting bureau in a CFPB enforcement action alleging UDAAP and FCRA violations relating to educational credit scores and negative option billing
- Representing numerous banks and nonbanks in CFPB investigations, enforcement action, and escalated supervisory matters alleging UDAAPs in the sale, marketing, and/or servicing of ancillary products
- Representing various student loan companies in investigations initiated by the CFPB and state regulators, including matters closed without further action
- Representing large financial institutions in internal investigations alleging, among other things, misconduct in the performance of core job functions and other workplace improprieties including kickbacks
- Providing advice to various merchants on compliance matters related to financial transactions with consumers, including implementation of virtual marketplaces and use of prepaid and stored value products
- Representing a top U.S. bank in concurrent investigations and enforcement actions by the DOJ, the OCC, and the FRB related to allegations of discriminatory mortgage lending practices
- Representing several bank and nonbank entities in concurrent investigations initiated by the FHFA related to the FHFA’s investments in residential mortgage-backed securities
- Representing a large bank in the settlement of a nationwide class action alleging mortgage fraud and predatory lending
- Representing a large bank in connection with a putative class action alleging discrimination in indirect auto lending
- Representing several nonbank servicers in consumer protection investigations and enforcement actions brought by state attorneys general, including multistate groups
- Assisting bank and nonbank finance companies with the development and/or enhancement of compliance management systems
- Providing fair and responsible banking advice to financial institutions of varying sizes, including conducting compliance management and fair lending risk assessments
Engagement & Publications
Some of Ms. Gray’s recent and upcoming publications and speaking engagements include:
Publications
- “Expect CFPB Enforcement To Continue Ramping Up”, Law360, 2024
- “Too hot to handle: US Consumer finance trends in 2024”, IFLR, 2024
- Practising Law Institute’s “Consumer Financial Services Answer Book”, CFPB Enforcement Chapter, 2024
- “New SDNY Whistleblower Program May Be A Game-Changer,” Law360, 2024
- “Townstone Ruling Rocks The Boat On Equal Credit Law Reach,” Law360, 2023
- “Finance cos. should brace for wider CFPB anti-bias reach,” Law360, 2022
“CFPB makes it clear: Fair servicing is back, for real this time,” HousingWire, 2021 - “Square peg meets round hole: Regulatory responses to challenges created by innovation in banking,” The Business Lawyer, 2020
- “Fairness gone viral: Fair lending considerations for financial institutions amid Covid-19,” American Bar Association Business Law Today, 2020
- “Nevada spousal credit sharing may conflict with federal law,” Law360, 2019
- “Closing the loop on prepaid access: Complying with FinCEN's prepaid access rule in a digital environment,” FinTech Law Report, 2019
Speaking Engagements
- “The Evolution of Fair Lending,” Consumer Bankers Association, March 25, 2024
- “Pathway to Fair Lending,” Mortgage Bankers Association Independent Mortgage Bankers Conference, 2024
- “Consumer Financial Services Trends,” American Bankers Association General Counsel Meeting, 2023
- “Consumer Financial Services Trends,” PLI Banking Law Institute, 2023
- “Practice Perspectives: Commemorating Distinguished Partners and their Paths to Leadership,” Women's Bar Association Panel Discussion, 2023
- “Primary Regulator Overview,” PLI Consumer Financial Services Bootcamp, 2023
- “Members Who Have Made It on Corporate Boards,” Corporate Counsel Women of Color 19th Annual Conference, 2023
- “Special Purpose Credit Programs: Updates and Best Practices,” Mortgage Bankers Association and National Fair Housing Alliance, 2023
- “Redlining Trends,” Citibank 2023 Fair Lending Summit, 2023
- “The Facts on Fair Lending,” Mortgage Bankers Association Compliance and Risk Management Conference, 2023
- “Navigating The CFPB's Small Business Data Collection Rule with Technology,” American Bar Association Business Law Section Meeting, 2023
- “See Her, Hear Her: Historical Evaluation, Advocacy, and the Path Ahead,” American Bar Association Business Law Section Meeting, 2023
- “Critical Competency: Strategic Mindset,” Elevating Black Excellence Rise Up event, 2023
- Fair Lending: Key Cases and Managing Fair Lending Investigations,” Mortgage Bankers Association Legal Issues and Regulatory Compliance Conference, 2023
- “Show Me the Money: Hot Topics in Financial Services Regulation,” Elevating Black Excellence Spring Conference, 2023
- “Compliance with CFPB Final Rule 1071,” Consumer Bankers Association Member Webinar, 2023
- “CFPB 1071 Super Session,” Consumer Bankers Association CBA Live, 2023
- “Trends in Redlining,” Consumer Bankers Association CBA Live, 2023
- “Opening Session: Industry Landscape,” Mortgage Bankers Association Midwinter Housing Finance Invitational, 2023
- “Regulatory Roundup: Part II,” Tennessee Bankers Association Member Webinar, 2023
- “Regulatory Roundup: Part I,” Tennessee Bankers Association Member Webinar, 2023
- “Conversation with First Time Board Directors,” Thirty Percent Coalition Annual Conference, 2022
- “Trends in Deposits, Innovation, and Payments,” American Bankers Association Member Webinar, 2022
- “Digital Marketing Compliance Trends,” American Bankers Association Member Webinar, 2022
- “Digital Marketing: Fair and Responsible Lending Trends,” American Bankers Association, 2022
- “Trends in Consumer Financial Services,” PLI Banking Law Institute, 2022
- “Fair Lending Trends,” Consumer Bankers Association Fair and Responsible Banking Group Meeting, 2022
- “Fairness at the Forefront: Developments in Fair Lending,” American Bar Association Business Law Section Webinar, 2022
- “Modern Day Redlining in Focus: Takeaways from Trident Mortgage and Beyond,” Mortgage Bankers Association Member Webinar, 2022
- “Women Directors on Corporate Boards,” Paul Hastings Women's Leadership Series, 2022
- “Trends in Consumer Finance,” American Bankers Association General Counsel Conference, 2022
- “Business Law Essentials: Enforcement Priorities of the Federal Financial Services Regulators,” American Bar Association
Business Law Section Annual Meeting, 2022 - “Regulatory Rumpus: Hot Topics in Consumer and Small Business Finance,” 2022
- “Fair lending and equal opportunity laws,” MBA Legal Issues and Regulatory Compliance Conference, 2022
- “Fintech: Critical trends in 2022,” Black In-House Counsel’s Elevating Black Excellence virtual event, 2022
- “Equity, equality, regulation and enforcement – The evolving regulatory landscape of fair lending, redlining, and UDAAP,” ABA Business Law Committee Hybrid Spring Meeting, 2022
- “Comprehensive Risk Management in the Age of Bank Partnerships,” ABA Business Law Committee Hybrid Spring Meeting, 2022
- “Small business & regulation: How fair lending has evolved & where it is heading?” Consumer Bankers Association Live program, 2022
- “Be Your Compliance Best in 2022,” California Mortgage Bankers Association webinar, 2022
- “Getting your company ready: Managing fair lending for IMBs,” Mortgage Bankers Association Independent Mortgage Bankers Conference, 2022
- “Consumer financial services,” Practising Law Institute Banking Law Institute, 2021
- “Fintech trends,” BIHC Network Elevating Black Excellence Regional Summit, 2021
- “Consumer protection priorities in the Biden administration and beyond,” SWABC and TBA 2021 Legal Conference, 2021
- “Government investigations, and compliance 2021 trends,” Corporate Counsel Women of Color Career Strategies Conference, 2021
- “Updates on Artificial Intelligence Regulations - the U.S. and EU,” American Bar Association Business Law Section Meeting, 2021
- “Fair lending,” Mortgage Bankers Association Regulatory Compliance Conference, 2021
- “Access to financial services: The promise (and challenges) of fintech,” Innovation and Technology Law Conference, 2021
- “The future of fair lending,” Mortgage Bankers Association Legal Issues and Regulatory Compliance Conference, 2021
- “How the new administration sets the tone for 2021,” American Conference Institute Legal, Regulatory and Compliance Forum on Fintech & Emerging Payment Systems, 2021
- “Compliance under Biden,” WSJ Risk & Compliance Forum, 2021
- “Reading the tea leaves of President Biden’s initial financial appointees,” LendIt Fintech, 2021
- “Making fair lending work for you,” Mortgage Bankers Association Spring Conference & Expo, 2021
- “Pandemic relief response and lasting impacts on access, credit, banking, and equality,” American Bar Association Business Law Section Spring Meeting, 2021
- “CFPB panel,” CBA’s Washington Forum, 2021
- “Looking under the hood: Consumer lending considerations in mergers and acquisitions,” American Bankers Association webinar, 2021
- “Consumer regulatory, enforcement & litigation trends,” American Bankers Association Bank General Counsel Meeting, 2020
- “Consumer financial services,” Practising Law Institute Banking Law Institute, 2020
- “The future of fair lending,” Mortgage Bankers Association Regulatory Compliance Conference, 2020
- “Cyber security, incident response, crisis management,” Legal & Diversity Summit, 2020
- Fairness gone viral: Fair lending considerations for financial institutions amid Covid-19,” American Bar Association Business Law Virtual Section Meeting, 2020
- “Driving to one-click: The new point of sale,” American Bar Association Business Law Virtual Section Meeting, 2020
- “Finding voices. Lending voices,” ALLRISE DC and Mortgage Bankers Association Virtual Panel Discussion, 2020
- “Fair servicing in wake of Covid-19,” American Bar Association webinar, 2020
- “The questioning begins: Potential liability under the Paycheck Protection Program,” American Bar Association Banking Law Committee webinar, 2020
- “Fair lending and fair servicing compliance,” Mortgage Bankers Association Regulatory Compliance Committee Webcast, 2020
- “Regulatory compliance issues in the fintech industry,” Protiviti’s Risk & Compliance Innovation Roundtable, 2020
- “Trends in regulatory enforcement,” American Bar Association Banking Law Committee Meeting, 2020
- “Fair access to credit in today’s innovative environment,” American Bar Association Banking Law Committee Meeting, 2020
- “Fintech regulatory developments, crypto-assets, blockchain and digital banking, and consumer issues,” Practising Law Institute Banking Law Institute, 2019
- “Consumer regulatory, enforcement, and litigation trends,” American Bankers Association General Counsel Meeting, 2019
- “MCCA's blueprint for selling & buying - A pitch workshop for outside counsel,” Minority Corporate Counsel Association Creating Pathways to Diversity Conference, 2019
- “HMDA data is out, now what?” Mortgage Bankers Association Regulatory Compliance Conference, 2019
- “Expanded role for the FTC ahead: Implications for bank and nonbank financial institutions,” American Bar Association Banking Law Committee Webinar, 2019
- “How to succeed in law school,” SEO Law DC Panel Discussions, 2019
- “Endgame: HMDA data is out, now what?” Mortgage Bankers Association Chairman's Conference, 2019
- “Leveraging big data responsibly” Mortgage Bankers Association Legal Issues and Regulatory Compliance Conference, 2019
- “Small business & regulation: How fair lending has evolved & where are we heading?” CBA Live, 2019
- “DC policy: Everything but the kitchen sink,” CBA Live, 2019
- “Trends in regulatory enforcement,” American Bar Association Banking Law Committee Meeting, 2019
- “Hot topics in consumer financial services,” Practising Law Institute Banking Law Institute, 2018
- “Enforcement and litigation trends,” American Bankers Association General Counsel Meeting, 2018
- “Protect yourself from a CFPB investigation,” National Association of Settlement Purchasers Conference, 2018
- “Building a govt affairs program; Government investigations,” TechGC National Summit, 2018
- “Effective ways to manage the crisis that derives from a product gone wrong,” Corporate Counsel Women of Color Career Strategies Conference, 2018
- “UDAAP compliance,” Mortgage Bankers Association Regulatory Compliance Conference, 2018
- “The OCC’s new fintech charters: What does it mean for mortgage bankers?” Mortgage Bankers Association Independent Mortgage Bankers Meeting, 2018
- “Significant enforcement and litigation trends impacting banks and payment companies” Financial Services Roundtable 2018 Spring Meeting of Lawyers Council, 2018
- “Developments in fair lending law and compliance,” Mortgage Bankers Association Legal Issues and Regulatory Compliance Conference, 2018
- “Riding the CFPB roller-coaster: How the new CFPB will treat enforcement,” CBA Live, 2018
- “Tailoring mortgage regulations to protect consumers,” Financial Services Roundtable, 2018
- “Top Compliance Issues for You to Watch in 2018,” Mortgage Bankers Association Independent Mortgage Bankers Conference, 2018
- “Creating a culture of corporate compliance & enforcement trends,” American Bankers Association General Counsels Groups, 2018
- “Consumer Financial Enforcement,” PLI Banking Law Institute, 2017
- “Recent Bureau Enforcement Orders,” AFSA Operations and Regulatory Compliance Committee Meeting, 2017
- “Getting Ahead by Speaking and Presenting in Business Terms to the Business Teams,” Corporate Counsel Women of Color 13th Annual Career Strategies Conference, 2017
- “Preparing for Exams and Enforcement,” Mortgage Bankers Association Regulatory Compliance Conference, 2017
- “Town Hall on Regulatory Reform,” American Bar Association's Business Law Section Annual Meeting, 2017
- “Diversity and Inclusion in Law Firm Practice,” Annual DC Road Show Reception, 2017
- “Enforcement Landscape for Financial Institutions,” Financial Services Roundtable, 2017
Involvement
- Immediate Past Chair, American Bar Association - Banking Law Committee
Business Law Section Council, American Bar Association - Executive Council, Federal Bar Association Banking Law Section
- Former Chair of Fair Access to Services Subcommittee, American Bar Association - Consumer Financial Services Committee
- Former member, Board of Regents, The American College of Consumer Financial Services Lawyers
- Vice President, Board of Directors, Legal Aid Society of the District of Columbia
- Advisory Board, Ron Brown Scholars Program
- Member, Exchequer Club of Washington, D.C.