att name

Lori J. Sommerfield

Counsel

  • p. 202.349.8093
  • f. 202.349.8080
  • lsommerfield@buckleysandler.com

Biography

Lori Sommerfield practices consumer financial protection law, with an emphasis on fair and responsible lending regulatory compliance. Ms. Sommerfield brings to her practice over 25 years of experience in financial institutions law and compliance risk management, including leading one of the nation’s largest bank's fair and responsible lending programs, serving as in-house counsel at two other major lenders, and working as a staff attorney at the FDIC.

Prior to joining the Firm, Ms. Sommerfield managed Wells Fargo & Company’s Corporate Fair & Responsible Lending Compliance Program, providing oversight for 18 consumer and non-consumer credit businesses. Ms. Sommerfield worked at Wells Fargo for five years and also served as Vice President and Compliance Manager for the Home & Consumer Finance Group’s Fair & Responsible Lending Compliance Program, managing fair and responsible lending risks for several key lending businesses, including Wells Fargo Home Mortgage.

Ms. Sommerfield began her career as a staff attorney at the FDIC in Washington, D.C., where she worked in the Regulation & Legislation Section of the Legal Division developing banking policy and regulations. Subsequently, she served as Associate Counsel for Banking & Trust at ReliaStar Financial Corporation, a unitary thrift holding company, and Assistant General Counsel of ING DIRECT, the Internet banking subsidiary of ING. Prior to joining Wells Fargo in 2004, Ms. Sommerfield was part of the financial institutions practice group at a Minneapolis law firm.

Ms. Sommerfield received her J.D. from the Catholic University of America’s Columbus School of Law with a concentration in law and public policy.  Ms. Sommerfield received a B.A. in Psychology from the University of Minnesota.

Significant Representations

  • CFPB Mortgage Lending and Servicing Examination

    Assisted mortgage lender in responding to fair lending and fair servicing modules of CFPB examination.

  • CFPB Examination Readiness Preparation

    Conducted a CFPB examination readiness review and gap analysis for a national mortgage lender.

  • CRA and Fair Lending Risk Assessment

    Represented client in conducting a Community Reinvestment Act and fair lending risk management review, pursuant to an MOU.  Successfully assisted client in meeting the terms of the MOU.  No ... MORE

  • Fair Lending Examination

    Represented client in fair lending examination defense related to consumer installment loan pricing practices. Representation included examination strategy and submissions to the OTS. No further actio... MORE

  • Fair Lending Risk Assessment

    Represented client in conducting a fair lending risk assessment in conjunction with a Memorandum of Understanding (MOU). Risk assessment was enterprise-wide, and resulted in a comprehensive report and... MORE

  • Fair Lending Risk Management Review

    Represented client in conducting a fair lending risk management review, pursuant to an MOU.  Successfully assisted client in meeting the terms of the MOU.  No further action taken by Federal... MORE

Publications

Knowledge & Insights

Speaking Engagements & Events

Awards & Recognition

  • “40 Under 40” Award – Minnesota Business Journal for achievements in banking law (2004)