Lori J. Sommerfield
- p. 202.349.8093
- f. 202.349.8080
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.
Assisted mortgage lender in responding to fair lending and fair servicing modules of CFPB examination.
Conducted a CFPB examination readiness review and gap analysis for a national mortgage lender.
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
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
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
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
InfoBytes Blog, October 25, 2012
The Review of Banking & Financial Services, October 1, 2012
BNA's Banking Report, May 10, 2011
BNA’s Banking Report, May 3, 2011
Mortgage Banking, June 11, 2010
Servicing Management, June 1, 2010
Knowledge & Insights
Speaking Engagements & Events
April 8, 2013
April 5, 2013
December 6, 2012
July 26, 2012
April 30, 2012
April 17, 2012
December 8, 2011
October 25, 2011
May 2, 2011
October 27, 2010
April 19, 2010
Awards & Recognition
- “40 Under 40” Award – Minnesota Business Journal for achievements in banking law (2004)