John D. Socknat is Practice Co-Leader of Ballard Spahr's Consumer Financial Services Group and Managing Partner of the Washington, D.C., office. John leverages his knowledge and breadth of the business issues affecting the financial services industry and the legal landscape to advise clients on regulatory, compliance, and licensing matters under state and federal law, preparing them for examinations and audits by state and federal regulators, including the Consumer Financial Protection Bureau (CFPB), and defending them in enforcement actions.
John assists clients with designing new products, and with developing compliance programs and implementing and operationalizing new regulations. He also represents clients in connection with loan and servicing rights purchase and sale agreements, servicing and sub-servicing agreements, stock and asset purchase and sale agreements, and joint venture arrangements.
Services
- Business and Transactions
- Mortgage Banking
- Consumer Financial Services
- Consumer Financial Protection Bureau (CFPB)
- Consumer Financial Services Licensing and Regulatory Compliance
- Privacy and Data Security
- Banking and Financial Services
- Fintech and Payment Solutions
- Debt Collection
- California DFPI
- Anti-Money Laundering
Experience
Representative Matters
- Counsel clients regarding licensing, true lender and other regulatory issues related to bank model lending programs
- Assist consumer finance companies with licensing, regulatory and compliance obligations related to buy now, pay later and other non-traditional loan products
- Advise clients regarding structuring, and obtaining required regulatory consents for, investments in regulated entities including mortgage companies, consumer lenders, money service businesses, debt buyers, and others
Professional Highlights
Professional Activities
American Bar Association
District of Columbia Bar Association
Virginia Bar Association
Recognition & Accomplishments
The Legal 500 US, Finance - financial services: regulatory, 2015-2017, 2019, 2021, 2023, 2024; Dispute Resolution - financial services litigation, 2023, 2024; Fintech, 2023, 2024
Fellow, American College of Consumer Financial Services Lawyers
Named "Highly Regarded" by IFLR 1000 for Financial Services and Regulatory, 2024
Speaking Engagements
Moderator, "CCPA to CPRA - Enhancing Privacy Compliance Systems," RESPRO28, April 8, 2021
"Compliance Super Session," Mortgage Bankers Association's Regulatory Compliance Conference 2019, Washington, D.C., September 24, 2019
"State Examination/Enforcement Trends," MBA's Legal Issues and Regulatory Compliance Conference 2019, New Orleans, May 7, 2019
"Exam Resolution Best Practices," 2019 NMLS Annual Conference & Training, Orlando, FL, February 20, 2019 and repeat session February 21, 2019
Publications
Author, 16.08 section of Chapter 16, The Law of Truth in Lending (an update of Truth in Lending by Ralph J. Rohner and Frederick H. Miller), published by the American Bar Association Business Law Section, July 2014
Editor, Mortgage Finance Regulation Answer Book 2011-2012, published by the Practising Law Institute, and author of the “State Law/Preemption” chapter
Co-author, “Safe Act, Sound Solutions,” The MReport, October 2011
Credentials
Education
The Catholic University of America Columbus School of Law (J.D. 1995)
James Madison University (B.A., cum laude, 1990)
Admissions
District of Columbia
Virginia