Edward Somers



Ted Somers represents bank and non-bank financial services clients in regulatory, supervisory and enforcement matters related to deposits, payments, consumer lending and electronic contracting. He advises in product design and regulatory compliance issues with an emphasis on Regulation E, NACHA Rules, the UCC, ESIGN and the UETA, and emerging payments systems.

Ted is a trusted advisor to the financial services industry in supervisory and enforcement matters before state and federal regulators, including the CFPB, and the DOJ. He also has significant experience guiding clients through enhancements to internal policies, practices, and customer-facing documentation to align with regulator expectations.

Prior to joining Orrick, Ted was a partner at Buckley LLP.

  • His experience includes:

    • Guiding clients through supervision and enforcement before the CFPB, including matters concerning Regulation E overdraft, error resolution, Prepaid Card and Remittance Transfer Rules compliance, as well as matters involving state and federal law concerning garnishments and setoffs
    • Drafting consumer deposit, online banking, wire transfer and related agreements, disclosures, and policies
    • Regulatory compliance counseling in the area of deposits issues, including error resolution requirements, preauthorized payments, prepaid card products, and remittance transfers
    • Navigating private payment systems rules, dispute resolution and enforcement structures, including National Automated Clearing House Association (NACHA) and card network rules
    • End-to-end design of electronic signature and contracting processes, from drafting underlying consumer agreements to the design of electronic presentation, execution, and record retention systems, for compliance with the ESIGN Act, UETA, and other similar state analogues
    • Advising in connection with web, mobile, telephonic and other communications-focused mediums, for compliance with the Telephone Consumer Protection Act, Telemarketing Sales Rule, CAN-SPAM, and the Americans with Disabilities Act
    • Advising fintech companies bringing new financial services to market, including advising on modifications to existing products, terms of use, and consumer contracts to comply with federal law, as well as the creation of policies and procedures to support ongoing compliance legal requirements and regulator expectations