Lori J. Sommerfield

Partner

612.327.0322

More ways to contact Lori Sommerfield

With more than 25 years of consumer financial services experience in federal government, in-house, and private practice settings, and a focus on fair lending and responsible banking regulatory compliance, Lori helps clients effectively navigate examinations, supervisory issues, regulatory investigations, and enforcement actions.

Podcasts

Regulatory Rollback: Impact of the CFPB’s Withdrawal of Overdraft and Deposit Account Fee Guidance on Financial Institutions and Related Litigation Risks
Overview
Insights
Awards

Lori, a partner in the firm’s Consumer Financial Services Practice Group, is a seasoned consumer financial services attorney with more than 25 years of experience in federal government, in-house, and private practice settings. She draws upon these varied experiences to provide practical, actionable legal advice to banks and nonbanks.

Lori advises clients on all aspects of regulatory compliance and helps them navigate examinations, supervisory issues, investigations, and enforcement actions. Particularly experienced with consumer financial products and services, she counsels clients in regulatory compliance matters, and routinely represents financial services companies in preparing for examinations by the CFPB and federal and state banking agencies. Lori also regularly helps clients in navigating supervisory issues, and successfully represented many clients in investigations and enforcement actions.

Additionally, Lori has deep experience in fair lending and responsible banking regulatory compliance, including the Equal Credit Opportunity Act, the Fair Housing Act, and unfair, deceptive, or abusive acts or practices laws (UDAP/UDAAP). She advises clients on traditional areas of fair lending risk as well as fair lending statistical analyses and complex predictive data analytics, including artificial intelligence and machine learning models and variables.

Lori leverages her in-house experience at a major bank in building, implementing, and managing fair lending and responsible banking risk management programs to help clients with all aspects of their programs. She has also successfully defended clients in dozens of fair lending investigations and enforcement actions by the CFPB and the U.S. Department of Justice. Additionally, Lori is highly experienced in advising clients concerning compliance with the Americans with Disabilities Act, particularly regarding accessibility of physical spaces and digital platforms (websites and mobile applications).

Clients benefit from Lori’s extensive experience in the financial sector, which includes significant roles as in-house counsel at major financial institutions and her most recent position as executive vice president and deputy general counsel for consumer banking at a regional bank. Additionally, Lori has served as outside counsel for financial services clients with two nationally recognized law firms. She began her career as a staff attorney at the FDIC in Washington, D.C., where she contributed to the formulation of bank consumer protection and safety and soundness policies and regulations.

Lori speaks frequently at industry and legal conferences. Her engagements have included: The American Bar Association’s Consumer Financial Services Committee meetings; American Bankers Association Regulatory Compliance Conference; CBA Live; CRA & Fair Lending Colloquium; Minnesota Banking Law Institute; banking and credit union trade association conferences; and various law firm webinars and client workshops.

Additionally, Lori is a frequent contributor to the firm’s Consumer Financial Services Law Monitor.

  • Minnesota Business Journal “40 Under 40” Award – Banking Law Achievements (2004)
Overview

Lori, a partner in the firm’s Consumer Financial Services Practice Group, is a seasoned consumer financial services attorney with more than 25 years of experience in federal government, in-house, and private practice settings. She draws upon these varied experiences to provide practical, actionable legal advice to banks and nonbanks.

Lori advises clients on all aspects of regulatory compliance and helps them navigate examinations, supervisory issues, investigations, and enforcement actions. Particularly experienced with consumer financial products and services, she counsels clients in regulatory compliance matters, and routinely represents financial services companies in preparing for examinations by the CFPB and federal and state banking agencies. Lori also regularly helps clients in navigating supervisory issues, and successfully represented many clients in investigations and enforcement actions.

Additionally, Lori has deep experience in fair lending and responsible banking regulatory compliance, including the Equal Credit Opportunity Act, the Fair Housing Act, and unfair, deceptive, or abusive acts or practices laws (UDAP/UDAAP). She advises clients on traditional areas of fair lending risk as well as fair lending statistical analyses and complex predictive data analytics, including artificial intelligence and machine learning models and variables.

Lori leverages her in-house experience at a major bank in building, implementing, and managing fair lending and responsible banking risk management programs to help clients with all aspects of their programs. She has also successfully defended clients in dozens of fair lending investigations and enforcement actions by the CFPB and the U.S. Department of Justice. Additionally, Lori is highly experienced in advising clients concerning compliance with the Americans with Disabilities Act, particularly regarding accessibility of physical spaces and digital platforms (websites and mobile applications).

Clients benefit from Lori’s extensive experience in the financial sector, which includes significant roles as in-house counsel at major financial institutions and her most recent position as executive vice president and deputy general counsel for consumer banking at a regional bank. Additionally, Lori has served as outside counsel for financial services clients with two nationally recognized law firms. She began her career as a staff attorney at the FDIC in Washington, D.C., where she contributed to the formulation of bank consumer protection and safety and soundness policies and regulations.

Lori speaks frequently at industry and legal conferences. Her engagements have included: The American Bar Association’s Consumer Financial Services Committee meetings; American Bankers Association Regulatory Compliance Conference; CBA Live; CRA & Fair Lending Colloquium; Minnesota Banking Law Institute; banking and credit union trade association conferences; and various law firm webinars and client workshops.

Additionally, Lori is a frequent contributor to the firm’s Consumer Financial Services Law Monitor.

Insights

Podcasts

Regulatory Rollback: Impact of the CFPB’s Withdrawal of Overdraft and Deposit Account Fee Guidance on Financial Institutions and Related Litigation Risks

Articles + Publications

Digital Accessibility Under Title III of the ADA: Recent Developments and Risk Mitigation Best Practices

Press Coverage

Bank Regulator Stops Hunting for Unintentional Bias Under Trump

Podcasts

Current Regulatory, Legislative, and Litigation Developments on ADA Website Accessibility for Consumer Finance Digital Platforms

See all insights from Lori Sommerfield

Awards
  • Minnesota Business Journal “40 Under 40” Award – Banking Law Achievements (2004)

Top areas of focus

  • Member, Board of Directors, Saint Paul Chamber Orchestra (2024-2027)
  • Member, Board of Directors, The Fund for Legal Aid (2021-present)
  • Member, District of Columbia Bar Association
  • Past co-chair, Banking Law Committee (2000-2010); past Executive Council member, Business Law Section (2000-2009) – Minnesota State Bar Association
  • Member, Consumer Financial Services Committee; member, Banking Law Committee – American Bar Association, Business Law Section
  • Member, Board of Directors (2015-2019); chair, Governance Committee (2016-2018) – National Philharmonic
  • Governing member (2007-2010) – St. Paul Chamber Orchestra
  • Interim president (2003-2004); member, Board of Directors (2002-2004) – Chamber Music Society of Minnesota
  • Member, Board of Directors (2000-2007); chair of the board and president (2003-2006) – Oratorio Society of Minnesota
  • Executive vice president and deputy general counsel for Consumer Banking (2018-2019), TCF National Bank
  • Vice president and fair lending compliance manager (2004-2009), Wells Fargo & Company
  • Assistant general counsel (2000-2002), ING DIRECT (ING Bank, FSB)
  • Associate counsel (1997-2000), ReliaStar Financial Corp.
  • Staff attorney, Regulation & Legislation Section, Legal Division (1994-1997), Federal Deposit Insurance Corporation

Education

  • The Catholic University of America, Columbus School of Law, J.D.
  • University of Minnesota, B.A.

Bar Admissions

  • District of Columbia
  • Minnesota

Court Admissions

  • District of Columbia Court of Appeals
  • Supreme Court of Minnesota
  • Speaker, “Executive Order 14281: The End of Fair Lending Law Enforcement Through Use of the Disparate Impact Legal Theory?” The Compliance 911 Show, September 3, 2025.
  • Moderator, “ADA Website and Mobile Application Accessibility – Current Developments in Litigation, Legislation, and Risk Mitigation Panel,” ABA Business Law Section Spring Meeting, April 26, 2025.
  • Moderator, “DOJ Fair Lending Enforcement – Dissecting Consent Orders” plenary session, CRA & Fair Lending Colloquium, November 20, 2024.
  • Speaker, “Legal and Regulatory Update: CFPB’s Section 1071 Final Rule,” Troutman Pepper, October 16, 2024.
  • Speaker, “Current Topics in Consumer Financial Services Law,” Troutman Pepper, September 5, 2024.
  • Speaker, “Fair Lending and Bias Issues Related to AI/ML Model Development and Governance,” Troutman Pepper, August 14, 2024.
  • Moderator, “Red Alert on Redlining” panel discussion, CRA & Fair Lending Colloquium, November 14, 2023.
  • Presenter, “AI and Website Accessibility: A Technical and Legal Perspective,” co-presentation with Jason Taylor, Chief Innovation Officer, UsableNet, June 20, 2023.
  • Presenter, “CFPB UDAAP Developments under Director Chopra’s Leadership,” NAFCU Regulatory Compliance & BSA Seminar, September 29, 2022.
  • Presenter, “Challenges and Opportunities in Testing for Discrimination in Non-Credit Operations,” American Bankers Association Regulatory Compliance Conference, June 22, 2022.
  • Speaker, “The Possibilities, and Pitfalls, for Testing Non-Credit Operations for Discrimination,” Troutman Pepper, May 17, 2022.
  • Panelist, “New Sheriff in Town: Reaction to First Months of CFPB Director Chopra’s Fair Lending Regulatory Agenda, ABA Consumer Financial Services Committee, Spring Meeting, April 2, 2022.
  • Panelist, “Section 1071: Small Business Data Collection Proposed Rule and Fair Lending Implications,” ABA Consumer Financial Services Committee, Winter Meeting, January 20, 2022.