

Brett J. Ashton
Partner
Offices: Indianapolis, Chicago
bashton@kdlegal.com
p: 317-238-6291
f: 317-636-1507
Brett Ashton is the Chair of Krieg DeVault’s Financial Institutions Practice. Mr. Ashton counsels a wide array of financial services providers, including credit unions, banks, auto lenders, consumer finance companies, small dollar lenders, payment processors, and premium finance companies. He advises financial institutions on complex bank acquisitions, litigation defense and avoidance strategies, strategic planning, new product development, negotiation and defense of regulatory enforcement actions, and general regulatory compliance issues. Mr. Ashton has significant experience with assisting credit unions in their acquisition of banks while navigating the complex regulatory challenges associated with these transactions.
Mr. Ashton is actively involved in a number of financial services trade associations, including the American Financial Services Association, where he is Counsel to the association's Personal Loan Committee and Ancillary Products Working Group, the Indiana Financial Services Association, where he serves as Executive Director and Counsel, and the Illinois Financial Services Association, where he serves as Executive Director and General Counsel.
He is a frequent author, and speaker on recent developments in the financial services industry, and has been involved in the development of laws impacting the consumer finance industry at the state and federal level for over twenty years. Prior to joining Krieg DeVault, Mr. Ashton served as an Assistant General Counsel for American International Group ("AIG"), where he was responsible for legislative and regulatory matters nationwide on behalf of the company’s multi-billion dollar financial services subsidiary.
Representative Experience
- Successfully negotiated the withdrawal of a pending cease and desist order against auto finance lender with state regulator while preserving the client’s business model
- Counseled payment processor active in sovereign lending industry
- Acted as co-counsel in complex bank fraud litigation
- Developed and drafted state consumer finance law designed to modernize industry operations
- Advised bank holding company in the development of a new loan originator compensation structure in compliance with new federal regulations while preserving their existing corporate compensation philosophy
- Counseled banks on compliance with a wide variety of state and federal regulatory issues, including but not limited to, ECOA, TILA, RESPA, FCRA, OFAC, BSA, and the Patriot Act
- Assisted non-bank lender in assessment of liability and proposed remedial action for systemic violations of TILA and Regulation Z
- Assisted national bank in assessing liability for potential SCRA violations and proposed remedial plan
- Counseled state chartered bank on allowable disclosure under BSA in connection with pending civil discovery demand
- Assisted state chartered bank in development of document retention and E-Sign policies
- Counseled state financial services trade association with respect to the development of a new state consumer installment lending law for non-bank clients seeking modernization of existing lending laws in their state
- Advised state chartered community bank on modernization of existing treasury management services including ACH origination and related agreements
- Served as co-counsel in defense of regional consumer finance lender in class action involving allegations of violations of state usury laws
- Counseled bank holding company on regulatory implications of potential restructuring
- Acted as counsel to Acquiring Party in Form A regulatory filing with the Indiana Department of Insurance to obtain approval for sale of Indiana domiciled insurer.
- Acted as state legislative counsel to a national mortgage lending trade association
Professional Associations
- AFSA Mortgage Lending Committee (Member)
- AFSA Ancillary Products Committee (Counsel)
- American Bar Association (Member)
- Indiana State Bar Association (Member)
- Indianapolis Bar Association (Member)
- Government Affairs Society of Indiana (Member)
Seminars & Presentations
- "The Economic Growth, Regulatory Relief, and Consumer Protection Act", Krieg DeVault LLP Financial Institutions Webinar Series, September 2018
- "Banking Regulation and Compliance", Banking Law and Regulation, (ICLEF), October 2017
- "The OCC Fintech Special Purpose National Bank Charter - What is it, and what does it mean for the future of state licensing?," American Financial Services Association Winter Law/State Government Affairs Meeting, 2017
- "Latest Developments in Financial Services Law: A Recap Of Key Issues Impacting All Financial Institutions That Occurred in 2016, and What Is Next in 2017," Meritas Capability Webinar, 2016
- "The CFPB Proposed Rule On Payday and Small Dollar Lending - What It Means To Traditional Installment Lender," Kentucky Financial Services Association Webinar, 2016
- "The CFPB Proposed Rule On Payday and Small Dollar Lending - What It Means To Traditional Installment Lender," Ohio Financial Services Association Webinar, 2016
- “Dodd-Frank Wall Street Reform Regulations, Regulations, and more Regulations……,” Education Finance Council Annual Meeting, 2011
- "2010 Financial Regulatory Reform: What You Need to Know Now!," Indiana Bankers Association, 2010
- "Financial Reform Implications for the Consumer Credit Industry," State Government Affairs and Legal Issues Forum, 2010
Publications
- "Dodd-Frank Act Rulemaking: Far From Complete", Hoosier Banker, December 2012
- "Wall Street Reform Impacts Main Street Bankers", Hoosier Banker
- "The Department of Defense Issues an "Interpretative Rule" to the Military Lending Act - Auto and Personal Property Lenders Faced With Regulatory Uncertainty," January 10, 2018
- "CFPB Issues Final Payday and Installment Loan Rule," January 3, 2018
- "When Is An Acting Director Not Really An Acting Director? Richard Cordray's Parting Shot Against The Trump Administration," November 27, 2017
- "The CFPB Fires a Shot Across the Bow of Financial Services Companies Charging Convenience Fees," August 15, 2017
- "The CFPB Fires a Shot Across the Bow of Financial Services Companies Charging Convenience Fees - INDIANA," August 15, 2017
- "CFPB Finalizes Arbitration Rule," August 3, 2017
- "Is Your Website Compliant with the Americans With Disabilities Act?," November 4, 2016
- "CFPB Proposed Payday/Installment Loan Rule," August 16, 2016
- "CFPB Issues Long Anticipated Proposal to Significantly Limit Pre-Dispute Arbitration," May 9, 2016
- "Agencies to Release Proposed Rule On Executive Compensation," April 25, 2016
- "CPFB continues enforcement focus on auto finance industry with action against buy-here-pay-here dealer in late January for TILA and CFPA violations," February 3, 2016
- "CFPB Moves to Significantly Restrict the Use of Arbitration Clauses they Consider a 'Free Pass'," October 8, 2015
- "Regulatory Agencies Issue Last Minute Guidance Regarding Implementing the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule," October 6, 2015
Education
-
J.D., Indiana University Robert H. McKinney School of Law, Indianapolis, Indiana, 2000
- Order of Barristers
- B.S. in Pre-Professional English, Academic Honors, Ball State University, Muncie, Indiana, 1994
Bar & Court Admissions
- Indiana (2000)
- Illinois (2017)
Practices
Industries
Financial Services

Illinois Legislature Passes Sweeping Changes to Consumer Lending Laws
January 13, 2021
Secured Lender

CFPB Issues Finalized Changes To Regulation F To Implement The Fair Debt Collection Practices Act
December 16, 2020
Financial Services

US Supreme Court Rules Structure of the CFPB Unconstitutional, Preserves Bureau's Authority to Operate
June 30, 2020
Secured Lender

Changes are Coming to the Indiana Consumer Credit Code - Are you Ready?
June 15, 2020
Financial Services

OCC Issues Advance Notice of Proposed Rulemaking Regarding Digital Banking Activities
June 8, 2020
Financial Services

Paycheck Protection Program and Health Care Enhancement Act Update
April 21, 2020
Financial Services

Interagency Statement on Loan Modifications and Reporting for Financial Institutions
April 14, 2020
Financial Services

The CARES Act: Provisions Directly Affecting Financial Institutions
March 26, 2020
Financial Services

NCUA Issues Proposed Rule Allowing Some Credit Unions to Issue Subordinated Debt
January 26, 2020
Thought Leadership

New Wave of Overdraft Fee Class Action Suits Targets Indiana Financial Institutions
September 22, 2019
Thought Leadership

Indiana Court Upholds Department of Financial Institutions Ruling on Auto Dealer Electronic Titling Fees
November 1, 2018
Thought Leadership

Indiana DFI Issues Advisory Letter Reinforcing Position on Dealer Convenience Fees
June 7, 2018
Thought Leadership

President Trump Signs Dodd-Frank Reform Into Law Providing Regulatory Relief to Community Banks
May 29, 2018
Thought Leadership

Is Your Website Compliant with the Americans With Disabilities Act?
February 21, 2018
Secured Lender

Indiana Supreme Court Further Extends Partial Protection of CARES Act Recovery Rebates
November 12, 2020
Secured Lender

IRS Instructs Lenders not to File Form 1099-C for Forgiveness of Paycheck Protection Program Loans
October 1, 2020
Secured Lender

Moratorium on Indiana Residential Foreclosures and Evictions Extended Through August 14, 2020
July 31, 2020
Secured Lender

Seventh Circuit Court of Appeals Reaffirms the Necessity of Adhering to the Bankruptcy Code Text
July 14, 2020
Secured Lender

Reminder: Post-Judgment Interest on Indiana State-Court Judgments Tolled Until August 15, 2020
July 14, 2020
Secured Lender

A Bankruptcy Court Weighs In: Do Force Majeure Clauses Excuse Commercial Tenants from Paying Rent?
June 23, 2020
Secured Lender

Eviction and Foreclosure Moratoriums Extended to August 31, 2020 for Federally-Backed Mortgages
June 17, 2020
Secured Lender

TILA and the Right of Rescission: Illinois Adopts One-Year Limitation Period
June 10, 2020
Secured Lender

A Hospital's Bankruptcy Filing Dramatically Changes the Equation for Medical Providers
June 8, 2020
Secured Lender

Indiana Supreme Court Extends Partial Protection of CARES Act Recovery Rebates
May 31, 2020
Secured Lender

Illinois Eviction Moratorium: Relief Extended to Non-Residential Tenants
April 28, 2020
Secured Lender

COVID-19 and Supplemental Proceedings: Illinois Supreme Court Provides Guidance
April 28, 2020
Secured Lender

COVID-19 and the Mortgage Industry: Embracing the Virus on the Legislative and Regulatory Front
April 26, 2020
Secured Lender

Indiana Supreme Court Orders Partial Protection of CARES Act Recovery Rebates Payments
April 20, 2020
Financial Services

A Message from Krieg DeVault LLP's Creditors' Rights and Bankruptcy Practice Group on Our Response to the Coronavirus COVID-19 Pandemic
March 23, 2020
Firm News

Charles Richert Joins Firm's Financial Institutions and Business, Acquisitions, and Securities Practices
October 1, 2019
Firm News

Krieg DeVault Authors Indiana Chapter of The Secured Finance Network Compendium of Secured Finance Law
September 25, 2019
Thought Leadership

Agencies Adopt Final Rule Excluding Community Banks from Volcker Rule
July 11, 2019
Thought Leadership

Is Your Organization in Compliance With IRS Rules on Employer Identification Numbers?
April 29, 2019
Firm News

Maria M. Vladimirova Joins Krieg DeVault's Financial Institutions Practice Group
March 7, 2019
Thought Leadership

Court Determines Debtor's Correct Name on Driver's License for UCC-1 Financing Statement
March 5, 2018
Firm News

Brett J. Ashton to Speak at the 1st American Financial Services Association Law & Compliance Symposium
January 16, 2018
Brett Ashton is the Chair of Krieg DeVault’s Financial Institutions Practice. Mr. Ashton counsels a wide array of financial services providers, including credit unions, banks, auto lenders, consumer finance companies, small dollar lenders, payment processors, and premium finance companies. He advises financial institutions on complex bank acquisitions, litigation defense and avoidance strategies, strategic planning, new product development, negotiation and defense of regulatory enforcement actions, and general regulatory compliance issues. Mr. Ashton has significant experience with assisting credit unions in their acquisition of banks while navigating the complex regulatory challenges associated with these transactions.
Mr. Ashton is actively involved in a number of financial services trade associations, including the American Financial Services Association, where he is Counsel to the association's Personal Loan Committee and Ancillary Products Working Group, the Indiana Financial Services Association, where he serves as Executive Director and Counsel, and the Illinois Financial Services Association, where he serves as Executive Director and General Counsel.
He is a frequent author, and speaker on recent developments in the financial services industry, and has been involved in the development of laws impacting the consumer finance industry at the state and federal level for over twenty years. Prior to joining Krieg DeVault, Mr. Ashton served as an Assistant General Counsel for American International Group ("AIG"), where he was responsible for legislative and regulatory matters nationwide on behalf of the company’s multi-billion dollar financial services subsidiary.
Representative Experience
- Successfully negotiated the withdrawal of a pending cease and desist order against auto finance lender with state regulator while preserving the client’s business model
- Counseled payment processor active in sovereign lending industry
- Acted as co-counsel in complex bank fraud litigation
- Developed and drafted state consumer finance law designed to modernize industry operations
- Advised bank holding company in the development of a new loan originator compensation structure in compliance with new federal regulations while preserving their existing corporate compensation philosophy
- Counseled banks on compliance with a wide variety of state and federal regulatory issues, including but not limited to, ECOA, TILA, RESPA, FCRA, OFAC, BSA, and the Patriot Act
- Assisted non-bank lender in assessment of liability and proposed remedial action for systemic violations of TILA and Regulation Z
- Assisted national bank in assessing liability for potential SCRA violations and proposed remedial plan
- Counseled state chartered bank on allowable disclosure under BSA in connection with pending civil discovery demand
- Assisted state chartered bank in development of document retention and E-Sign policies
- Counseled state financial services trade association with respect to the development of a new state consumer installment lending law for non-bank clients seeking modernization of existing lending laws in their state
- Advised state chartered community bank on modernization of existing treasury management services including ACH origination and related agreements
- Served as co-counsel in defense of regional consumer finance lender in class action involving allegations of violations of state usury laws
- Counseled bank holding company on regulatory implications of potential restructuring
- Acted as counsel to Acquiring Party in Form A regulatory filing with the Indiana Department of Insurance to obtain approval for sale of Indiana domiciled insurer.
- Acted as state legislative counsel to a national mortgage lending trade association
Professional Associations
- AFSA Mortgage Lending Committee (Member)
- AFSA Ancillary Products Committee (Counsel)
- American Bar Association (Member)
- Indiana State Bar Association (Member)
- Indianapolis Bar Association (Member)
- Government Affairs Society of Indiana (Member)
Seminars & Presentations
- "The Economic Growth, Regulatory Relief, and Consumer Protection Act", Krieg DeVault LLP Financial Institutions Webinar Series, September 2018
- "Banking Regulation and Compliance", Banking Law and Regulation, (ICLEF), October 2017
- "The OCC Fintech Special Purpose National Bank Charter - What is it, and what does it mean for the future of state licensing?," American Financial Services Association Winter Law/State Government Affairs Meeting, 2017
- "Latest Developments in Financial Services Law: A Recap Of Key Issues Impacting All Financial Institutions That Occurred in 2016, and What Is Next in 2017," Meritas Capability Webinar, 2016
- "The CFPB Proposed Rule On Payday and Small Dollar Lending - What It Means To Traditional Installment Lender," Kentucky Financial Services Association Webinar, 2016
- "The CFPB Proposed Rule On Payday and Small Dollar Lending - What It Means To Traditional Installment Lender," Ohio Financial Services Association Webinar, 2016
- “Dodd-Frank Wall Street Reform Regulations, Regulations, and more Regulations……,” Education Finance Council Annual Meeting, 2011
- "2010 Financial Regulatory Reform: What You Need to Know Now!," Indiana Bankers Association, 2010
- "Financial Reform Implications for the Consumer Credit Industry," State Government Affairs and Legal Issues Forum, 2010
Publications
- "Dodd-Frank Act Rulemaking: Far From Complete", Hoosier Banker, December 2012
- "Wall Street Reform Impacts Main Street Bankers", Hoosier Banker
- "The Department of Defense Issues an "Interpretative Rule" to the Military Lending Act - Auto and Personal Property Lenders Faced With Regulatory Uncertainty," January 10, 2018
- "CFPB Issues Final Payday and Installment Loan Rule," January 3, 2018
- "When Is An Acting Director Not Really An Acting Director? Richard Cordray's Parting Shot Against The Trump Administration," November 27, 2017
- "The CFPB Fires a Shot Across the Bow of Financial Services Companies Charging Convenience Fees," August 15, 2017
- "The CFPB Fires a Shot Across the Bow of Financial Services Companies Charging Convenience Fees - INDIANA," August 15, 2017
- "CFPB Finalizes Arbitration Rule," August 3, 2017
- "Is Your Website Compliant with the Americans With Disabilities Act?," November 4, 2016
- "CFPB Proposed Payday/Installment Loan Rule," August 16, 2016
- "CFPB Issues Long Anticipated Proposal to Significantly Limit Pre-Dispute Arbitration," May 9, 2016
- "Agencies to Release Proposed Rule On Executive Compensation," April 25, 2016
- "CPFB continues enforcement focus on auto finance industry with action against buy-here-pay-here dealer in late January for TILA and CFPA violations," February 3, 2016
- "CFPB Moves to Significantly Restrict the Use of Arbitration Clauses they Consider a 'Free Pass'," October 8, 2015
- "Regulatory Agencies Issue Last Minute Guidance Regarding Implementing the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule," October 6, 2015
Education
-
J.D., Indiana University Robert H. McKinney School of Law, Indianapolis, Indiana, 2000
- Order of Barristers
- B.S. in Pre-Professional English, Academic Honors, Ball State University, Muncie, Indiana, 1994
Bar & Court Admissions
- Indiana (2000)
- Illinois (2017)
Practices
Industries
Insights
Financial Services

Illinois Legislature Passes Sweeping Changes to Consumer Lending Laws
January 13, 2021
Secured Lender

CFPB Issues Finalized Changes To Regulation F To Implement The Fair Debt Collection Practices Act
December 16, 2020
Financial Services

US Supreme Court Rules Structure of the CFPB Unconstitutional, Preserves Bureau's Authority to Operate
June 30, 2020
Secured Lender

Changes are Coming to the Indiana Consumer Credit Code - Are you Ready?
June 15, 2020
Financial Services

OCC Issues Advance Notice of Proposed Rulemaking Regarding Digital Banking Activities
June 8, 2020
Financial Services

Paycheck Protection Program and Health Care Enhancement Act Update
April 21, 2020
Financial Services

Interagency Statement on Loan Modifications and Reporting for Financial Institutions
April 14, 2020
Financial Services

The CARES Act: Provisions Directly Affecting Financial Institutions
March 26, 2020
Financial Services

NCUA Issues Proposed Rule Allowing Some Credit Unions to Issue Subordinated Debt
January 26, 2020
Thought Leadership

New Wave of Overdraft Fee Class Action Suits Targets Indiana Financial Institutions
September 22, 2019
Thought Leadership

Indiana Court Upholds Department of Financial Institutions Ruling on Auto Dealer Electronic Titling Fees
November 1, 2018
Thought Leadership

Indiana DFI Issues Advisory Letter Reinforcing Position on Dealer Convenience Fees
June 7, 2018
Thought Leadership

President Trump Signs Dodd-Frank Reform Into Law Providing Regulatory Relief to Community Banks
May 29, 2018
Thought Leadership

Is Your Website Compliant with the Americans With Disabilities Act?
February 21, 2018
Secured Lender

Indiana Supreme Court Further Extends Partial Protection of CARES Act Recovery Rebates
November 12, 2020
Secured Lender

IRS Instructs Lenders not to File Form 1099-C for Forgiveness of Paycheck Protection Program Loans
October 1, 2020
Secured Lender

Moratorium on Indiana Residential Foreclosures and Evictions Extended Through August 14, 2020
July 31, 2020
Secured Lender

Seventh Circuit Court of Appeals Reaffirms the Necessity of Adhering to the Bankruptcy Code Text
July 14, 2020
Secured Lender

Reminder: Post-Judgment Interest on Indiana State-Court Judgments Tolled Until August 15, 2020
July 14, 2020
Secured Lender

A Bankruptcy Court Weighs In: Do Force Majeure Clauses Excuse Commercial Tenants from Paying Rent?
June 23, 2020
Secured Lender

Eviction and Foreclosure Moratoriums Extended to August 31, 2020 for Federally-Backed Mortgages
June 17, 2020
Secured Lender

TILA and the Right of Rescission: Illinois Adopts One-Year Limitation Period
June 10, 2020
Secured Lender

A Hospital's Bankruptcy Filing Dramatically Changes the Equation for Medical Providers
June 8, 2020
Secured Lender

Indiana Supreme Court Extends Partial Protection of CARES Act Recovery Rebates
May 31, 2020
Secured Lender

Illinois Eviction Moratorium: Relief Extended to Non-Residential Tenants
April 28, 2020
Secured Lender

COVID-19 and Supplemental Proceedings: Illinois Supreme Court Provides Guidance
April 28, 2020
Secured Lender

COVID-19 and the Mortgage Industry: Embracing the Virus on the Legislative and Regulatory Front
April 26, 2020
Secured Lender

Indiana Supreme Court Orders Partial Protection of CARES Act Recovery Rebates Payments
April 20, 2020
Financial Services

A Message from Krieg DeVault LLP's Creditors' Rights and Bankruptcy Practice Group on Our Response to the Coronavirus COVID-19 Pandemic
March 23, 2020
Firm News

Charles Richert Joins Firm's Financial Institutions and Business, Acquisitions, and Securities Practices
October 1, 2019
Firm News

Krieg DeVault Authors Indiana Chapter of The Secured Finance Network Compendium of Secured Finance Law
September 25, 2019
Thought Leadership

Agencies Adopt Final Rule Excluding Community Banks from Volcker Rule
July 11, 2019
Thought Leadership

Is Your Organization in Compliance With IRS Rules on Employer Identification Numbers?
April 29, 2019
Firm News

Maria M. Vladimirova Joins Krieg DeVault's Financial Institutions Practice Group
March 7, 2019
Thought Leadership

Court Determines Debtor's Correct Name on Driver's License for UCC-1 Financing Statement
March 5, 2018
Firm News

Brett J. Ashton to Speak at the 1st American Financial Services Association Law & Compliance Symposium
January 16, 2018