Grove W. Stoddard is chair of the Banking Section of the Corporate and Business Department. He practices in the areas of state and federal banking regulatory compliance and consumer and commercial lending.

Grove works regularly with legal issues in all areas of credit card advice and document preparation from the initial marketing materials, card agreement, change of term notices, balance transfer solicitations, agent-bank agreements and card service company agreements to default pricing, and is current in today’s issues, including privacy, advertising and telemarketing. He also is active in lender representation in connection with retail and wholesale residential mortgage origination, advice and document preparation, as well as personal property financing. He has developed documentation for many new loan products over the years such as the Interest First™ Mortgage, reverse-annuity mortgage, convertible mortgage and biweekly mortgage and the State Treasurer’s Affordable Residential (STAR) mortgage program.

He is a speaker on various topics in the areas of consumer and banking law, including fair housing, mortgage modifications, credit card issues, truth in lending, lender liability and home equity credit lines.

Representative Experience

• Experienced in all aspects of legal advice relating to open-end and closed-end Consumer Lending
• For over 15 years responsible for the legal issues confronted by nationwide credit card issuer
• Is experienced in the interpretation and application of the Truth-in-Lending Law, the Real Estate Settlement Procedures Act, the Equal Credit Opportunity Act and a host of state and federal laws which affect mortgage lending
• Motor vehicle financing issues, including creation, review and drafting of consumer documentation and legal advice on related issues including repossession, spot delivery and Truth-in-Lending disclosure questions
• Responsible for development of the first consumer revolving-credit mortgage product to be offered by a Connecticut bank
• Has prepared and revised documentation for many home equity loan products and has assisted in the negotiation and sale of home equity loan portfolios
• Involved for many years in the negotiation and preparation of commercial lending documentation from bank-form preparation to major commercial lending closings, including accounts-receivable financing, equipment leasing, equipment-leasing securitization and real estate-based transactions
• Responsible for the production of a complete set of commercial lending documentation for the commercial department of a major Connecticut financial institution

Professional Affiliations

• American Bar Association - Committee on Consumer Financial Services; Truth in Lending Committee
• Connecticut Bar Association - Executive Committee, Consumer Law Section; Executive Committee, Financial Institutions Section