Andrew P. Pennacchia, Senior Counsel in the New York office of Buckley LLP, provides strategic guidance to a wide-range of financial services companies on regulatory and enforcement matters.
Mr. Pennacchia frequently advises banks, mortgage companies, marketplace lenders, commercial lenders, securities broker-dealers, and other financial institutions on key federal and state consumer financial laws, bank safety and soundness regulations, multi-state licensing requirements, and agency lending guidelines. Mr. Pennacchia also assists clients with enforcement actions brought by federal and state regulators, and conducts comprehensive regulatory assessments designed to identify regulatory gaps and systemic compliance control deficiencies.
Specifically, Mr. Pennacchia’s practice includes:
- Assisting clients facilitate compliance with the Equal Credit Opportunity Act (ECOA), the Truth in Lending Act (TILA), the Fair Credit Reporting Act (FCRA), the Real Estate Settlement Procedures Act (RESPA), the Home Mortgage Disclosure Act (HMDA), the unfair or deceptive acts or practices (UDAP) and the unfair, deceptive, or abusive acts or practices (UDAAP) provisions, the Gramm-Leach Bliley Act (GLBA), the Fair Debt Collection Practices Act (FDCPA), and other key federal laws
- Counseling banks on the requirements and restrictions imposed by key safety and soundness regulations that establish rules for tying arrangements (Regulation Y), extending credit to insiders (Regulation O), securities-based lending (Regulation U), and transactions with affiliates (Regulation W)
- Completing enterprise-wide regulatory due diligence reviews of financial services companies on behalf of private equity firms, strategic acquirers and other acquiring entities, which include assessing the adequacy of the target’s compliance management system and the level of potential risk posed to an acquirer by the target’s business practices and relationships
- Assisting Federal Housing Administration (FHA) lenders understand FHA’s single-family loan program requirements, quality control expectations, and loan performance standards
- Assisting clients in preparing for and managing examinations by the Consumer Financial Protection Bureau (CFPB) and federal prudential regulators
- Helping clients develop and implement an effective compliance management systems and vendor management program
- Completing surveys on the licensing requirements and practice restrictions imposed by state law with respect to consumer lending, commercial lending, and loan servicing
- Representing clients in investigations initiated by the CFPB, including investigations related to add-on products and mortgage servicing
- Performing comprehensive readiness assessments on behalf of financial services companies to identify and remediate regulatory gaps and systemic compliance control deficiencies in anticipation of CFPB examinations or investigations
Prior to joining Buckley, Mr. Pennacchia worked within Morgan Stanley’s Legal and Compliance Division, where he provided advice on various regulatory compliance requirements affecting securities-based, commercial, and institutional lending, and assisted in the development and implementation of a risk-assessment process for retail lending products. While at Morgan Stanley, he was also a member of Morgan Stanley Credit Corporation's Mortgage Compliance Committee. Prior to his tenure at Morgan Stanley, Mr. Pennacchia served as Vice President of Legal Affairs for Premium Capital Funding LLC.
Mr. Pennacchia received his J.D. from the Hofstra University School of Law and his B.A. from Dickinson College.
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