Clinton R. Rockwell

"Commercial lenders brace for consumer-style disclosures in California and beyond" by Clinton R. Rockwell and Kathryn L. Ryan (Equipment Leasing & Finance Magazine)

In September 2018, California became the first state to enact commercial financing legislation requiring consumer-style disclosures similar to those required for consumer loans under the federal Truth in Lending Act (TILA) and Regulation Z. Senate Bill 1235, the common shorthand for the new statute...

Clinton R. Rockwell, Kathryn L. Ryan

"Reducing the regulatory risk of merchant cash advances and factoring" by Clinton R. Rockwell and Lauren Frank (Law360)

A growing number of courts and regulators have reached different conclusions on whether factoring and merchant cash advances constitute loans subject to state lender licensing and usury regulations, leaving many factoring companies and their clients without legal certainty about the nature of the...

Clinton R. Rockwell, Lauren Frank

C-Suite Financial Services Review: The Return of the Wholesale Mortgage Broker

The prevalence of wholesale mortgage brokers has fluctuated dramatically in the past two decades, peaking in the mid-to-late 2000s due to high homebuyer demand and a comparatively lax regulatory environment, and crashing with the housing market and subsequent financial crisis. The massive overhaul...

C-Suite Financial Services Review: Building a Better Compliance Management System

The change in leadership and direction at the Consumer Financial Protection Bureau has prompted many providers of consumer financial services to question the importance of a rigorous, well-coordinated compliance management system. Changing emphasis and easing back — and saving some time and expense...

Special Alert: OCC Takes the Next Step Toward a Fintech National Bank Charter

On December 2, 2016, the Office of the Comptroller of the Currency (“OCC”) announced its plans to move forward with developing a special purpose national bank charter for financial technology (“fintech”) companies. Accompanying the Comptroller of the Currency, Thomas J. Curry’s announcement, the...

Clinton R. Rockwell, Jeremiah S. Buckley, John P. Kromer, Walter E. Zalenski, Jeffrey P. Naimon

Special Alert: Election Results - Preliminary Thoughts and Reactions

As a result of last Tuesday’s election, Republicans will control the White House and both houses of Congress in 2017. It is likely there ultimately will be some significant changes affecting financial services regulation and enforcement, but they will take time to implement. The President-elect has...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Christopher M. Witeck, Jon David D. Langlois, Jeffrey P. Naimon

Special Alert: D.C. Circuit Panel Rejects CFPB's RESPA Interpretation and Alters its Structure in PHH Corp. v. CFPB

On October 11, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion vacating a $109 million penalty imposed on PHH Corporation under the anti-kickback provisions of the Real Estate Settlement Procedures Act (RESPA), concluding that the CFPB...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Jon David D. Langlois, Sasha Leonhardt, Sherry-Maria Safchuk, Steven R. vonBerg, Jeffrey P. Naimon

Special Alert: CFPB Finalizes Amendments to Mortgage Servicing Rules

On August 4, the CFPB issued its long-awaited final amendments to the mortgage servicing provisions of Regulations X and Z. The Bureau had sought comment on the proposed rule in December 2014, more than 18 months ago. Spanning 900 pages, the final rule makes significant changes that will impact...

Clinton R. Rockwell, Melissa Klimkiewicz, John P. Kromer, Christopher M. Witeck, Jon David D. Langlois, Kathryn L. Ryan, Jeffrey P. Naimon

Special Alert: CFPB Proposes Amendments to Know Before You Owe/TRID Rule

On Friday, the CFPB issued its much anticipated proposal to amend the KBYO/TRID rule. The CFPB crowded dozens of proposed changes into the almost 300 page proposal, most of which are highly technical and require careful examination. As the Bureau has signaled since its intention to issue amendments...

Clinton R. Rockwell, Jeremiah S. Buckley, Melissa Klimkiewicz, Joseph M. Kolar, John P. Kromer, Kathryn L. Ryan, Steven R. vonBerg, Jeffrey P. Naimon

Special Alert: Maryland Ruling Opens New Front in Battle Over Bank Partnership Model

On June 23, the Maryland Court of Appeals affirmed a lower court judgment holding that a non-bank entity assisting consumers obtain loans from an out-of-state bank and then repurchasing those loans days later qualifies as a “credit service business” under the Maryland Credit Services Business Act (...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Christopher M. Witeck, Heidi M. Bauer, Walter E. Zalenski, Jeffrey S. Hydrick, Jeffrey P. Naimon

Special Alert: CFPB Plans to Propose TRID Amendments in July

Director Cordray announced yesterday in a letter to industry trade groups that the CFPB has "begun drafting a Notice of Proposed Rulemaking (NPRM) on the Know Before You Owe Rule.” However, contrary to some reports, the proposal is not imminent. Instead, Director Cordray stated that the Bureau “...

Clinton R. Rockwell, Jeremiah S. Buckley, Melissa Klimkiewicz, Joseph M. Kolar, John P. Kromer, Amanda R. Lawrence, Steven R. vonBerg, Jeffrey P. Naimon

Special Alert: CFPB Director Opines on TRID Liability

On December 29, 2015, CFPB Director Richard Cordray issued a letter in response to concerns raised by the Mortgage Bankers Association regarding violations of the CFPB’s new TILA-RESPA Integrated Disclosure (“TRID”) rule, also known as the Know Before You Owe rule. In an effort to address concerns...

Clinton R. Rockwell, Jeremiah S. Buckley, Melissa Klimkiewicz, Joseph M. Kolar, John P. Kromer, Amanda R. Lawrence, Steven R. vonBerg, Jeffrey P. Naimon

The CFPB Doesn't Like Your MSA

It is no secret that marketing service agreements (“MSAs”) are under increased scrutiny. In addition to initiating numerous enforcement actions, the Consumer Financial Protection Bureau (“CFPB”) recently issued Compliance Bulletin 2015-05, titled “RESPA Compliance and Marketing Service Agreements...

Clinton R. Rockwell, Sherry-Maria Safchuk

Consumer Financial Services Answer Book 2016

The fifth edition of the Practising Law Institute’s Consumer Financial Services Answer Book was published this month, with 29 Buckley Sandler attorneys contributing to this leading desk reference. The 2016 edition of the Consumer Financial Services Answer Book continues to provide practitioners...

Clinton R. Rockwell, Melissa Klimkiewicz, Joseph M. Kolar, John P. Kromer, Elizabeth E. McGinn, Manley Williams, Warren W. Traiger, Jon David D. Langlois, Sasha Leonhardt, Andrew P. Pennacchia, Fredrick S. Levin, Edward W. Somers, Jeffrey P. Naimon

Special Alert: CFPB Adopts Significant Expansion of HMDA Requirements

On October 15, the Consumer Financial Protection Bureau (the CFPB or Bureau) issued a final rule that will expand the scope of the Home Mortgage Disclosure Act (HMDA) data reporting requirements while seeking to streamline certain existing requirements. Although some of the new data points the...

Clinton R. Rockwell, John P. Kromer, Warren W. Traiger, Jeffrey P. Naimon

Special Alert: CFPB Issues Guidance Regarding Marketing Services Agreements

On October 8, 2015, the Consumer Financial Protection Bureau (“CFPB”) published a compliance bulletin providing guidance to mortgage industry participants regarding the permissibility of marketing services agreements (“MSAs”) under the Real Estate Settlement Procedures Act (“RESPA”). The bulletin...

Clinton R. Rockwell, Joseph M. Kolar, John P. Kromer, Caroline M. Stapleton, Steven R. vonBerg, Jeffrey P. Naimon

Special Alert: CFPB Officially Delays TRID Rule Until October 3

The CFPB finalized a rule today that delays the effective date of the TILA-RESPA Integrated Disclosure (“TRID”) rule, including all amendments, from August 1 to October 3, 2015 . This is consistent with the proposed rule issued last month, which we wrote about here . The CFPB considered...

Clinton R. Rockwell, Jeremiah S. Buckley, Melissa Klimkiewicz, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Special Alert: CFPB Launches First Monthly Complaint Report Providing Snapshot of Consumer Trends

On July 16, 2015, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) launched the first in a new series of monthly complaint reports highlighting key trends from consumer complaints submitted to the CFPB. Importantly, its monthly report provides significant detail on the complaints the...

Clinton R. Rockwell, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Special Alert: CFPB Issues Proposal to Delay TRID Rule Until October 3

The CFPB issued a proposed rule today to delay the effective date of the TILA-RESPA Integrated Disclosure (“TRID”) rule, including all amendments, from August 1 to October 3, 2015. The proposed delayed effective date is two days later than the date announced last week so that the effective date...

Clinton R. Rockwell, Jeremiah S. Buckley, Melissa Klimkiewicz, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Special Alert: CFPB Will Propose to Delay TRID Rule Until October 1

Two weeks after declining requests from industry and members of Congress for delayed enforcement of the TILA-RESPA Integrated Disclosure (“TRID”) rule, the CFPB announced today that it will be issuing a proposed amendment to delay the rule’s effective date from August 1 to October 1, 2015. CFPB...

Clinton R. Rockwell, Jeremiah S. Buckley, Melissa Klimkiewicz, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Special Alert: CFPB Consent Order Applies Loan Originator Compensation Rule to Marketing Services Agreements

On Friday, the CFPB announced a consent order against Guarantee Mortgage Corporation , resolving allegations that the company paid loan originators based on the terms of their mortgage loans in violation of the Loan Originator Compensation Rule (the “LO Comp Rule”). Since inheriting responsibility...

Clinton R. Rockwell, John P. Kromer, Jeffrey P. Naimon

Special Alert: USDA-RHS Proposes Its Own QM Rule

On March 5, 2015, the USDA-RHS released a proposed rule to amend the regulations for the Single Family Housing Guaranteed Loan Program (SFHGLP) to provide that a loan guaranteed by USDA-RHS is a QM if it meets certain requirements set forth by the CFPB. In addition, USDA-RHS proposed to add the...

Clinton R. Rockwell, Joseph M. Kolar, John P. Kromer, Sherry-Maria Safchuk, Jeffrey P. Naimon

Special Alert: CFPB Finalizes Amendments to TILA-RESPA Integrated Mortgage Disclosures

On January 20, 2015, the CFPB finalized amendments to the TILA-RESPA Integrated Disclosure (“TRID”) rule that make a number of amendments, clarifications, and corrections, including: Relaxing the redisclosure requirements after a rate lock. The final rule permits creditors to provide a revised Loan...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Special Alert: CFPB Finalizes Points-and-Fees Cure and Other Mortgage Rule Amendments

Last week, the CFPB finalized an important amendment to its ATR/QM Rule that provides a mechanism for curing points-and-fees overages on qualified mortgage (“QM”) loans, as well as more minor amendments to its mortgage origination and servicing rules. The new rules, which were proposed in April,...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Special Alert: Proposed Amendments to the TRID Rule and Introducing Buckley's TRID Resource Center

Buckley is pleased to announce our new TILA-RESPA Integrated Disclosure (“TRID”) Resource Center . The TRID Resource Center is a one-stop shop for TRID issues, providing access to Buckley's analysis of the TRID rule and the CFPB’s amendments, transcripts of CFPB webinars providing guidance on the...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Consumer Financial Services Answer Book 2015

Buckley Sandler lawyers played a prominent role in the publication of this leading desk reference on consumer financial services, published by the Practising Law Institute. The 2015 edition of this publication continues to provide practitioners with a core understanding of the laws governing...

Clinton R. Rockwell, Melissa Klimkiewicz, Joseph M. Kolar, John P. Kromer, Elizabeth E. McGinn, Manley Williams, Warren W. Traiger, Sasha Leonhardt, Andrew P. Pennacchia, Fredrick S. Levin, Jeffrey P. Naimon

Special Alert: CFPB Bulletin Re-Emphasizes Focus on Mortgage Servicing Transfers

On August 19, 2014, the CFPB issued Bulletin 2014-01 to address “potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights.” The bulletin, which is the latest in a series of CFPB regulations, statements, and guidance on this subject, replaces...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Christopher M. Witeck, Jon David D. Langlois, Jeffrey P. Naimon

Special Alert: CFPB Issues Guidance on Supervision and Enforcement of Mini-Correspondent Lenders

This afternoon, the CFPB issued policy guidance on supervision and enforcement considerations relevant to mortgage brokers transitioning to mini-correspondent lenders. The CFPB states that it “has become aware of increased mortgage industry interest in the transition of mortgage brokers from their...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Special Alert: CFPB Guidance States That Successors Are Not Subject to the ATR/QM Rule

On July 8, 2014, the CFPB issued an interpretive rule stating that the addition of a successor as an obligor on a mortgage does not trigger the Ability-to-Repay/Qualified Mortgage Rule (“ATR/QM Rule”) requirements if the successor previously received an interest in the property securing the...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Special Alert: VA Adopts Its QM Rule

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining what constitutes a “qualified mortgage” (QM) for purposes of the loans it guarantees, insures, or originates. The VA stated that, to quell persistent uncertainty among lenders regarding the treatment of VA...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Special Alert: CFPB Proposes Amendments to Mortgage Rules

On April 30, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed targeted amendments to the Dodd-Frank Act mortgage rules that took effect in January 2014. Comments are due 30 days after publication of the proposal in the Federal Register. Ability-to-Repay/Qualified Mortgage Points...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Look Before You LEAP - This Year's FHA Annual Recertification Process

It’s that time of year again. No, not spring break; the Federal Housing Administration’s ("FHA") annual recertification deadline is upon us (or, more specifically, FHA program participants). The good news is that, this year, mortgagees with a December 31st fiscal year end will have some extra time...

Clinton R. Rockwell, Melissa Klimkiewicz

Special Alert: HUD Adopts Its Own QM Rule

On December 11, 2013, the Department of Housing and Urban Development (“HUD”) issued a final rule defining what constitutes a “qualified mortgage” (“QM”) for purposes of loans insured by the Federal Housing Administration (“FHA”). With limited clarifications and adjustments, the rule tracks the...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

CFPB Finalizes Rule Combining TILA and RESPA Mortgage Disclosures

UPDATED OCTOBER 15, 2014: Updated to reflect amendments proposed by the CFPB on October 10, 2014. On November 20, 2013, the CFPB finalized its long-awaited rule combining the mortgage disclosures consumers receive under the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Special Alert: HUD Proposes Its Own QM Rule

On September 27, HUD released a proposal defining what constitutes a “qualified mortgage” (QM) for purposes of loans insured by the FHA. We have prepared a Special Alert regarding this proposal, which, once it is finalized and takes effect, will replace the temporary QM definition for FHA loans...

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon