An enviable reputation for his consumer finance regulatory compliance practice...one of the go-to guys in this space.Chambers USA
Joseph M. Kolar
Partner
Biography
Joe Kolar is a founding Partner of Buckley LLP, resident in the Washington, D.C., office. Mr. Kolar regularly counsels financial institutions, financial services companies, mortgage lenders and servicers, mortgage insurers, national trade associations, nonprofits, and others in complying with mortgage and consumer loan contracts and lending and servicing regulations, including those relating to real estate settlement procedures (RESPA), truth in lending (TILA), ability to repay, loan originator compensation, appraisals, equal credit opportunity (ECOA)/fair housing/fair lending/fair servicing, privacy, fair credit reporting (FCRA), electronic signatures and records (ESRA), escrows, flood insurance, lender-placed insurance, debt collection, loss mitigation and foreclosures, federal preemption, community reinvestment (CRA), disclosures, state law and regulations, and licensing.
In addition to closely monitoring the regulatory and enforcement activity of the Consumer Financial Protection Bureau (CFPB), Mr. Kolar advises on Federal Housing Administration-insured and Department of Veterans Affairs-guaranteed single-family loan programs, Ginnie Mae guaranteed securities programs, and the programs and policies of Fannie Mae and Freddie Mac as they relate to loan origination, servicing, and secondary market transactions. In addition, Mr. Kolar frequently represents mortgage lenders and others in negotiating joint ventures, marketing and internet origination agreements and vendor agreements, as well as other contracts used or needed by a wide variety of financial services companies.
Mr. Kolar is a member of the Consumer Financial Services Committee of the American Bar Association, where he is a past Co-chair of the Housing Finance and RESPA Subcommittee, and a member of the American College of Consumer Financial Services Lawyers. Prior to practicing law, Mr. Kolar worked as a staff member for former U.S. Representative Jim Leach (R-IA).
Mr. Kolar currently serves on the Board of Directors of the Legal Counsel for the Elderly, which is associated with AARP, and of Samaritan Ministry of Greater Washington, and is President of the Kolar Charitable Foundation of Buckley.
Mr. Kolar received a J.D. from the Georgetown University Law Center in 1985 (cum laude), where he was an Associate Editor of The Tax Lawyer, and a B.B.A. from the University of Iowa in 1982.
An enviable reputation for his consumer finance regulatory compliance practice...one of the go-to guys in this space.Chambers USA
In The News
Legal 500 2022 recognizes 18 Buckley attorneys in five practice areas
“They treat their clients better than any other law firm I’ve experienced,” is what one respondent said about Buckley LLP to Legal 500, which ranked the firm as a top law firm in five categories and recognized 18 of its attorneys for its 2022 edition.
The publication recognized...
AnnouncementsBuckley recognized by Chambers USA for consumer financial services, white collar, and fintech practices
Chambers USA named Buckley LLP a nationwide Band 1 firm in all consumer finance categories in its 2022 rankings, recognizing six of its partners in those practices. The firm received top recognition in Consumer Finance Compliance, Consumer Finance Litigation, and Consumer Finance...
AnnouncementsLegal 500 2021 recognizes 17 Buckley attorneys in six practice areas
“While some firms will provide lengthy and expensive legal analysis, Buckley’s team relies on their depth and breadth of expertise to provide useful guidance from various team members quickly and efficiently,” a respondent told Legal 500, which ranked Buckley LLP as a top law firm and...
AnnouncementsBuckley recognized by Chambers USA for consumer financial services, white collar practices
Chambers USA named Buckley LLP a nationwide Band 1 firm in all consumer finance categories in its 2021 rankings, recognizing nine of its partners in those practices — more than any other firm in the country. The firm received top recognition in Consumer Finance Compliance, Consumer...
AnnouncementsLegal 500 2020 recognizes 21 Buckley attorneys in six practice areas
“Buckley attorneys are incredibly responsive while providing top quality legal services,” is how respondents described the firm in the 2020 edition of Legal 500, which ranked Buckley as a top law firm and recognized it in six categories:
- Corporate Investigations and White ...
Buckley recognized by Chambers USA as a “top-notch” firm in financial services and white collar work
Buckley has once again received top recognition in financial services regulation, white collar crime/government investigations, and fintech from Chambers USA, which ranks the country’s leading firms and lawyers in a range of practice areas based on research and client interviews....
AnnouncementsBuckley recognized by Chambers USA as a “first-rate firm” in financial services; “crème de la crème” for White Collar practice
Buckley has once again received top recognition in financial services regulation and white collar crime/government investigations from Chambers USA, which ranks the country’s leading firms and lawyers in a range of practice areas based on research and client interviews.
In total...
AnnouncementsBuckley Sandler and its founding profiled in Law360
The firm was profiled in a Law360 article, "Too small to fail?" which discussed the creation of Buckley Sandler and its success over the past decade. Click here to read the full article . Originally published in Law360; reprinted with permission.
In The NewsBuckley Sandler recognized by Chambers USA as “an excellent firm” with “a fine stable of expert attorneys”
Buckley Sandler once again has received top recognition in financial services regulation and white collar crime/government investigations from Chambers USA, which ranks the country’s leading firms and lawyers in a range of practice areas by researching the firms and interviewing...
Announcements
Publications
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...
ArticlesSpecial 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...
ArticlesSpecial 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...
ArticlesSpecial 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 (...
ArticlesSpecial 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 “...
ArticlesSpecial 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...
ArticlesConsumer 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...
ArticlesSpecial 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...
ArticlesSpecial 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...
ArticlesSpecial 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...
ArticlesSpecial 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...
ArticlesSpecial 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...
ArticlesSpecial 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...
ArticlesSpecial Alert: CFPB States Supervisory Obligations Trump Nondisclosure Agreements
On January 27, the CFPB issued Compliance Bulletin 2015-01 to remind supervised financial institutions of their obligations concerning the disclosure of confidential supervisory information (CSI) to the CFPB and to third parties. Specifically, the Bulletin addresses the interaction between a...
ArticlesSpecial 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...
ArticlesSpecial 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,...
ArticlesSpecial 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...
ArticlesConsumer 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...
ArticlesSpecial 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...
ArticlesSpecial 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...
ArticlesSpecial 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...
ArticlesSpecial 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...
ArticlesSpecial 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...
ArticlesSpecial 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...
ArticlesCFPB 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...
ArticlesSpecial 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...
ArticlesSpecial Alert: CFPB Finalizes Additional Amendments to the 2013 Mortgage Rules
On September 13, the CFPB finalized another set of amendments to its January 2013 mortgage rules. Whereas previous amendments focused largely on the ability-to-repay/qualified mortgage rule, these amendments – originally proposed in late June 2013 – principally address several important questions...
ArticlesSpecial Alert: CFPB Finalizes Additional Amendments to ATR/QM Rule; Agencies Propose Appraisal Rule Amendments
On July 10, the Consumer Financial Protection Bureau (“Bureau”) finalized important amendments (the “Amendments”) to its ability-to-repay / qualified mortgage rule (the “QM / ATR Rule”) that are intended to ease certain compliance challenges with making qualified mortgages (“QMs”). In response to...
Articles
Awards and Recognitions
Awards & Recognitions
- Chambers USA 2022, Band 2, Financial Services Regulation: Consumer Finance (Compliance)
- Legal 500 2022: Financial services – Regulation
- Best Lawyers 2022: Banking and Finance Law, Financial Services Regulation Law
- Chambers USA 2021, Band 2, Financial Services Regulation: Consumer Finance (Compliance)
- Legal 500 2021: Financial services – Regulation
- Best Lawyers 2021: Banking and Finance Law, Financial Services Regulation Law
- Chambers USA 2020, Band 2, Financial Services Regulation: Consumer Finance (Compliance)
- Legal 500 2020: Financial services – Regulation
- Best Lawyers 2020: Banking and Finance Law, Financial Services Regulation Law
- Chambers USA 2019, Band 2, Financial Services Regulation: Consumer Finance (Compliance)
- Best Lawyers 2019: Banking and Finance Law, Financial Services Regulation Law
- Chambers USA 2018, Band 2, Financial Services Regulation: Consumer Finance (Compliance)
- Best Lawyers 2018: Banking and Finance Law
- Chambers USA 2010-2017, Band 1, Financial Services Regulation: Consumer Finance (Compliance)
- Best Lawyers 2017: Banking and Finance Law
- Best Lawyers 2015: Banking and Finance Law
- Chambers USA 2008 and 2009, Band 1, Consumer Financial Services Regulation
Education
- J.D., Georgetown University, 1985 (cum laude)
- B.B.A., University of Iowa, 1982
Admissions
- District of Columbia
- Maryland
- Virginia (Associate Membership)
Government Service
- Staff Member for former U.S. Representative Jim Leach (R-IA)