Federal and state examinations can be grueling. Success is determined not only by whether an institution has actually complied with laws and regulations, but also by whether it can adequately and accurately explain its business and the controls in place to ensure compliance. Financial institutions must coordinate across lines of business, the compliance department, risk management departments, and in-house counsel to manage examinations appropriately — and provide examiners timely, accurate information.
Buckley attorneys are a great resource for clients undergoing and preparing for examinations. Because our roots are in serving the financial services industry, we understand the inner workings of our client operations — right down to the system specifications — and know how the laws and regulations apply to those systems. Our nationwide enforcement practice provides further support. We can serve as an early warning system, identifying when an examiner’s line of questioning suggests heightened risk. We rely upon our deep experience in compliance counseling and enforcement to provide astute, actionable advice in a timely and cost-effective manner.
Our attorneys support clients in all stages of examinations and across the entire spectrum of financial products and services before federal agencies such as the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Reserve, and the Federal Deposit Insurance Corporation, and state agencies, including the California Department of Financial Protection and Innovation (formerly the Department of Business Oversight, the New York Department of Financial Services, and many others. In advance of the examination, we often help clients draft responses to “first day letters” and assemble information to satisfy regulatory requests. Once the examination begins, we can assist with researching and drafting key responses, or simply serve as a sounding board in addressing an important issue. Once a supervisory letter or report of examination is issued, we also draft responses to regulators to satisfy open issues or matters requiring attention (MRAs). In the event a regulator signals a potential enforcement referral, we provide strategic advice, legal analysis and drafting, oversight of statistical analyses and file reviews, and direct interaction with supervisory and enforcement personnel at the agencies, with the goal of keeping the matter in supervision.
Due to the confidential nature of the examination process, we cannot disclose specific representations. However, in recent years we have assisted clients with numerous examinations pertaining to mortgage origination, including with respect to technical disclosure requirements, Home Mortgage Disclosure Act compliance, and fair lending compliance. We have also supported clients in examinations pertaining to mortgage servicing, auto lending, student lending, debt collection, credit reporting, and deposit account management.
Buckley provides ‘clear and concise advice’ to clients engaged in CFPB examinations.Legal 500
From the European Union to California and now other states and countries, data protection and privacy standards going into effect often share the same objectives, but have separate and different regulatory requirements. This creates a confusing array of legal requirements that pose compliance and...Articles
On Oct. 12, the Comptroller’s Office revised its Policies and Procedures Manual to instruct examiners to limit the number of Community Reinvestment Act rating downgrades based on evidence that a bank has violated other laws. The revision is a boon to national banks and federal savings associations...Articles
The Butterfly Effect: eDiscovery in Government Investigations and Why Small Tweaks May Have Great Impacts
In the context of civil litigation, the rules governing eDiscovery may not be crystal clear (especially in light of the recent amendments to the Federal Rules), but at least there is ample guidance available. Counsel can perform simple research and identify troves of articles addressing how to...Articles
"The Ten Commandments of cross-examination revisited: Should you sin to win when the case is criminal?" by Hank Asbill (American Bar Association Criminal Justice Magazine)
Irving Younger's lecture on cross-examination, which I first heard in the mid-1970s, is like the delivery of the slightly more famous Ten Commandments by Moses at Mt. Sinai -- accepted on faith and followed by nearly all. Many litigators keep their notes of that lecture close at hand and review...Articles
On June 16, the CFPB issued an interpretive rule explaining the reversal of its prior determination that it lacked the authority to examine supervised financial institutions for compliance with the Military Lending Act (MLA). As previously covered by InfoBytes , in 2018, the Bureau discontinued MLA...InfoBytes
Jeffrey P. Naimon quoted in HousingWire article, “The CFPB is coming for you: Here’s how to prepare”
The HousingWire article, “The CFPB is coming for you: Here’s how to prepare,” quoted Jeffrey P. Naimon and provided coverage of his "Post-pandemic CFPB exam preparation" session at the Mortgage Bankers Association Spring Conference & Expo. Naimon said that the Consumer Financial Protection...In The News
On March 31, the Federal Reserve Board issued a final rule codifying the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the CFPB, FDIC, NCUA, and OCC on September 11, 2018 (2018 Statement). As previously covered by InfoBytes , an October 2018 joint proposal amended the...InfoBytes
On March 31, the FDIC released the spring 2021 edition of the Consumer Compliance Supervisory Highlights , intended to provide information and observations related to the FDIC’s consumer compliance supervision of state non-member banks and thrifts in 2020. Topics include: A summary of the FDIC’s...InfoBytes
On March 9, the Federal Reserve Board issued supervisory letter SR 21-7 as a follow-up to a November 2020 interagency statement issued by the Fed, FDIC, and OCC that encouraged supervised institutions to cease entering into new contracts that use LIBOR as a reference rate as soon as practicable,...InfoBytes
On March 4, the OCC issued Bulletin 2021-11 announcing the revision of the Servicemembers Civil Relief Act (SCRA) booklet of the Comptroller’s Handbook . The booklet rescinds the 2011 version and provides background information and examination procedures on consumer protections afforded...InfoBytes
On March 2, the FDIC announced updates to its Consumer Compliance Examination Manual (CEM). The CEM includes supervisory policies and examination procedures for FDIC examination staff evaluating financial institutions’ compliance with federal consumer protection laws and regulations. The recent...InfoBytes
On February 23, the FDIC released nine technical assistance videos on fair lending compliance. The videos provide FDIC-supervised institutions with a high-level overview on ways to assess and mitigate fair lending risk and understand how examiners evaluate fair lending compliance. Information...InfoBytes
On February 10, the California Department of Real Estate reissued FAQs regarding licensing and examination processes of the department during Covid-19. The FAQs respond to questions regarding, among other things, capacity limitations at exam centers, how to reschedule a cancelled exam, the best way...InfoBytes
On January 19, the CFPB issued a final rule codifying the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the CFPB, OCC, Federal Reserve Board, FDIC, and the NCUA on September 11, 2018 (2018 Statement). As previously covered by InfoBytes , the October 2018 joint proposal...InfoBytes
Daniel P. Stipano Receives Leadership Award From Association of Certified Anti-Money Laundering Specialists
The Association of Certified Anti-Money Laundering Specialists (ACAMS) awarded Buckley Sandler partner Daniel P. Stipano the 2017 AML/CTF Leadership in Government award at the ACAMS MoneyLaundering.com 22nd Annual International AML & Financial Crime Conference on April 4, 2017, in Hollywood...Announcements
WASHINGTON, DC (January 3, 2017) – BuckleySandler LLP, a premier financial services, government enforcement and litigation law firm, announced today that former Deputy Chief Counsel for the Office of the Comptroller of the Currency (OCC), Daniel P. Stipano has joined the firm as a Partner in its...Press Releases
BuckleySandler LLP has again been noted as one of the nation’s top law firms, with recognition of four practice areas by The Legal 500 in its 2016 rankings: Financial Services: Litigation Financial Services: Regulatory Technology: Data Protection and Privacy White-Collar Criminal Defense In...Press Releases
WASHINGTON, DC / LONDON, ENGLAND (September 8, 2014) – Buckley Sandler LLP , a leading financial services and criminal & civil enforcement defense law firm, announced today the opening of its first international office, located in London. James T. Parkinson has relocated from the firm’s...Press Releases
Our Examinations Team
"Put bank exam council in charge of data privacy" by Jeremiah S. Buckley (American Banker)