Examinations
Buckley provides ‘clear and concise advice’ to clients engaged in CFPB examinations.Legal 500
Practice Overview
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
Articles
"Put bank exam council in charge of data privacy" by Jeremiah S. Buckley (American Banker)
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"OCC Improves But Unlevels CRA Ratings" By Warren W. Traiger (Banking Exchange)
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...
ArticlesThe 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
News & Blogs
CFPB issues spring supervisory highlights
On May 2, the CFPB released its spring 2022 Supervisory Highlights , which details its supervisory and enforcement actions in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student...
InfoBytesCFPB invokes dormant authority to examine nonbanks
On April 25, the CFPB announced it was invoking a “dormant authority” under the Dodd-Frank Act to conduct supervisory examinations of fintech firms and other nonbank financial services providers based upon a determination of risk. “This authority gives us critical agility to move as quickly as the...
InfoBytesFDIC highlights NSF/overdraft fees, fair lending in 2022 Consumer Compliance Supervisory Highlights
On March 31, the FDIC released the spring 2022 edition of the Consumer Compliance Supervisory Highlights to provide information and observations related to the FDIC’s consumer compliance supervision of state non-member banks and thrifts in 2021. Topics include: A summary of the FDIC’s supervisory...
InfoBytesCFPB updates debt collection examination procedures to include Regulation F provisions
Recently, the CFPB updated its debt collection examination procedures to incorporate provisions of Regulation F (the FDCPA’s implementing regulation). As previously covered by InfoBytes , in October 2020, the Bureau issued its final rule (effective November 30, 2021) amending Regulation F to...
InfoBytesOCC updates Large Bank Supervision booklet
On March 8, the OCC updated the Large Bank Supervision booklet of the Comptroller’s Handbook , which is used by OCC examiners during the examination and supervision of midsize and large national banks and federal savings associations, foreign-owned U.S. branches and agencies, and international...
InfoBytesCFPB updates remittance transfer examination procedures
Recently, the CFPB updated its remittance transfer examination procedures to reflect the latest amendments to Regulation E (EFTA’s implementing regulation), Subpart B, as of May 2020. The updates are reflected within the Bureau’s Supervision and Examinations Manual . The updated procedures outline...
InfoBytesFFIEC issues final update for Examination Modernization Project
On January 21, the Federal Financial Institutions Examination Council (FFIEC) issued a statement presenting the results of the final phase of its Examination Modernization Project. The project, which was initiated to identify and assess measures to improve the community bank safety and soundness...
InfoBytesCFPB to examine college lending
On January 20, the CFPB announced its plans to examine the operations of post-secondary schools that extend private loans directly to students and update its exam procedures, including a new section on institutional student loans. The Bureau noted that it is “concerned about the borrower experience...
InfoBytesCFPB updates Mortgage Origination Examination Procedures
On December 22, the CFPB updated its Mortgage Origination Examination Procedures to reflect amendments to Regulation Z’s Qualified Mortgage (QM) provisions. The Mortgage Origination Examination Procedures address various elements of the mortgage origination process and provide guidance for...
InfoBytesOCC updates HMDA examination procedures
On December 17, the OCC released revised interagency HMDA examination procedures for HMDA compliance. The revised examination procedures address changes made to the effective dates for banks meeting or exceeding either the closed-end mortgage loans or the open-end lines of credit loan-volume...
InfoBytes
Press Releases & Announcements
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...
AnnouncementsFormer Deputy Chief Counsel for Office of the Comptroller Joins BuckleySandler
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 ReleasesLegal 500 Recognizes Four Practice Areas and 14 Attorneys at BuckleySandler in 2016 Rankings
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 ReleasesBuckley Sandler Establishes International Presence With Opening of London Office
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
Partners
Recent Blog Posts
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May 4, 2022
CFPB issues spring supervisory highlights
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April 27, 2022
CFPB invokes dormant authority to examine nonbanks
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April 5, 2022
FDIC highlights NSF/overdraft fees, fair lending in 2022 Consumer Compliance Supervisory Highlights
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March 18, 2022
CFPB updates debt collection examination procedures to include Regulation F provisions
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March 10, 2022
OCC updates Large Bank Supervision booklet