Buckley has extensive knowledge and experience in advising financial service companies in regulatory examinations. Our team helps clients navigate every stage of the examination process, including advice pertaining to pre-examination preparation, responses to information and document requests, strategic advice and legal analysis of preliminary findings by a supervisory team, and assistance with myriad post-examination matters.
Our attorneys advise clients on examinations by all of the federal prudential regulators, including the Office of the Comptroller of the Currency (OCC), Federal Reserve Board (FRB), and the Federal Deposit Insurance Corporation (FDIC), as well as state bank regulators. In addition, we have advised clients on nearly 100 Consumer Financial Protection Bureau (CFPB) examinations. Clients benefit from Buckley’s firmwide knowledge regarding the multitude of legal, regulatory, and operational issues that arise in the examination process. This experience allows us to offer practical tips for handling issues that arise in examinations to help clients prepare for and mitigate areas of potential regulatory risk.
Our team advises clients on examination-related tasks, including the preparation and coordination of responses to examination requests and inquiries. We conduct gap analyses and examination readiness reviews in order to help clients better understand their current state of anticipated preparedness for an examination and potential compliance weaknesses, including examination management training with key personnel.
We also assist with responses to “first day letters” and supplemental information requests, including the compilation and preparation of documents, data, and other responsive information. Our attorneys advise clients on the most effective approach for requesting modifications to or seeking clarification of requests, and more generally how to interact with regulators throughout the examination process to help achieve the most favorable outcome possible.
Our lawyers provide legal analysis to clients who are engaging in discussions with their regulator about a potential violation to help fend off adverse examination findings. We prepare formal responses to reports of examination, Matters Requiring Attention (MRA), Potential Action and Request for Response Letters (PARR), and 15-day letters. This includes strategic advice, legal analysis and drafting, oversight of statistical analyses and file reviews, and direct interaction with supervisory and enforcement personnel at the agencies. We frequently participate in board of director and executive management meetings to discuss potentially adverse examination results, describe the examination and enforcement processes, and explain the potential ramifications of adverse examination findings, including the impact on safety and soundness ratings, CAMELS ratings, Community Reinvestment Act (CRA) and compliance ratings, and restrictions on the ability to engage in future branching and acquisitions.
Buckley provides ‘clear and concise advice’ to clients engaged in CFPB examinations.Legal 500
"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
"OCC Improves But Unlevels CRA Ratings" By Warren W. Traiger and Caroline K. Eisner (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...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
On March 27, the FDIC announced an update to guidance it issued on March 16 regarding “steps to protect banks and consumers and to continue operations.” Among the updates, the agency (i) extended telework for all FDIC employees from March 30 until at least April 12; (ii) expanded the period of time...InfoBytes
On March 25, the Nebraska Department of Banking and Finance (Department) announced it will temporarily halt all regular examinations unless the examination is critical to safety and soundness, consumer protection, or is necessary to address an urgent or immediate need. If the Department already has...InfoBytes
On March 24, the Federal Reserve (Fed) released a statement regarding adjustments to supervisory activities that the agency is making as a result of Covid-19. Among the changes, the Fed plans to (i) “temporarily reduce its examination activities,” including ceasing regular exam activities for banks...InfoBytes
On March 12, the Alabama State Banking Department (ASBD) issued guidance on pandemic planning and expectations. Among other things, the ASBD expects banks to review, update, and implement business continuity planning, including pandemic planning. It also expects banks to stay informed and updated...InfoBytes
On March 12, the Texas Department of Savings and Mortgage Lending announced that the Department will begin minimizing on-site mortgage examinations and conducting them off-site to the extent possible.InfoBytes
On March 13, the Maryland Commissioner of Financial Regulation issued a bulletin advising that regulated entities should have a comprehensive disaster recovery plan in place that identifies how they will respond to various disasters and emergencies. The bulletin also identifies questions received...InfoBytes
On March 12, the OCC issued Bulletin 2020-14 announcing the revision of the Deposit-Related Credit booklet of the Comptroller’s Handbook that was issued in September 2018. The revised booklet provides guidance for OCC examiners in connection with the examination and supervision of national banks,...InfoBytes
On February 20, the OCC released a list of recent enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with such entities. The new enforcement actions include four civil money penalty orders, three cease and desist orders...InfoBytes
On February 19, the Conference of State Bank Supervisors announced the launch of a technology platform called the State Examination System (SES) to increase transparency and collaboration with regulated entities. State regulators, who are the primary regulators of non-bank and fintech firms, can...InfoBytes
On February 14, the CFPB released its winter 2020 Supervisory Highlights , which details its supervisory and enforcement actions in the areas of student loan servicing, payday lending, debt collection, and mortgage servicing. The findings of the report, which are published to assist entities in...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
Recent Blog Posts
March 27, 2020
FDIC updates guidance on protecting banks and consumers
March 25, 2020
Nebraska issues guidance regarding examinations during Covid-19 emergency
March 24, 2020
Fed recalibrates supervisory activities during Covid-19 pandemic
March 19, 2020
Alabama State Banking Department issues Covid-19 guidance
March 19, 2020
Texas Department of Savings and Mortgage Lending issues guidance on mortgage examinations