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
OCC updates cybersecurity exam procedures
On June 26, the OCC issued Bulletin 2023-22 announcing recent updates to the agency’s approach to cybersecurity assessment procedures. The Cybersecurity Supervision Work Program (CSW) provides high-level examination objectives and procedures aligned with the National Institute of Standards and...
InfoBytesCFPB revises supervision and examination manual
On June 5, the CFPB revised its Supervision and Examinations Manual to incorporate minor changes for larger participants under “Module 7 - Consumer Alerts, Identity Theft, and Human Trafficking Provisions.” The updates specifically included FCRA and Regulation V requirements that prohibit credit...
InfoBytesOCC’s new enforcement policy targets banks with “persistent weaknesses”
On May 25, the OCC announced revisions to its Policies and Procedures Manual (PPM) for bank enforcement actions. According to OCC Bulletin 2023-16 , the recently revised version of PPM 5310-3 replaces and rescinds a version issued in November 2018 (covered by InfoBytes here ), and now includes “...
InfoBytesNYDFS to impose supervision fees on virtual currency licensees
On April 17, NYDFS announced the adoption of a final regulation establishing how certain licensed virtual currency businesses will be assessed for supervision and examination costs. Under 23 NYCRR Part 102, licensed virtual currency companies holding a Bitlicense will be assessed for their...
InfoBytesFDIC issues 2023 Consumer Compliance Supervisory Highlights
On April 5, the FDIC released the March 2023 edition of the Consumer Compliance Supervisory Highlights , which is intended to “enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high-level overview of consumer compliance issues identified in 2022...
InfoBytesHsu says OCC focused on fairness in banking
On March 30, acting Comptroller of the Currency Michael J. Hsu commented that the safety and soundness of the federal banking system continues to be a top agency priority, as is improving fairness in banking. Speaking at a conference, Hsu discussed several measures taken by the OCC to elevate and...
InfoBytesCFPB updates Mortgage Servicing Examination Procedures
On January 18, the CFPB released an updated version of its Mortgage Servicing Examination Procedures , detailing the types of information examiners should gather when assessing whether servicers are complying with applicable laws and identifying consumer risks. The examination procedures, which...
InfoBytesCFPB issues fall supervisory highlights
On November 15, the CFPB released its fall 2022 Supervisory Highlights , which summarizes its supervisory and enforcement actions between January and June 2022 in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination,...
InfoBytesCFPB updates education loan servicing examination procedures
On September 28, the CFPB updated the education loan examination procedures in its Supervision and Examination Manual . According to the Bureau, the update to the education loan servicing examination procedures clarifies that when determining its authority to supervise a private student lender, the...
InfoBytesTrade groups object to CFPB’s revised UDAAP exam manual
On September 28, seven banking industry groups sued the CFPB and Director Rohit Chopra claiming the agency exceeded its statutory authority when it released significant revisions to the UDAAP exam manual in March, which included making clear its view that any type of discrimination in connection...
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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June 30, 2023
OCC updates cybersecurity exam procedures
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June 9, 2023
CFPB revises supervision and examination manual
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June 2, 2023
OCC’s new enforcement policy targets banks with “persistent weaknesses”
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April 19, 2023
NYDFS to impose supervision fees on virtual currency licensees
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April 7, 2023
FDIC issues 2023 Consumer Compliance Supervisory Highlights