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 earnings and regulatory Comptroller’s Handbook
On September 22, the OCC issued Bulletin 2021-44 announcing versions 1.0 of the “Earnings” and “Regulatory Reporting” booklets of the Comptroller’s Handbook. The new booklets apply to national banks, federal savings associations, and federal branches and agencies of foreign banking organizations,...
InfoBytesOCC releases new Problem Bank Supervision booklet
On September 13, the OCC issued a new Problem Bank Supervision booklet of the Comptroller's Handbook to be used by examiners in connection with the examination and supervision of national banks, federal savings associations, and federal branches and agencies of foreign banking organizations. The...
InfoBytesCSBS releases Uniform Money Transmission Modernization Act
On September 9, the Conference of State Bank Supervisors (CSBS) released the Uniform Money Transmission Modernization Act as part of states’ broader effort for modernizing the state financial regulatory system. The act, also referred to as the Money Transmitter Model Law, is intended to replace 50...
InfoBytesOCC releases new Model Risk Management booklet
On August 18, the OCC issued a new Model Risk Management booklet as part of the Comptroller’s Handbook’s safety and soundness series. The booklet is used by OCC examiners when examining and supervising national banks, federal savings associations, and federal branches and agencies of foreign...
InfoBytesOCC updates Liquidity booklet
On August 16, the OCC issued Bulletin 2021-38 announcing the updated version of the Liquidity booklet of the Comptroller’s Handbook . The booklet replaces the 2012 version and provides information and examination procedures on liquidity coverage ratio and net stable funding ratio requirements...
InfoBytesCFPB resumes MLA exams
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...
InfoBytesJeffrey 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 NewsFed formalizes stance on supervisory guidance
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...
InfoBytesFDIC issues 2021 Consumer Compliance Supervisory Highlights
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...
InfoBytesFed issues LIBOR transition examination guidance
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
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
FYI
"Put bank exam council in charge of data privacy" by Jeremiah S. Buckley (American Banker)
Recent Blog Posts
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September 24, 2021
OCC updates earnings and regulatory Comptroller’s Handbook
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September 16, 2021
OCC releases new Problem Bank Supervision booklet
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September 10, 2021
CSBS releases Uniform Money Transmission Modernization Act
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August 20, 2021
OCC releases new Model Risk Management booklet
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August 19, 2021
OCC updates Liquidity booklet