Examinations
Buckley provides ‘clear and concise advice’ to clients engaged in CFPB examinations.Legal 500
Practice Overview
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
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...
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
News & Blogs
Agencies issue guidance on 37 key data fields for HMDA examinations
On December 7, the Federal Reserve Board, the FDIC, and the OCC issued guidance regarding the HMDA key data fields that Federal Reserve examiners use to evaluate the accuracy of HMDA data collected since January 1 pursuant to the CFPB’s October 2015 and August 2017 amendments and the May 2018...
InfoBytesBipartisan state Attorneys General coalition urge CFPB to examine for MLA compliance
On October 23, a bipartisan coalition of 33 state Attorneys General sent a letter to acting Director of the CFPB, Mick Mulvaney, expressing concern over reports that the Bureau is no longer supervising financial institutions for compliance with the Military Lending Act (MLA). The Attorneys General...
InfoBytesFFIEC releases updated BSA/AML InfoBase website
On October 18, the Federal Financial Institutions Examination Council (FFIEC) released a newly updated Bank Secrecy Act/Anti-Money Laundering (BSA/AML) InfoBase website , which provides examiners and financial institutions access to BSA/AML examination procedures and resources, including the BSA/...
InfoBytesOCC updates Comptroller’s Handbook booklets, addresses trade finance and services activities
On October 15, the OCC issued Bulletin 2018-38 , which updates, among other things, the “ Trade Finance and Services ” booklet of the Comptroller’s Handbook previously issued in April 2015. The booklet provides guidance for OCC examiners to use in connection with the examination and supervision of...
InfoBytesFederal Reserve releases eligibility criteria for 18-month on-site examination cycles
On October 1, the Federal Reserve Board (Board) issued SR 18-7 to qualifying state member banks and U.S. branches and agencies of foreign banks outlining updated 18-month on-site examination eligibility criteria. As previously covered in InfoBytes , the Board, OCC, and FDIC issued an interim final...
InfoBytesBenjamin K. Olson quoted in American Banker article, “Pentagon, others baffled by CFPB plan to cease military lending exams”
Benjamin K. Olson was quoted on October 11, 2018 in an American Banker article, “Pentagon, others baffled by CFPB plan to cease military lending exams,” which discussed the Consumer Financial Protection Bureau’s decision to stop examining compliance with the Military Lending Act. The article stated...
In The NewsCFPB bulletin announces changes to supervisory communications
On September 25, the CFPB issued Bulletin 2018-01 , which announces changes to how it communicates supervisory expectations to institutions. According to the bulletin, effective immediately, examination reports and supervisory letters will include two categories of findings that convey supervisory...
InfoBytesOCC updates Comptroller’s Handbook with new TILA booklet
On September 26, the OCC issued Bulletin 2018-31 , which updates the “Truth in Lending Act” (TILA) booklet of the Comptroller’s Handbook , which previously was issued in December 2014. The booklet provides guidance for OCC examiners to be used in connection with the examination and supervision of...
InfoBytesOCC updates Comptroller’s Handbook booklet to address deposit-related credit
On September 12, the OCC issued Bulletin 2018-28 , which updates the “ Deposit-Related Credit ” booklet of the Comptroller’s Handbook previously issued March 2015. The booklet provides guidance for OCC examiners to be used in connection with the examination and supervision of national banks and...
InfoBytesAgencies say supervisory guidance does not have the “force and effect” of law
On September 11, five federal agencies (the Federal Reserve Board , CFPB , FDIC , NCUA , and OCC ) issued a joint statement confirming that supervisory guidance “does not have the force and effect of law, and [that] the agencies do not take enforcement actions based on supervisory guidance.” The...
InfoBytes
Press Releases
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, FL...
Press ReleasesFormer 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
Counsel
FYI
"OCC Improves But Unlevels CRA Ratings" By Warren W. Traiger and Caroline K. Eisner (Banking Exchange)
Recent Blog Posts
-
December 13, 2018
Agencies issue guidance on 37 key data fields for HMDA examinations
-
October 26, 2018
Bipartisan state Attorneys General coalition urge CFPB to examine for MLA compliance
-
October 23, 2018
FFIEC releases updated BSA/AML InfoBase website
-
October 18, 2018
OCC updates Comptroller’s Handbook booklets, addresses trade finance and services activities
-
October 11, 2018
Federal Reserve releases eligibility criteria for 18-month on-site examination cycles