att name

Joseph J. Reilly

Partner

  • p. 202.349.7965
  • f. 202.349.8080
  • jreilly@buckleysandler.com

Biography

Joe Reilly, a partner in BuckleySandler’s Washington, DC office, advises a variety of clients on Consumer Financial Protection Bureau (CFPB) and other federal and state consumer financial services matters before financial services regulators. Mr. Reilly’s regulatory practice focuses on residential mortgage origination and servicing, and includes frequent counseling on new CFPB rules, fair and responsible lending and servicing, truth in lending, RESPA, fair credit reporting, licensing, federal and state disclosures, default and loss mitigation, contract terms, fee authorization issues, and federal preemption of state law. 

Mr. Reilly also has a general litigation and enforcement practice, in which he represents corporate and individual clients in federal and state enforcement actions and investigations, as well as in private civil and class action lawsuits.   He has defended institutions and individuals in enforcement proceedings brought by the SEC, the DOJ, the federal banking agencies, HUD, and the European Commission. In private civil matters, he has asserted or defended claims in diverse areas of law, including director and officer fiduciary duties, securities, antitrust, civil RICO, and breach of contract.

Mr. Reilly is the author of “The New CFPB Mortgage Origination Rules Deskbook,” published in partnership with the American Bankers Association in October 2014.  The CFPB Deskbook consolidates all the varied sources of regulatory guidance on every new origination rule made effective by the CFPB (and other agencies) in 2014, including the rules on ability-to-repay and qualified mortgages, points and fees, loan originator compensation, appraisals, and many others.

Mr. Reilly is Vice Chair of the TILA Subcommittee of the American Bar Association’s Committee on Consumer Financial Services.  He also is a member of the ABA’s Banking Law Committee.

Prior to joining BuckleySandler in 2010, Mr. Reilly was a Special Counsel in Sullivan & Cromwell LLP’s Litigation Group.

Before entering private law practice, Mr. Reilly was an investment banker at Credit Suisse, where he held the NASD Series 7 (General Securities Representative) license.

Education. Mr. Reilly received his J.D. from the University of Virginia in 1999 (Virginia Law Review; top 2% of class) and his A.B. from Stanford University in 1991 (Quantitative Economics and Public Policy).

Judicial Clerkships. Mr. Reilly clerked for the Honorable Dennis Jacobs of the U.S. Court of Appeals for the Second Circuit and for the Honorable Reena Raggi of the U.S. District Court for the Eastern District of New York.

Congressional Experience.  Mr. Reilly served on Capitol Hill in several House and Senate Committee staff positions, including Chief Investigator for the Democratic Staff of the U.S. House Committee on Banking and Financial Services. In that capacity, he supervised the Democratic Staff’s investigation of the “Whitewater” matter. Over a four-year period, he also served as a Professional Staff Member on that Committee, where his responsibilities included fair lending, consumer protection and Bank Secrecy Act matters.

Military Service. After completing Army R.O.T.C. at Stanford and Airborne School, Mr. Reilly served as a reserve officer in the U.S. Army Reserves for five years, assigned to the 450th Civil Affairs Battalion (Airborne).

Representative matters involving consumer financial services regulatory advice include:

  • Advice to banks and non-banks on the CFPB’s new “ability to repay / Qualified Mortgage,” loan-originator compensation and ECOA appraisal rules.
  • Representation of two top-ten banks and two large regional banks in preparing for and responding to CFPB examinations.
  • Representation of a top 10 bank in due diligence of an acquisition target’s mortgage origination and servicing operations.
  • Advice on federal preemption of state consumer credit laws to a national mortgage lender.
  • Truth in Lending Act (TILA), Equal Credit Opportunity Act (ECOA), and Home Mortgage Disclosure Act (HMDA) compliance advice to national mortgage lenders.
  • Real Estate Settlement Procedures Act (RESPA) compliance advice to numerous settlement services providers.
  • Representation of two large national banks in connection with Office of the Comptroller of the Currency (OCC) and attorney general investigations arising out of alleged “robo-signing” and other defects in the residential mortgage foreclosure process.

Representative enforcement and litigation matters include:

  • Current representation of Kazuo Okada and his companies in multi-billion dollar litigation with Steve Wynn and Wynn Resorts, Ltd. (Wynn Resorts, Ltd. v. Kazuo Okada, et al. (No. A-12-656710-B, Clarke Co. Dist. Ct. Nev.)).
  • Representation of Chapter 7 Trustee of IndyMac Bancorp in litigation with former directors (In re IndyMac Bancorp, Inc. (No. 08-21752, Bankr. C.D. Cal.)).
  • Representation of national bank’s board of directors in OCC and SEC investigations into related-party transactions, as well as follow-on litigation brought by terminated CEO against the board (Hill, et al. v. DiFlorio et al., No. 08-CV-00059-RBW (D.D.C.)).
  • Representation of the former CEO of MBIA in investigations and litigation arising from the use of “finite risk” re-insurance. This work included a successful response to an SEC Wells Notice, resulting in no enforcement action; and the dismissal of the follow-on private securities class action, which was affirmed on appeal (In re MBIA Inc. Securities Litigation, 2007 WL 473708 (S.D.N.Y. Feb. 14 2007), aff’d, 300 Fed. Appx. 33 (2d Cir. 2008)).
  • Representation of British Airways in the DOJ criminal investigation into price fixing in the provision of air cargo and passenger air services, as well as in the follow-on multidistrict class action lawsuits (In re Air Cargo Shipping Servs. Antitrust Litigation, 06-md-1775 (E.D.N.Y.) and International Air Transportation Surcharge Antitrust Litigation, 06-MDL-1793 (N.D. Cal.)).
  • Trump v. Cheng, 882 N.Y.S.2d 87 (1st Dep’t 2009). Representation of Vornado Realty Trust in successful appellate defense of $1.4 billion claims brought by Donald Trump alleging breach of Delaware-law fiduciary duties.
  • Representation of BP p.l.c. and its CEO, Lord Browne, in litigation relating to BP’s Russian joint venture interests, including (1) successful defense of $1 billion RICO complaint (Norex Petroleum Ltd. v. Access Industries, Inc., 540 F. Supp. 2d 438 (S.D.N.Y. 2007)), and (2) successful defense of action brought under the “discovery in aid of foreign proceedings” statute, 28 U.S.C. § 1782(a) (Norex Petroleum Ltd. v. BP America, Inc., 384 F. Supp. 2d 45 (D.D.C. 2005)).
  • Representation of Microsoft in antitrust action by former owner of WordPerfect. Secured dismissal, and affirmance on interlocutory appeal, of majority of claims at motion-to-dismiss stage.  (Novell, Inc. v. Microsoft Corp., 2005 WL 1398643 (Jun. 10, 2005), aff’d, 505 F.3d 302 (4th Cir. 2007)).

Publications

Knowledge & Insights

Speaking Engagements & Events