Buckley Sandler 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 Sandler’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 Sandler provides ‘clear and concise advice’ to clients engaged in CFPB examinations.Legal 500
"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
Warren Traiger Quoted in SNL Article, “On 40th Anniversary, Community Reinvestment Act Faces Existential Crisis"
Warren Traiger was quoted on October 17, 2017 in an SNL article, “On 40 th Anniversary, Community Reinvestment Act Faces Existential Crisis," which discussed the CRA origins and the belief of industry experts’ that revision is needed. The article stated, “The Community Reinvestment Act, or CRA,...In The News
On September 18, the Community Home Lenders Association and the Community Mortgage Lenders of America sent a joint letter to Treasury Secretary Mnuchin urging relief for smaller independent mortgage bankers from CFPB supervision, enforcement, and vender management audits. Specifically, the trade...InfoBytes
On February 28, the FDIC issued its Second Quarter Community Reinvestment Act (CRA) Examination Schedule for the following regions: New York , Atlanta , Chicago , Kansas City , Dallas and San Francisco . The entities listed on the schedules were chosen for CRA examinations based on the FDIC’s...InfoBytes
Daniel P. Stipano Quoted in ACAMS Article, “FinCEN Must ‘Reclaim’ Examination Authority, Overhaul AML Rules: Industry Panel”
Daniel P. Stipano was quoted on February 16, 2017 in an ACAMS article by Valentina Pasquali, “FinCEN Must ‘Reclaim’ Examination Authority, Overhaul AML Rules: Industry Panel.” The article notes that FinCEN “should ’reclaim’ sole authority for examining multinational banks that present national...In The News
On January 18, GOP members of the House Financial Services Committee released “ The CFPB’s Vitiated Legal Case Against Auto-Lenders ”, an investigative report prepared by GOP members who are of the belief that the CFPB likely has and continues to violate the Administrative Procedure Act. Relying...InfoBytes
On January 13, the Department of Labor (DOL) released a second set of frequently asked questions (FAQs ) in response to comments from financial services firms and other stakeholders on its recently-released Fiduciary Rule , which redefines a fiduciary investment advisor under the Employee...InfoBytes
Buckley Sandler 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...In The News
Buckley Sandler to Expand Criminal & Civil Enforcement Practices with Addition of Thomas A. Sporkin, Chief of the Office of Market Intelligence at the SEC
WASHINGTON / NEW YORK (May 31, 2012) – Buckley Sandler LLP , a nationally recognized financial services and criminal and civil enforcement defense law firm with offices in Washington, Los Angeles and New York, announced today that Thomas A. Sporkin, Chief of the Office of Market Intelligence (OMI)...In The News
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 Releases
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
October 6, 2017
Trade Groups Lobby for Exemption of Small Independent Mortgage Lenders from CFPB Examinations
March 2, 2017
FDIC Releases Second Quarter CRA Examination Schedule
January 19, 2017
House GOP Report Claims CFPB Violated APA
January 19, 2017
DOL Releases Second Set of FAQs Addressing Comments Concerning Fiduciary Rule