Since the financial crisis, Bradley attorneys have assisted lenders, servicers, and other financial services clients in “remaking” themselves to comply with industry regulations that emerged after the formation of the Consumer Financial Protection Bureau and passage of the Dodd-Frank Act. Our Financial Services Litigation and Compliance Practice Group conducts risk assessments and bolsters compliance by reviewing account records, policies, procedures, forms, and all levels of financial services operations.
In the last several years of heightened regulation and regulatory oversight, Bradley has also acted in an advisory capacity, assisting clients in responding to regulatory inquiries as well as in developing more robust compliance and “best-practice” programs, often under the guidance of pending consent orders or regulatory directives.
Our legal services also extend to origination and servicing, as well as action plans related to Office of the Comptroller of the Currency and the Federal Reserve System.
On a day-to-day basis, we help clients to ensure compliance with regulations, including:
We also assist clients in establishing programs to comply with:
In light of the CFPB’s heighted focus on detecting discriminatory practices, including Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)/Unfair or Deceptive Acts or Practices (UDAP), we regularly work with clients to establish or enhance fair lending and fair servicing programs to meet business objectives, while maintaining compliance with the Fair Housing Act (FHA), ECOA, HMDA, and predatory lending laws.
In the secondary market, we assess current loan origination programs and servicing operations for compliance with investor guidelines, including Fannie Mae and Freddie Mac, as well as the FHA, Veterans Affairs (VA), and U.S. Department of Agriculture (USDA) regulations. We assist GNMA issuers, servicers, and document custodians in meeting the requirements of the Ginnie Mae Guide.
Bradley handles licensing for a variety of credit products, such as home, consumer, commercial, and automobile loans. Our clients include large and small financial institutions, ranging from mortgage lenders, brokers, and servicers to secondary market investors; state and federally-chartered banks; real estate brokers; and consumer finance companies.
We closely monitor federal and state laws and regulations, including the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), Truth in Lending Act (TILA), FDCPA, and Regulations G and H of the Consumer Financial Protection Bureau (CFPB). For licensing-related projects, we assist with:
Large and medium-sized lenders, mortgage servicers, and financial institutions rely on Bradley to provide legal support in reviewing, revising, and creating policies and procedure frameworks to ensure that their servicing and bankruptcy-related operations comply with federal and state regulations such as the Dodd-Frank Act. We do substantial work with regard to the Mortgage Rules of the CFPB, including:
Since 2010, Bradley has assisted servicing and lending clients with performing comprehensive internal risk assessments that are now required by their primary regulators (Office of the Comptroller and the Federal Reserve Bank). These activities include developing appropriate action plans to improve practices within the companies’ respective servicing platforms. The firm’s role has been essential, given that these reviews became the subject of consent orders from the regulatory bodies, which demanded that clients develop and implement action plans that address issues from the evaluations.
To this end, we assist clients in self-evaluations and in addressing any shortcomings that are identified. These efforts include:
The firm has broad experience with assisting with the chartering and formation of new banks, including de novo banks. We guide clients through all stages of this process, from formation to establishing an organizational structure. In addition, with respect to de novo charters, our attorneys:
Bradley works closely with managers and board directors to navigate the climate of increased liability exposure and assists in the development of robust compliance management systems. Our services extend to:
We have considerable experience with M&A transactions, especially with regard to: