Financial Services: Regulatory and Compliance

Compliance and Training

• Provide training and counseling to financial services companies regulated by the Consumer Financial Protection Bureau (CFPB).
• Provide operational analysis of lending operations, including origination, processing/underwriting, closing/post-closing, and servicing policies and procedures.
• Assisting a nationally recognized lender with large-scale licensing and compliance matters with state regulators.
• Providing compliance and regulatory due diligence for a large consumer loan portfolio acquisition.
• Create automated clearinghouse-related internal policies and procedures to comply with Regulation E.
• Establish Office of Foreign Assets Control (OFAC) compliance policies and programs and provide related training.
• Provide licensing counsel to mortgage lenders regulated by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act).

Investigations and Inquiries

• Provide state agency enforcement counsel to mortgage lenders, banks and specialty financers.
• Counseled a publicly traded financial services client regarding a CFPB investigation through to resolution. Engaged in risk assessment counseling and utilized regulatory experience to achieve the best result for the client.
• Prepare OFAC voluntary self-disclosures.
• Assist with responses to Securities and Exchange Commission inquiries regarding dealings with embargoed countries/sanctioned persons.
• Guided a payment processing company through a government investigation relating to whether merchant agreements triggered certain insurance regulations.

Cybersecurity and Data Protection

• Represent banks, insurance companies and agents impacted by phishing schemes, business email compromises, ransomware attacks and other security incidents by advising on notification obligations, coordinating remediation efforts and defending against related examinations, investigations, enforcement actions and private lawsuits.
• Advise financial services companies on federal and state data privacy and cybersecurity regulations, including revising compliance policies and procedures, drafting incident response plans, conducting tabletop exercises and training, negotiating agreements with service providers, and updating disclosures relating to risks and incidents.

Emerging Technology

• Advise emerging technology businesses on the application of federal securities laws and Bank Secrecy Act (BSA) and AML regulations with respect to blockchain applications, smart contracts, virtual currency, third-party agreements, and token creation and distribution.
• Draft AML policies for cryptocurrency fund and AML programs for MSBs engaging in blockchain applications.
• Guiding an emerging technology business seeking administrative rulings from the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on whether its blockchain applications constitute monetary transmissions that are subject to BSA and AML regulations.