Consumer Financial Protection Bureau (CFPB)

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Since the financial crisis, Bradley attorneys have assisted numerous banking and other financial services clients in “remaking” themselves to be in compliance with Dodd-Frank and the new regulations imposed by the Consumer Financial Protection Bureau (CFPB).

We represent all types of financial institutions in this type of work, including, but not limited to, institutions involved in mortgage lending, mortgage servicing, unsecured and/or Uniform Commercial Code (UCC) lending, and credit cards.

Our CFPB services for financial institutions include:

  • Interpretation and implementation of CFPB rules, including, but not limited to, the Mortgage Servicing Rules in Regulations X and Z and the TILA-RESPA Integrated Disclosure Rule
  • Performing risk assessments, audits, and reviews of account records, policies, procedures, and forms, at all levels of operation related to their compliance with applicable laws and regulations
  • Responding to regulatory inquiries
  • Providing pre-exam work, onsite exam assistance, and post-exam work, including responding to reports, MRAs, and Proposed Action and Request for Response (PARR)
  • Responding to Civil Investigative Demands (CIDs) and defending enforcement actions

Notably, our attorneys interact frequently with members of the CFPB’s Office of Supervision Examination and Office of Supervision Policy, as well as its Regulations and Enforcement departments.

Bradley attorneys have extensive knowledge of all CFPB regulations and extensive experience in advising financial services clients on all phases of their operations, including:

  • Formation of mortgage lending entities
  • Qualification
  • Licensing
  • Interpretation and compliance with CFPB rules and guidance

Since the enactment of new state and federal rules, we have worked regularly with clients to:

  • Develop disclosures, forms, and procedures that comply with the complex landscape of CFPB regulations
  • Assist clients in implementing new products with both product disclosures and system implementation to develop strategies for compliance
  • Develop and implement any necessary corrective action plans for system and disclosure errors

Bradley attorneys are familiar with the numerous regulatory changes applicable to the financial services industry and take a proactive role in advising clients on necessary changes to disclosures, operations, and products. Our clients in this area include a number of large and medium-sized lenders, mortgage servicers, and other financial institutions.

We have advised some of the nation’s largest financial institutions in response to state and federal examinations and investigations – and all aspects of CFPB examinations. In 2014–2015 alone, we assisted several large financial services clients as they prepared for and underwent examination by the CFPB.

Since the CFPB began to examine and exert authority over certain financial services entities, Bradley has been involved at all stages of the examination process and offers our clients extensive guidance and assistance in this area. This includes, but is not limited to:

  • General guidance and insight into the examination process and advising on privacy concerns, self-disclosure strategies, and related matters
  • Working with clients’ compliance and internal legal departments to respond to supervisory information requests
  • Verifying that our clients tailor their responses to the CFPB appropriately and respond to the bureau in a timely manner
  • Developing more robust compliance and “best-practice” programs, often under the guidance of pending consent orders or regulatory directives
  • Providing assistance and support during the onsite portion of a CFPB examination
  • Responding to CFPB Reports, MRAs, and PARRs

We also perform risk assessments and mock audits to prepare clients for CFPB examinations. These engagements prepare clients for each step of the CFPB examination process. In this regard, we:

  • Provide insight about responding to the CFPB’s initial document request and supplemental requests
  • Advise on how to prepare for the CFPB’s onsite employee interviews
  • Conduct interviews of company personnel
  • Review, analyze, and provide feedback on policies, procedures, training materials, etc.
  • Provide an assessment of the client’s readiness to be examined by the CFPB
  • Assist in developing solutions to concerns found during the audit

Bradley represents financial services entities in CFPB civil investigative demands (CIDs) and enforcement actions affecting all areas of operations. This work includes, but is not limited to:

  • Conducting meet-and-confer conferences with the CFPB
  • Drafting formal requests for CID modifications
  • Facilitating large-scale electronic document productions
  • Responding to CFPB interrogatories and written reports
  • Preparing company personnel for investigative hearings
  • Attending and defending company personnel in investigative hearings
  • Negotiating proposed settlements with the CFPB