Eric represents and counsels companies and individuals facing investigations by federal, state, and regulatory authorities. He conducts sensitive internal investigations and represents clients during investigations by the Department of Justice, SEC, and OCC.
By Eric Mills and Government Investigations Group on Financial Institution RegulationConsumer Financial Protection Bureau (CFPB) Director Richard Cordray recently issued a warning to mortgage technology vendors for a lack of compliance with the CFPB’s TILA-RESPA Integrated Disclosure (TRID) Rule. Addressing the Mortgage Bankers Association’s Annual Convention and Expo, Cordray said he was “disturbed” by vendors’ lack of effort to implement the rule, despite having had… Continue Reading
By Eric Mills and Jodie Herrmann Lawson on Financial Institution RegulationThe Consumer Financial Protection Bureau (CFBP) recently took action against a payment processing company, Paymap Inc. (Paymap), and mortgage servicing company, LoanCare, LLC (LoanCare), for deceptive conduct in connection with a mortgage payment program. Paymap partnered with more than thirty mortgage servicers, including LoanCare, to offer customers an accelerated payment program, allowing customers to make… Continue Reading
By Eric Mills on Securities and CommoditiesLast week, the Securities and Exchange Commission (SEC) charged more than 20 individuals and companies with violations of the Securities Exchange Act of 1934 (the Exchange Act) related to the buying and selling of investment-grade corporate bonds. The SEC charged the respondents with trading in corporate bonds without first registering as broker-dealers. Two respondents, Global… Continue Reading
By Eric Mills and Government Investigations Group on Financial Institution RegulationLast week, the Consumer Financial Protection Bureau (CFPB) released its 728-page report on the use of arbitration clauses in consumer financial products and services contracts. The findings in the report come from a three-year study, which CFPB Director Richard Cordray called “the most comprehensive empirical study of consumer financial arbitration ever conducted.” In addition to… Continue Reading
By Eric Mills on Financial Institution RegulationLast Thursday, December 4, 2014, the Consumer Financial Protection Bureau (CFPB) reached a settlement agreement with Premier Consulting Group LLC and the Law Office of Michael Lupoloverrequiring the defendants to pay a fine of roughly $69,000 for allegedly charging consumers illegal upfront fees for debt relief services. The Telemarketing Sales Rule prohibits companies from collecting fees… Continue Reading
By Eric Mills on Enforcement and Prosecution Policy and TrendsIn 2012 and 2013, the Department of Justice brought a slew of actions against several financial institutions under a rarely used and little-known statute from the late 1980s for conduct related to the mortgage crisis. Outcomes in these cases in recent months show the statute’s potency and likely indicate that the government will continue to… Continue Reading