Subject to Inquiry

Subject to Inquiry

THE LATEST ON GOVERNMENT INQUIRIES AND ENFORCEMENT ACTIONS

Government Investigations and White Collar Litigation Group

Eric Mills

Photo of Eric Mills 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.

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2021 Brought SEC Focus on Crypto Exchanges and Lending Platforms

By Eric Mills, Molly White and E. Andrew Southerling on Financial Institution Regulation, Securities and Commodities
This past year, the U.S. Securities and Exchange Commission followed through on its commitment to aggressively enforce securities laws in digital assets markets. As a result, it sharpened its focus on cryptocurrency exchanges and lending products. Read on for an overview and analysis of SEC activity in cryptocurrency and what to expect in 2022. About… Continue Reading

Cybersecurity and Infrastructure Security Agency Issues Initial Guidance on Essential Workers, Sectors

By Eric Mills, D. Bowen Heath and Brian D. Barger on Energy Enforcement, Enforcement and Prosecution Policy and Trends
As many industries transition to alternate working arrangements in response to COVID-19, certain sectors and functions essential to the nation’s public health, safety and community well-being must continue to operate. The Cybersecurity and Infrastructure Security Agency (CISA) of the Department of Homeland Security recently released an initial list of “Essential Critical Infrastructure Workers” to help… Continue Reading

CFPB’s Cordray Issues Warning to Vendors

By Eric Mills and Government Investigations Group on Financial Institution Regulation
Consumer 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

Consumer Financial Protection Bureau Takes Action Against Payment Processing Company and Mortgage Servicer

By Eric Mills and Jodie Herrmann Lawson on Financial Institution Regulation
The 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

SEC Charges Group of Unregistered Broker-Dealers Trading in Corporate Bond Market

By Eric Mills on Securities and Commodities
Last 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

CFPB Releases Study on Use of Arbitration Clauses in Consumer Contracts

By Eric Mills and Government Investigations Group on Financial Institution Regulation
Last 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

CFPB Reaches Settlement Agreement with Debt Relief Company and Law Firm

By Eric Mills on Financial Institution Regulation
Last 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

DOJ Wields Financial Institutions Reform, Recovery, and Enforcement Act Against Financial Institutions

By Eric Mills on Enforcement and Prosecution Policy and Trends
In 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

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