Practice Expertise
- Commercial Finance
- Real Estate Finance
Areas of Practice
- Commercial Finance
- Real Estate Finance
Profile
Melissa Richards, CMB is a California licensed attorney with a national practice specializing in regulatory compliance, licensing and enterprise risk management for bank and non-depository financial services industries. Ms. Richards has over 3 decades experience representing clients on license administration, examination and enforcement matters before the California Department of Financial Protection and Innovation (California Financing Law; California Residential Mortgage Lending Act), and the California Department of Real Estate (Real Estate Law). Ms. Richards is a frequent author of compliance and legislative developments affecting the financial services industry in California.
Ms. Richards also represents clients on federal mortgage and consumer protection laws administered by the federal Consumer Financial Protection Bureau including RESPA, TILA ECOA, HMDA, SAFE Mortgage Licensing Act, FCRA and FDCPA. Ms. Richards also has general counsel experience, serving as the Chief Legal & Risk Officer of a mid-size independent mortgage company ranked as one of Scotsman Guide’s Top 15 Mortgage Lenders in 2018-2019.
Bar Admissions
- California
Education
- University of San Francisco
- University of California, Davis
Areas of Practice
- Commercial Finance
- Real Estate Finance
Professional Career
Significant Accomplishments
<ul><li>Represents non-depository clients in regulatory examination preparation and defense for federal CFPB and California DFPI examinations.</li><li>Defense counsel for non-depository licensing clients in administrative investigation and enforcement actions before CA DFPI, CA DRE.</li><li>Serves as licensing counsel on initial licensing, licensing administration and annual reporting compliance matters before multistate licensing regulatory agencies including CA DFPI, CA DRE. Collaborates with clients to prepare business plans that comport with and support licensable activities in a given state.</li><li>Recognized industry expert on California Commercial Financing Disclosure Law and developer of master disclosure forms for all classes of “covered” commercial financing programs under CA DFPI regulations.</li><li>RESPA counsel to mortgage clients, real estate developers and brokerage, settlement service providers, and other service providers on a variety of business arrangements including mortgage joint ventures and lead referral arrangements.</li><li>Fair Lending Officer (as part of general counsel role) and outside counsel of mortgage Fair Lending compliance and risk management matters.</li><li>As Fintech Company counsel, creator of BaaS customer facing agreements, terms and conditions, as well as B-to-B support agreements including Custodian and Bank Sponsor.</li><li>As Multifamily Developer counsel, advise on California DRE compliance, CA land use, and alternative energy projects.</li><li>As DRE Property Management counsel, work with internal Legal and Designate Officer personnel to prepare operating agreements, policies and procedures, and periodic reporting forms meeting DRE regulatory requirements.</li><li>As Certified Mortgage Banker Designee, support national Mortgage Bankers Association and California Mortgage Bankers Association legislative and regulatory advocacy efforts, keeping financial services clients informed on legal and regulatory developments impacting their businesses.</li></ul><p><strong>CREDIT UNION REPRESENTATIVE MATTERS</strong></p><ul><li>Charter conversion: represent California state credit union in its application to convert to federal charter under NCUA.</li><li>Credit union merger & acquisition: represent California state credit union in its acquisition of another California state credit union, involving application and Plan of Merger submissions to CA Department of Financial Protection and Innovation as well as NCUA.</li><li>Fintech related matters: represent California state credit union in forming a wholly owned subsidiary (“Program Administrator”) to offer Banking as a Service to cannabis related business operations. Prepare operating agreements for the subsidiary, such as Customer Terms of Service, Custodian Agreement. Prepare similar operating agreement for the credit union, namely Sponsor Bank Agreement and Custodian Agreement (for placement of excess deposits in third party depository institutions through a designated Custodian that is a Nevada chartered trust company).</li><li>Represent California state credit union in its application to the Federal Reserve Bank of San Francisco</li><li>Advise California state credit union and its BaaS subsidiary on FinCEN reporting cannabis related cash and financial services transactions (Money Laundering Control Act/Bank Secrecy Act compliance).</li></ul>
<ul><li>Represents non-depository clients in regulatory examination preparation and defense for federal CFPB and California DFPI examinations.</li><li>Defense counsel for non-depository licensing clients in administrative investigation and enforcement actions before CA DFPI, CA DRE.</li><li>Serves as licensing counsel on initial licensing, licensing administration and annual reporting compliance matters before multistate licensing regulatory agencies including CA DFPI, CA DRE. Collaborates with clients to prepare business plans that comport with and support licensable activities in a given state.</li><li>Recognized industry expert on California Commercial Financing Disclosure Law and developer of master disclosure forms for all classes of “covered” commercial financing programs under CA DFPI regulations.</li><li>RESPA counsel to mortgage clients, real estate developers and brokerage, settlement service providers, and other service providers on a variety of business arrangements including mortgage joint ventures and lead referral arrangements.</li><li>Fair Lending Officer (as part of general counsel role) and outside counsel of mortgage Fair Lending compliance and risk management matters.</li><li>As Fintech Company counsel, creator of BaaS customer facing agreements, terms and conditions, as well as B-to-B support agreements including Custodian and Bank Sponsor.</li><li>As Multifamily Developer counsel, advise on California DRE compliance, CA land use, and alternative energy projects.</li><li>As DRE Property Management counsel, work with internal Legal and Designate Officer personnel to prepare operating agreements, policies and procedures, and periodic reporting forms meeting DRE regulatory requirements.</li><li>As Certified Mortgage Banker Designee, support national Mortgage Bankers Association and California Mortgage Bankers Association legislative and regulatory advocacy efforts, keeping financial services clients informed on legal and regulatory developments impacting their businesses.</li></ul><p><strong>CREDIT UNION REPRESENTATIVE MATTERS</strong></p><ul><li>Charter conversion: represent California state credit union in its application to convert to federal charter under NCUA.</li><li>Credit union merger & acquisition: represent California state credit union in its acquisition of another California state credit union, involving application and Plan of Merger submissions to CA Department of Financial Protection and Innovation as well as NCUA.</li><li>Fintech related matters: represent California state credit union in forming a wholly owned subsidiary (“Program Administrator”) to offer Banking as a Service to cannabis related business operations. Prepare operating agreements for the subsidiary, such as Customer Terms of Service, Custodian Agreement. Prepare similar operating agreement for the credit union, namely Sponsor Bank Agreement and Custodian Agreement (for placement of excess deposits in third party depository institutions through a designated Custodian that is a Nevada chartered trust company).</li><li>Represent California state credit union in its application to the Federal Reserve Bank of San Francisco</li><li>Advise California state credit union and its BaaS subsidiary on FinCEN reporting cannabis related cash and financial services transactions (Money Laundering Control Act/Bank Secrecy Act compliance).</li></ul>
Articles
NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI Has Opened the NMLS Portal to Receive Transition Applications
By Melissa Richards |July 2021CA DFPI Issues New Round of Proposed Rules for Transitioning Existing CA Financing Law Licensees to the NMLS Platform
By Melissa Richards |July 2021Buchalter COVID-19 Client Alert: DFPI Reminds Debt Collectors about Rental Protections for COVID-19 Rental Debt
By Melissa Richards |April 2021
- Lenders Must Prep For Ga. Commercial Financing Disclosures
- Georgia Enacts Commercial Financing Disclosure Law, Mandatory Compliance Date January 1, 2024
- Florida Enacts Commercial Financing Disclosure Law, Mandatory Compliance Date January 1, 2024
- CFPB and Federal Banking Agencies Propose Quality Control Standards on Automated Valuation Models Used in Underwriting Mortgage Loans
- NY DFS Publishes Final Regulation Implementing Article 8, New York State’s Commercial Finance Disclosure Law
- California DFPI Publishes Final Commercial Loan Disclosure Regulations
- OCC and FDIC “Valid When Made” Rule Reaffirmed: Interest Rate Limitations, or Lack Thereof, on Loans Made By National and State Banks and Federal Savings Associations Remain When the Loan Is Sold or Assigned
- NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI has Extended the Deadline for Submitting Company (MU1) and Covered Person (MU2) Transition Applications to March 15, 2022
- NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI Has Opened the NMLS Portal to Receive Transition Applications
- CA DFPI Issues New Round of Proposed Rules for Transitioning Existing CA Financing Law Licensees to the NMLS Platform
- CFPB Extends Compliance Deadline for New Qualified Mortgage Definition to October 1, 2022
- Buchalter COVID-19 Client Alert: DFPI Reminds Debt Collectors about Rental Protections for COVID-19 Rental Debt
- California DFPI Publishes Notice of Proposed Rulemaking for Debt Collector Licensing
- Revising the New General QM Final Rule and Seasoned QM Final Rule: CFPB Expected to Postpone the Mandatory Compliance Date for the New General QM Final Rule and New Seasoned QM Final Rule and Temporarily Keep the GSE QM Loan Definition in Place, and Will Consider Revising the Seasoned QM Rule and Other Portions of the New QM Final Rule
- CFPB Acting Director Considering Delay in New Qualified Mortgage Rule
- Artificial Intelligence and Fair Credit Decisioning: Federal Regulators Lean In
- Coming in 2021: CFPB Finalizes Changes to “Qualified Mortgage” Definition and Creates a New “Seasoned QM” Loan Category
- California Enacts Consumer Debt Collector Licensing Administered by DFPI
- CA DFPI One Step Closer to Finalizing CFL Commercial Loan Disclosure Regulations
- CA DFPI Issues Third Round Proposed Rules for CFL License Transition to NMLS Platform
- Newly Enacted California Consumer Financial Protection Law (AB 1864) Reorganizes and Renames Financial Institutions Regulator for Expanded Oversight of Certain Consumer Financial Services Innovation Sector
- Artificial Intelligence and Fair Credit Decisioning: Federal Regulators Lean In
- The California Consumer Privacy Act of 2018 (CCPA) What it means for the Financial Services Industry
- California Regulator Focuses on Small Balance Consumer Lenders (and Indirectly on Online Lead Generators)
- Summary of California Laws Enacted in 2018 Impacting the State’s Financial Services Industry: What to Look Forward to (and Prepare for) in California in 2019
- Happy New Year! California Legislation Addresses Financial Services Industry in 2019 and Beyond
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