Joseph J. Reilly Senior Counsel

Joe Reilly, principal author of the leading treatise on CFPB mortgage origination rules, advises clients on mortgage and other consumer-finance matters in both the regulatory and enforcement contexts.

Joe’s work includes frequent counseling on the entire panoply of CFPB rules, TILA, RESPA, UDAAP, ECOA, fair lending and servicing, licensing, mortgage-insurance issues, disclosures, contract terms, fee authorization, and preemption.  Joe advises in contexts such as product- and new systems-development, exams and acquisition due diligence, and also defends clients under investigation or subject to enforcement actions by the CFPB and other federal and state agencies.

Joe’s CFPB treatise, “The CFPB Mortgage Origination Rules Deskbook,” is published by the American Bankers Association (although equally applicable to non-bank lenders), and has become the ABA’s most popular publication of all time.  The 624-page volume is the authoritative book on the mortgage origination regulations issued under the Dodd-Frank Act, including those on QMs, Points & Fees, and LO Compensation.  The ABA published Joe’s 2d edition, with an added chapter on the new HMDA rule, in June 2017.

In counseling clients, Joe draws in part on his extensive general litigation and enforcement background, including successful arguments before the New York and DC federal courts.  That experience informs his consumer-financial advice on key issues such as how a court could view a dispute, how to minimize litigation risk, and how to protect privileges.  His prior work includes private civil matters (individual and class actions) in such diverse fields as D&O fiduciary duties, securities, antitrust, and breach of contract; and defense of criminal and civil enforcement actions brought by federal, state and non-U.S. regulators.

Joe has been quoted in a number of articles on recent developments regarding the CFPB and other regulatory agencies.

Joe also serves as Vice Chair of the Truth-in-Lending Subcommittee of the American Bar Association.  Before entering private practice, Joe clerked for Dennis Jacobs on the U.S. Court of Appeals for the Second Circuit and for Reena Raggi in the E.D.N.Y., and was an investment banker at Credit Suisse. 

U.S. Congress.  Prior to law school, Joe served as Chief Investigator for the House Financial Services Committee’s Democratic Staff, supervising the Staff’s investigation of the “Whitewater” matter.  In a four-year House and Senate career, Joe also oversaw fair lending, consumer-finance protection and Bank Secrecy Act matters.

Military Service.  After completing Stanford ROTC and Airborne School, Joe served for five years as an Army Reserve Officer in the 450th Civil Affairs Battalion (Airborne).

Experience

Representation of a major non-bank mortgage servicer in responding to a CFPB investigation and Notice and Opportunity to Respond and Advise to serious allegations regarding data integrity, purported UDAAPs, and illegal debt collection actions.

Fair lending advice under ECOA and the Fair Housing Act to a wide range of bank and non-bank institutions.

Representation of two top 10 banks and numerous other institutions in preparing for and responding to CFPB examinations, including preparation of written responses to CFPB questions.

Advice to numerous banks and non-banks on the CFPB’s loan-originator compensation, QM and other key mortgage rules.

Advice to a top 5 bank and many other servicers on preparing to implement the CFPB’s mortgage servicing rules.

Representation of a top 10 bank and numerous other clients in acquisition due diligence of consumer-finance businesses.

Advice to top 5 national banks on federal preemption of state consumer-finance laws.

RESPA compliance advice to numerous settlement services providers.

Representation of two large national banks in connection with Office of the Comptroller of the Currency and state attorney general investigations into alleged “robo-signing” and other defects in the foreclosure process.

  • University of Virginia School of Law, JD, Order of the Coif, Editor, Virginia Law Review, 1999
  • Stanford University, AB, 1991
Co-Vice Chair, Truth-in-Lending Subcommittee, Am. Bar Ass’n Consumer Financial Services Committee, 2015-present
  • District of Columbia
  • New York
  • U.S. Court of Appeals for the 2nd Circuit
  • U.S. Court of Appeals for the District of Columbia Circuit
  • U.S. District Court for the District of Columbia
  • U.S. District Court for the Eastern District of New York
  • U.S. District Court for the Southern District of New York
  • U.S. Supreme Court
  • Speaker, "TRID - The View from Non-Lenders," American Bar Association Consumer Financial Services Law Committee Meeting, January 11, 2016
  • Speaker, "Is Your Bank Prepared to Implement the TILA/RESPA Integration Rule?," American Bankers Association’s Real Estate Lending Conference, April 9, 2015
  • Speaker, "New CFPB Mortgage Origination Rules," American Bankers Association Briefing Webinar Series, Parts 1-5, February 26–June 25, 2015
  • Speaker, "CFPB Rulemaking Update," Firm Webinar, February 3, 2015
  • Speaker, "Discussing ‘The New CFPB Mortgage Origination Rules Deskbook'," Firm Webinar, October 28, 2014
  • Speaker, "Where Are We Now? Mortgage Disclosures and Other Regulatory Compliance Hot Topics," South Florida Compliance Association Seminar, October 7, 2014
  • Speaker, "Mortgage Origination & Servicing in Focus," Firm CFPB Today Conference, October 6, 2014
  • Speaker, "Mortgage Origination Challenges for Industry," American Bar Association’s Business Law Section Annual Meeting, September 11, 2014
  • Moderator, "The New TRID Rule," American Bar Association’s Consumer Financial Services Committee Meeting, January 11, 2014
  • Speaker, "Last-Minute QM Doublecheck," Inside Mortgage Finance Webinar, December 12, 2013
  • Speaker, "The CFPB’s Mortgage Rules, HUD’s Disparate Impact Rule, and More," American Bar Association Annual Meeting, August 10, 2013
  • Speaker, "The Pros and Cons of Your ‘Plan B’ Options," RESPRO Webinar, July 10, 2013
  • Speaker, "The New Loan Servicing Standards," October Research Webinar, March 21, 2013
  • Speaker, "New Mortgage Environment: CFPB’s New Rules," Firm Webinar, February 13, 2013
  • Speaker, "The Ability-to-Repay/Qualified Mortgage Rule: The Saga Continues," American Bar Association Consumer Financial Services Committee Winter Meeting, January 6, 2013
  • Speaker, "Re-Regulating the Mortgage Market: Making Sense of Over 2,000 Pages of CFPB Rule Proposals," Risk Management Association’s Annual Risk Management Conference, October 29, 2012
  • Speaker, "Mortgage Servicing Update: Understanding and Complying with the New and Evolving Rules and Regulations in Light of Recent OCC and CFPB Activity," Firm Webinar, November 9, 2011
  • Speaker, "The Regulatory Response to the Foreclosure Crisis: What Bank Servicers Need to Do to Meet the OCC’s September 30 Deadline," Firm Webinar, July 13, 2011
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