Melissa Richards is Of Counsel in the firm's San Francisco office and serves as Co-Chair of the Financial Services Regulatory Industry Group. A Certified Mortgage Banker (CMB) and California-licensed attorney, she maintains a national practice focused on 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 School of Law, J.D.

University of California, Davis, B.A., Agricultural and Managerial Economics

Significant Accomplishments

• Represents non-depository clients in regulatory examination preparation and defense for federal CFPB and California DFPI examinations.
• Defense counsel for non-depository licensing clients in administrative investigation and enforcement actions before CA DFPI, CA DRE.
• 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.
• 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.
• 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.
• Fair Lending Officer (as part of general counsel role) and outside counsel of mortgage Fair Lending compliance and risk management matters.
• 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.
• As Multifamily Developer counsel, advise on California DRE compliance, CA land use, and alternative energy projects.
• 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.
• 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.

CREDIT UNION REPRESENTATIVE MATTERS

• Charter conversion: represent California state credit union in its application to convert to federal charter under NCUA.
• 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.
• 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).
• Represent California state credit union in its application to the Federal Reserve Bank of San Francisco
• 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).

• NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI Has Opened the NMLS Portal to Receive Transition Applications

  By Melissa Richards |July 2021

• NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI Has Opened the NMLS Portal to Receive Transition Applications

  By Melissa Richards |July 2021

• NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI Has Opened the NMLS Portal to Receive Transition Applications

  By Melissa Richards |July 2021

Additional ArticlesHappy New Year! California Legislation Addresses Financial Services Industry in 2019 and Beyond

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

California Regulator Focuses on Small Balance Consumer Lenders (and Indirectly on Online Lead Generators)

The California Consumer Privacy Act of 2018 (CCPA) What it means for the Financial Services Industry

Artificial Intelligence and Fair Credit Decisioning: Federal Regulators Lean In

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

CA DFPI Issues Third Round Proposed Rules for CFL License Transition to NMLS Platform

CA DFPI One Step Closer to Finalizing CFL Commercial Loan Disclosure Regulations

California Enacts Consumer Debt Collector Licensing Administered by DFPI

Coming in 2021: CFPB Finalizes Changes to "Qualified Mortgage" Definition and Creates a New "Seasoned QM" Loan Category

Artificial Intelligence and Fair Credit Decisioning: Federal Regulators Lean In

CFPB Acting Director Considering Delay in New Qualified Mortgage Rule

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

California DFPI Publishes Notice of Proposed Rulemaking for Debt Collector Licensing

Buchalter COVID-19 Client Alert: DFPI Reminds Debt Collectors about Rental Protections for COVID-19 Rental Debt

CFPB Extends Compliance Deadline for New Qualified Mortgage Definition to October 1, 2022

CA DFPI Issues New Round of Proposed Rules for Transitioning Existing CA Financing Law Licensees to the NMLS Platform

NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI Has Opened the NMLS Portal to Receive Transition Applications

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

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

California DFPI Publishes Final Commercial Loan Disclosure Regulations

NY DFS Publishes Final Regulation Implementing Article 8, New York State's Commercial Finance Disclosure Law

CFPB and Federal Banking Agencies Propose Quality Control Standards on Automated Valuation Models Used in Underwriting Mortgage Loans

Florida Enacts Commercial Financing Disclosure Law, Mandatory Compliance Date January 1, 2024

Georgia Enacts Commercial Financing Disclosure Law, Mandatory Compliance Date January 1, 2024

Lenders Must Prep For Ga. Commercial Financing Disclosures

Melissa Richards, Speaker at California Mortgage Bankers Association

Melissa Richards, Speaker at MCPAOA Conference

Melissa Richards, Speaker at Mortgage Bankers Association

Melissa Richards, Presenter at ComplianceEase

Melissa Richards, Speaker at California MBA

Melissa Richards, Presenter at the CA State Bar Financial Institutions Committee

Melissa Richards, Panelist at Star One Credit Union 2024 Real Estate Forecast

Webinar: ComplianceEase Risk & Compliance Series

Global M&A Podcast Series - October 2019

Impact of the California Consumer Privacy Act (CCPA) in M&A Transactions

Business Law Roundtable Podcast: Introduction

Business Law Roundtable Podcast: Proposed California Department of Financial Protection and Innovation Regulations in 2021

HUD Issues Its Final RESPA Reform Rule

Starting January 1, 2026, For Commercial Financing offers of $500,000 or less, New California Senate Bill 362 Places Limitations on the Use of "Rate" and "Interest" by Creditors Communicating With Applicants, and Requires Repeated Disclosures of APR

2026 Expert Webinar Series: Consumer Finance, Mortgage, Privacy, AI & Bank Regulation

California Appoints Rohit Chopra to Lead New Business and Consumer Services Agency

From the CFPB to California: What Chopra's Appointment to Lead the New Business and Consumer Services Agency Means for Regulated Industries