Melissa Richards

Of Counsel

Practices

Industries

Financial Services Regulatory

Overview

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.

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).

Admissions

California

Licensed CA Real Estate Broker, DRE License #02231854
Certified Mortgage Banker Designation (2012), Mortgage Bankers Association
Commercial and Residential Mortgage
Real Estate Brokerage
Development and Property Management
Credit Unions
SBA Lending

Past President (2018-2020) and Director (2016-2020), Artemis Rowing, a California non-profit corporation located in the City of Oakland, offering competitive and recreational youth rowing programs for students in Grades 6-12.

Bar Admissions

Areas of Focus

Credit Union Representative Matters

Admissions

Education