Colgate Selden

PARTNER

(202) 936-6691

cselden@seldenlindeke.com

Colgate Selden is a prominent figure in consumer and residential mortgage finance regulation, boasting over 20 years of regulatory legal experience spanning government roles and private practice. As a founding member of the Consumer Financial Protection Bureau (CFPB), he played a pivotal role in crafting major Dodd-Frank Act Title XIV rules. His expertise extends to advising clients on a myriad of matters, including entity formation, licensing, compliance, and risk management. Selden is well-versed in an array of laws and regulations governing the industry, and his clientele includes a diverse range of entities involved in consumer and real estate finance. He has been sought after for his insights by industry associations and media outlets, demonstrating his deep market knowledge and expertise. Read more about Colgate below.

BIO

Colgate Selden is a nationally recognized thought leader on consumer and residential mortgage finance regulatory matters. He has over 20 years of regulatory legal experience in government and as in house and outside counsel. As a founding member of the Consumer Financial Protection Bureau (“CFPB”), he was a senior counsel in the Office of Regulations where he worked on many of the major Dodd Frank Act Title XIV rules. Colgate was also the head of regulatory legal, compliance, and risk for a Promontory company offering proprietary technology and fulfilment services where he reported to the founder and CEO, a former Comptroller of the Currency. Clients often seek his guidance on new business models, services and products, joint ventures, potential investments, marketing, examination response, enforcement matters, and litigation strategy.

He regularly advises clients on entity formation, licensing, new loan programs, affiliated businesses, policies and procedures, technology development, due diligence, advertising, outsourcing arrangements, lead generation, Fannie Mae, Freddie Mac and federal agency loan programs, and banking and lending regulatory requirements. His clients are involved in all aspects of loan brokering, lending, settlement and closing, servicing, and secondary market activities. Colgate also has experience handling numerous litigation, enforcement, intellectual property, tax, employment and labor, trust and estates, corporate formation, and M&A and securities matters for clients.

He is well versed in the Truth in Lending Act (“TILA”), Real Estate Settlement Procedures Act (“RESPA”), Secure and Fair Enforcement for Mortgage Licensing Act (“SAFE Act”), Fair Debt Collection Practices Act (“FDCPA”), Unfair, Deceptive or Abusive Acts or Practices (“UDAAP”), Home Ownership and Equity Protection Act (“HOEPA”), Home Mortgage Disclosure Act (“HMDA”), Equal Credit Opportunity Act (“ECOA”), Fair Housing Act, Fair Credit Reporting Act (“FCRA”), Fair and Accurate Credit Transactions Act (“FACTA”), Gramm-Leach-Bliley Act (“GLBA”), anti-money laundering (“AML”), Bank Secrecy Act (“BSA”), Electronic Signatures in Global and National Commerce Act (“ESIGN”), the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), the Bank Holding Company Act (“BHCA”), and federal preemption and related state laws.

His clients include non-bank lenders, banks, credit unions, investors, FinTechs, financial services companies, settlement service providers, home builders, insurance companies, appraisal management companies, lead generators, and outsource service providers as well as all types of private and quasi-agency participants and ancillary service providers in the consumer and real estate finance markets process ranging from initial marketing and advertising through final loan or financing pay off, write-off, or foreclosure and REO disposition.

In addition to his private practice experience, Colgate served as a managing director and head of regulatory legal, compliance, and risk for Promontory Mortgagepath LLC. At Promontory, he was part of senior leadership and led all regulatory legal, compliance, quality control, and risk matters. In this role he was the lead regulatory counsel for all enterprise proprietary technology products and mortgage operations, head of privacy, head of compliance including quality control and examination response, and the chief risk officer. He also was a founder and served as senior counsel to the Consumer Financial Protection Bureau (“CFPB”) and as an attorney-adviser for the U.S Department of the Treasury on the CFPB Implementation Team. While at the CFPB, he was a member of the Loan Originator Compensation (“LO Comp”), TILA RESPA Integrated Disclosure (“TRID”), Ability to Repay and Qualified Mortgage (“ATR-QM”), Home Equity Line of Credit (“HELOC”), Regulation P (the CFPB’s GLBA Rule), Debt Collection, and Alternative Mortgage Transaction Parity Act (“AMTPA”) rulemaking teams. He also served as the CFPB Office of Regulations team lead for TILA mortgage, Regulation P, and FDCPA regulatory inquiries from industry, Congress, and consumer groups. He additionally was a senior adviser for RESPA section 8 policy.

Colgate is frequently called upon by industry associations and national trade and industry media outlets for his deep market insight and knowledge, including American Banker, the American Bankers Association, Bloomberg BNA, Inside Mortgage Finance, the Mortgage Bankers Association, Compliance Week, The M Report, DSNews, The Wall Street Journal, Bank Director, The New York Times, Law360, Thomson Reuters, and Daily Mortgage News & Commentary. During law school, Colgate served as an editor for the Vermont Journal of Environmental Law.

EXPERIENCE

Advised numerous depositories, lenders and FinTechs on federal GLBA, state and EU GDPR data safeguards and privacy laws and regulations.
Assisted lenders and servicers with submitting comment letters in response to rules and regulations proposed by the CFPB, the Treasury’s CDFI Fund and state regulators.
Assisted clients in responding to CFPB CIDs involving fair lending, mortgage lending, servicing and debt collection matters.
Conducted a regulatory review of a new blockchain technology that creates numerous transactional efficiencies and higher quality data, audit and reporting trails among various participants in the loan life cycle.
Advised FinTechs on compliance and fair lending reviews and monitoring programs for proprietary point of sale platform, machine learning, and predictive origination outcome tools.
Counseled numerous investors, RMBS issuers, and third-party review firms on assignee liability and event condition rating issues.
Assisted clients with strategic considerations and legal interpretations for enterprise-wide litigation matters.
Advised numerous clients on federal and state regulatory and fair lending issues related to new proprietary mortgage and consumer closed- and open- end loan programs.
Assisted clients with responses to examination findings by the CFPB and federal prudential and state regulators.
Advised banks, credit unions, lenders, real estate brokers, builders, lead generators and nonprofits on affiliated business, joint venture, internal referral, marketing and advertising services arrangements involving possible RESPA section 8, state licensing and loan originator compensation issues.
Participated as regulatory counsel on numerous whole loan, securitization and MSR transactions ranging from several hundred million to billions of dollars in value.
Reviewed lead generation, advertising and marketing websites and materials for numerous clients for UDAP/UDAAP, TILA, RESPA, ECOA, Regulation N, and state licensing issues.
Advised numerous banks, lenders and private equity investors with regulatory due diligence, structuring, applicable regulations and licensing considerations for acquisitions and mergers involving lenders, servicers and branches as well as on coordination of IP, trademark, employment, contract, compensation, and securities law issues.
Assisted numerous clients, ranging from smaller nondepositories to several of the top 5 U.S. banks by assets, and international banks with implementing Dodd-Frank Act loan origination and servicing regulations.
Advised a client on its proposed investment in a small dollar finance and money transmitter fintech that would provide financial services between recent immigrants and their families in Central and South America.
Facilitated and advised on HUD OIG and DOJ False Claims Act litigation strategies involving alleged FHA program loan violations.
Advised clients on Bank Holding Company Act, Regulation Y, Regulation W, FCRA, Regulation Z, RESPA section 8 and related affiliate issues involving indirect and direct ownership arrangements by executives and other entities.
Assisted with establishing compliance management systems for numerous bank, lender and FinTech clients.
Conducted federal and state loan package disclosure reviews for numerous clients across the lending spectrum.
Reviewed and coordinated fair lending analyses and fair lending controls testing by consultants prior to merger reviews by the FDIC.

ENGAGEMENTS & PUBLICATIONS

Applied Compliance Track: Loan Originator Compensation/Employment, Mortgage Bankers Association Compliance and Risk Management Conference, Washington, D.C., Sept. 23, 2024.
Right Sizing Your Compliance Management System (CMS) for Volume Today, Mortgage Bankers Association Legal Issues and Regulatory Compliance, San Diego, CA, May 8, 2024.
Strategies for Addressing Emerging Risk, Online Lenders Alliance Compliance University, Washington, D.C., July 19, 2023.
Emerging Mortgage Origination Risks, American Bankers Association Risk & Compliance Conference, San Antonio, TX, June 14, 2023.
Applied Compliance Track: TRID, Mortgage Bankers Association Legal Issues & Regulatory Compliance Conference, Austin, TX, May 8, 2023.
Navigating Challenges in the Current Mortgage Market, American Mortgage Conference, Isle of Palms, SC, May 2, 2023.
CFPB Issues Opinion on Mortgage Comparison-Shopping Sites, Inside Mortgage Finance, Feb. 27, 2003.
Welcome to Internet and Mobile Marketing: HUD’s 1996 RESPA CLO Policy Statement Finally Refreshed, Client Alert, Feb. 17, 2023.
CFPB Looks to Expand Its Oversight of Nonbanks through Two Controversial New Registries, Client Alert, Feb. 8, 2023.
UWM Gave Brokers Big Discounts to Play with. It Could be Risky, HousingWire, Jan. 24, 2023.
RESPA Section 8(a) Compliance, California MBA Legal Issues and Regulatory Compliance Conference, Dec. 13, 2022.
Closing Super Session, MBA Legal Issues and Regulatory Compliance Conference 2022, Miami, FL (May 2022).
Drivers of Innovation: Purchase Market Challenges, MBA Legal Issues and Regulatory Compliance Conference 2022, Miami, FL (May 2022).
Fintech Partnerships: Managing the Inherent Risk When Implementing Digital Solutions, American Mortgage Conference, Pinehurst, N.C. (April 2022).
To QM or Not to QM?, American Mortgage Conference, Pinehurst, N.C. (April 2022).
CMCP Track: UDAP, UDAAP & the MAP Rule Compliance Basics, MBA’s Regulatory Compliance Conference 2021, Washington, DC (Sept. 2021).
Making Home the Office: Shifting to a Remote Mortgage Workforce, MortgageOrb, Jun. 21, 2021.
CMCP Track: UDAP, UDAAP & the MAP Rule Compliance Basics, MBA’s Regulatory Compliance Conference 2019, Washington, DC (Sept. 2019).
Changes to the Qualified Mortgage Rule are Coming; be Prepared, National Mortgage News, Sept. 15, 2020.
Qualified Opportunity?, ABA Banking Journal, Aug. 8, 2019.
How to Transition to a Digital Mortgage Platform Compliantly, American Bankers Association Webinar (June 2019).
Navigating the Digital Mortgage Frontier Compliantly and Profitably, American Bankers Association Regulatory Compliance Conference, New Orleans, LA (June 2019).
Thinking about Joining the Non-QM Queue? Here are Some Compliance Considerations to Keep in Mind, Mortgage Compliance Magazine, May 2019.
TRID Compliance Basics: Certified Mortgage Compliance Professionals Track, MBA Legal Issues and Regulatory Compliance Conference 2019, New Orleans, LA (May 2019).
There’s a New Sheriff at the CFPB, 2019 ComplianceEase Risk & Compliance Summit (Mar. 2019).
Outsourcing Originations: Pros and Cons, 2019 ComplianceEase Risk & Compliance Summit (Mar. 2019).
Digital Lending: Risks and Opportunities, American Bankers Association National Conference for Community Bankers, San Diego, CA (Feb. 2019).
ABA Endorsed Mortgage Solutions from a Partner You Can Bank On, American Bankers Association Webinar (Jan. 2019).
The Evolving Role of Chief Compliance Officers in Selecting Technology and Vendors, HousingWire, Dec. 12, 2018.
Compliance Challenges of Alternative Communications Channels, MBA’s Regulatory Compliance Conference 2018, Washington, DC (Sept. 2018).
RESPA Roundtable, MBA Legal Issues and Regulatory Compliance Conference 2018, Los Angeles, CA (May 2018).
Sound and Fury – Recent Developments within the CFPB, University of North Carolina Banking Institute, Charlotte, N.C. (Mar. 2018).
CFPB Finalizes TRID Rule Clarifications, The Banking Law Journal, Vol. 134 No. 9, Oct. 2017.
Compliance Essentials/CMCP: Overview of Consumer Protection Compliance – The Dodd-Frank Rules, MBA’s 2017. Regulatory Compliance Conference, Washington, DC (Sept. 2017).
Compliance Essentials: Overview of Consumer Protection Compliance – The Dodd-Frank Rules, MBA’s 2017 Legal Issues and Regulatory Compliance Conference, Miami, FL (May 2017).
Consumer Finance Regulatory Compliance Symposium – TRID Rule and the Capital Markets, Alston & Bird LLP Symposium, New York, NY (Apr. 2017).
Undoing Dodd-Frank: The Impact on the Mortgage Industry, Inside Mortgage Finance Webinar (Mar. 2017).
Developments in Loan Officer Compensation and the Fair Labor Standards Act, MBA’s 2016 Regulatory Compliance Conference, Washington, DC (Sept. 2016).
Financial Services & Products Advisory: Consumer Financial Protection Bureau Looks to Prohibit Mandatory Arbitration (May 2016).
Essentials: LO Comp, Ability to Repay & HOEPA Rules, MBA’s 2016 Legal Issues and Regulatory Compliance Conference, Denver, CO (May 2016).
Compliance, Including TRID and CFPB, 13th Annual Eastern Secondary Market Conference, Orlando, FL (Feb. 2016).
Financial Services & Products Advisory: FinTech Lending Update: Credit Score Alternatives Are the Future? (Feb. 2016).
Mortgage Finance: TRID, Annual Consumer Financial Services Conference, Loyola University Chicago School of Law, Chicago, IL (Nov. 2015).
Residential Mortgage Challenges, ACI’s Consumer Lending Regulatory Compliance Conference, New York, NY (Oct. 2015).
Essentials 1: Dodd-Frank Rules 1, MBA’s 2015 Regulatory Compliance Conference, Washington, DC (Sept. 2015).
Financial Services & Products Advisory: CFPB TILA-RESPA Integrated Disclosure Enforcement News and Disclosure Requirements for Servicers (June 2015).
TILA-RESPA Integrated Disclosure (TRID) Rule Series, Compliance EdgeTM Webinar, Doc Magic (May 2015).
Loan Officer Compensation – Fair Labor Standards and LO Comp Rules, MBA’s 2015 Legal Issues and Regulatory Compliance Conference, Chicago, IL (May 2015).
The Essentials of QM and LO Comp, MBA’s 2015 Legal Issues and Regulatory Compliance Conference, Chicago, IL (May 2015).
Truth in Lending – The TILA-RESPA Integrated Disclosure Rule, American Bar Association Business Law Section Spring Meeting, San Francisco, CA (Apr. 2015).
CFPB Dodd-Frank Rules: Recurring Issues & Future Developments, 12th Annual Eastern Secondary Market Conference, Orlando, FL (Feb. 2015).
Defusing Fair Lending Risk and the HMDA Data Expansion, Inside Mortgage Finance Webinar (Dec. 2014).
Fair Lending and Recent Consumer Financial Protection Bureau Rules, Alston & Bird LLP Webinar (Dec. 2014).
Financial Services & Products Advisory: CFPB’s Proposed Changes to the Mortgage Servicing Rules: The Devil Is in the Details (Dec. 2014).
Financial Products & Services Advisory: HOA Liens Are First in Line (Dec. 2014).
Navigating the Consumer Financial Protection Bureau’s UDAAP Powers, Alston & Bird LLP Webinar (Nov. 2014).
Know Before You Owe Webinar Series, Accenture Mortgage Cadence Webinar (Oct. 2014).
Essentials: Dodd Frank Rules 1, MBA’s 2014 Regulatory Compliance Conference, Washington, DC (Sept. 2014).
CFPB: Past, Present and Future, Community Bank Technology and Compliance Seminar, Tampa, FL (Sept. 2014).
Essentials: Loan Origination Compensation Rule and New Appraisal Rule and Other Hot Topics, MBA’s 2014 Legal Issues and Regulatory Compliance Conference, San Diego, CA (May 2014).
The Brave New World of Compliance with the New Ability-to-Repay/Qualified Mortgage Rules and Preparing for a CFPB Examination or Investigation, Alston & Bird LLP Webinar (Apr. 2014).
Bringing Clarity to Your Borrower Responsibilities for GFE Delivery under RESPA and REG X, Wolters Kluwers Financial Services Webinar (Mar. 2014).
Take the Long View on Compensation Changes, Scotsman Guide (Feb. 2014).
Legal Essentials for Homeownership: CFPB Rules, Part 1, National Council of State Housing Agencies 2014 HFA Institute, Washington, DC (Jan. 2014).
CFPB Finalizes Additional Amendments to the Ability-to-Repay/Qualified Mortgage Rule and the GSEs Issue Industry Letters, Consumer Finance Law Quarterly Report, Vol. 67 Nos. 1 and 2 (Jan. 2014).
Loan Originator Compensation Rule, Consumer Finance Law Quarterly Report, Vol. 67 Nos. 3 and 4, Fall-Winter 2013.
Checklist for the CFPB Escrow Rule, Consumer Finance Law Quarterly Report, Vol. 67 Nos. 3 and 4, Fall-Winter 2013.
At Long Last…New Mortgage Loan Disclosures Issued: TILA and RESPA Engaged! Wedding Set for August 2015,” Consumer Finance Law Quarterly Report, Vol. 67 Nos. 3 and 4, Fall-Winter 2013.
September and October 2013 Modifications to the CFPB Mortgage-Related Rules, Consumer Finance Law Quarterly Report, Vol. 67 Nos. 3 and 4, Fall-Winter 2013.
Who the Regulators Are and How to Best Work with Them, Mortgage Bankers Association’s 2013 Regulatory Compliance Conference, Washington, DC (Sept. 2013).
Dodd-Frank Consumer Protections: What To Know Now, Womble Carlyle Client Webinar, Washington, DC (July 2010).
Preparing For the New RESPA Rules in 2010, Lenders One Summer Conference, Washington, DC (Aug. 2009).
Complying with RESPA Reform, National Assoc. of Federal Credit Unions Webcast, Arlington, VA (Mar. 2009).
RESPA Compliance, Maryland Assoc. of Mortgage Brokers Continuing Education Forum, Greenbelt, MD (Oct. 2008).
Federal Preemption Under the ESIGN Act, 9 Electronic Banking L. & Com. Rep. 6 (Feb. 2005).
The Executive Protection: Freezing the Financial Assets of Alleged Terrorists, the Constitution, and Foreign Participation in U.S. Financial Markets, 8 Fordham J. Corp. & Fin. L. 491 (2003).

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PROFESSIONAL ACTIVITIES

‍In 2023, Colgate was elected to the Governing Committee of the Conference on Consumer Finance Law (“CCFL”), a nonprofit organization founded in 1926 by members of the legal profession and the financial services industry to offer educational services, publications, and research relating to consumer financial services law. The Governing Committee establishes policies and directs the activities of the CCFL.

CREDENTIALS

EDUCATION
‍Georgetown University Law Center, LLM
Ferrum College, BS
Vermont Law School, JD, with honors

‍Memberships
‍Conference on Consumer Finance Law

‍Admissions
‍District of Columbia
Maryland

Colgate Selden

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