Michael Flynn is Co-Chair of Buchalter’s Financial Services Regulatory Group, and its Consumer Financial Services and Mortgage Regulatory Industry Group. Mr. Flynn applies his unique background as the former Acting General Counsel of HUD, and the former General Counsel of PNC Mortgage and Flagstar Bank, to counsel clients on a variety of regulatory, mortgage, consumer financial services, FinTech and real estate matters, including:

• Mortgage and consumer financial services regulatory – advising clients on federal and state legal requirements for originations and servicing, including licensing, TILA, RESPA, ECOA, HMDA, FCRA, TCPA, SCRA, MLA, and LO Comp, and state laws such as the California Financing Law, the California Homeowners Bill of Rights and the New York Financial Services Law.
• Bank Regulatory, both state and federal.
• Mortgage secondary market transactions – whole loan sales (bulk and flow) and Mortgage Servicing Rights sales, as well as broker and correspondent lender agreements.
• Mortgage and consumer financial services contracts, including marketing services, with service providers and vendors for originators and servicers.
• FinTech – product development, FinTech – bank partnerships, licensing, and FinTech vendor and service provider contracts.
• Small Business Administration (SBA) loans, procedures and requirements.
• Interactions with/responding to federal and state regulators and GSEs, including the CFPB, OCC, Fed, FDIC, FHFA, state regulators such as the California Department of Business Oversight and the New York Department of Financial Services, as well as GSEs (FHA, Freddie Mac, Fannie Mae, VA).
• Due diligence in transactions/investments involving real estate, mortgage and consumer finance companies, including licensing surveys and analysis of compliance/risk/legal management oversight operations.
• Title insurance matters in loan originations, servicing and claims.

Bar Admissions

• California
• District of Columbia
• Michigan
• Colorado

Education

• Duke University School of Law
• Indiana University

• Buchalter COVID-19 Client Alert: Supreme Court Holds That in Applying COVID-Related Stays of Eviction Proceedings, Landlords Must Be Given the Opportunity to Challenge a Tenant’s Claim of COVID-Related Hardship

  By Michael C. Flynn, Oren Bitan |August 2021

• Buchalter COVID-19 Client Alert: CFPB Issues Rule on Required COVID Relief Steps and Availability of Foreclosure for Residential Mortgage Loans

  By Michael C. Flynn |June 2021

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

  By Michael C. Flynn, Joanne N. Davies |April 2021

Additional Articles

• HUD Issues Rule with New Flood Risk Standards – Impacts New Construction and Substantial Improvements to Properties Financed and Insured by HUD, Including Single Family and Multifamily
• An Irreconcilable Tension? The Conflict Between Increased Federal Regulatory Pressures and the Inability to Grow Compliance Functions
• The CFPB’s Proposed Personal Financial Data Rights Rule – Financial Institutions Would Face Competitive, Operational and Regulatory Issues in Relation to Making Their Consumer Customers’ Financial Data Available to Third Parties
• The New FinCEN Small Entity Compliance Guide: Small Companies Will Have to Report Information About Owners and Beneficial Owners to FinCEN
• CFPB Issues Spring 2023 Agency Rule List
• FHFA Issues Request for Input on Possible New Multifamily Tenant Protections; Seeks Public Comments and Responses
• CFPB Imposes Fine on Medical Debt Collector; a Reminder of the Application of Consumer Financial Protection Laws to the Origination, Servicing and Collection of Medical Debt
• FDIC, FRB & OCC Issue Interagency Guidance on Third-Party Relationships: Risk Management
• CFPB’s Small Business Lending Data Collection Rule Increases Operational Burdens and Regulatory Risk for Lending to Small Businesses
• When It Comes To CFPB Agenda, Expect The Unexpected
• Court Rules That CFPB Fair Lending Enforcement Authority Does Not Extend to Prospective Loan Applicants
• CFPB Proposes Limiting Credit Card Late Fees to $8 Per Late Payment
• CFPB Proposed Regulatory Activity Agenda Released, Focuses on Limitations on Bank and Credit Card Fees, Small Business Lending Data Collection, Fair Credit Reporting Act Requirements, and Other Areas
• CFPB Proposes That Non-Bank Consumer Finance Companies Must (1) Register all Federal, State and Local Regulator Enforcement Orders and Court Judgments; and (2) Have an Annual Attestation from an Executive that Each Order and Judgment Has Not Been Violated
• SBA Publishes Proposed Rule to Allow More Non-Depository Institutions, Including FinTechs, to Become 7(a) Lenders
• SBA Plans to Increase Number of Non-Depository Institutions Eligible to Lend in the 7(a) Loan Program; FinTechs to be Included
• CFPB Publishes Information Request Concerning Making COVID Mortgage Foreclosure/Loss Mitigation Relief Rules Permanent
• CFPB Uses UDAAP Oversight Authority to Focus on Digital Marketers
• The CFPB Expands Its UDAAP Authority Further Into Data Security Issues
• CFPB Issues Advisory Opinion on Credit Reporting
• OCC Highlights Banks’ Compliance Staffing Issues, Even as Regulators Place More Compliance Demands on Banks and Place Executives at More Risk
• DOJ Indicates That in DOJ Settlements, Chief Compliance Officers Will Be Required to Provide a Certification, Suggests Specific Steps to Create an Effective Compliance Program
• CFPB Announces Invocation of Authority to Supervise and Examine FinTechs and Other Nonbanks Whose Activities Pose Risks to Consumers
• CFPB Director Announces Plan to Have CFPB Impose Stronger Sanctions Against Large Financial Institutions That Repeatedly Commit Violations
• CFPB Expands the Consumer Financial Products It Will Examine for Potential Discrimination Issues; Intends to Include All Financial Services Markets, Not Just Loan Products
• 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
• A Look at Federal, New York, and California COVID-19- Related Mortgage Forbearance, Foreclosure, and Eviction Moratoria: Can Expanded Protections Become Permanent?
• 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
• Buchalter COVID-19 Client Alert: Supreme Court Holds That in Applying COVID-Related Stays of Eviction Proceedings, Landlords Must Be Given the Opportunity to Challenge a Tenant’s Claim of COVID-Related Hardship
• Buchalter COVID-19 Client Alert: CFPB Issues Rule on Required COVID Relief Steps and Availability of Foreclosure for Residential Mortgage Loans
• CFPB Extends Compliance Deadline for New Qualified Mortgage Definition to October 1, 2022
• Buchalter COVID-19 Client Alert: PPP Loans Now Available to Otherwise-Eligible Companies That Have Ended Their Bankruptcy Proceedings
• Buchalter COVID-19 Client Alert: PPP Application Deadline Extended to May 31, 2021
• New COVID Residential Mortgage Borrower and Tenant Protections in California: Significant Temporary Mandates—Can They Become Permanent Requirements?
• Buchalter COVID-19 Client Alert: FHFA Extends Freddie Mac and Fannie Mae Single-Family Eviction and Foreclosure Moratoria, and Extends GSE Forbearance and Deferral Lengths; List of Current Periods for GSEs, Federal Agencies and States of California, Washington, Oregon and Arizona
• Buchalter COVID-19 Client Alert: Federal Court Declares CDC Eviction Moratorium is Unconstitutional, But Does Not Enjoin the Order
• 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
• Buchalter COVID-19 Client Alert: FHA, VA, USDA Foreclosure and Eviction Moratoria, and Forbearance Application Deadline, Extended to June 30; Current List of Time Periods for GSEs, Federal Agencies and West Coast States Foreclosures and Evictions, and Forbearance Applications
• Buchalter COVID-19 Client Alert: FHFA Announces Extension of Time Periods for GSEs’ Foreclosure and Eviction Moratoria; List of Current Time Periods for GSEs, Federal Agencies and West Coast States Foreclosures and Evictions, and Forbearance Applications
• CFPB Acting Director Considering Delay in New Qualified Mortgage Rule
• Buchalter COVID-19 Client Alert: New Treasury PPP Rules Clarify Recent Changes to PPP Program, Extend Time to Obtain a PPP Loan to March 31, 2021
• Buchalter COVID-19 Client Alert: New PPP Changes in the Stimulus Bill: Second PPP Loan for Hardest-Hit Existing PPP Borrowers, Additional Categories of Forgivable Expenses, Tax Deductibility for Expenses Paid with PPP Proceeds, Lender Liability Limitations, Simplified Forgiveness Application for Loans of $150,000 or Less, and Other Changes
• Coming in 2021: CFPB Finalizes Changes to “Qualified Mortgage” Definition and Creates a New “Seasoned QM” Loan Category
• LIBOR Administrator Announces Wind-down Dates for Publication of LIBOR Index Data; Federal Bank Regulators Announce that Banks Should Cease Using LIBOR in New Contracts by December 31, 2021
• Buchalter COVID-19 Client Alert: Expert Advice for New Phases for Lenders and Borrowers on PPP and MSLP Loans: PPP Loan Forgiveness and SBA PPP-MSLP Loan Reviews
• Buchalter COVID-19 Client Alert: NEW DEADLINES – Main Street Lending Program: Federal Reserve Announces Last Day for Lender MSLP Participation Purchase Submissions is December 14; Lenders Will Require Borrower MSLP Loan Applications to be Completed Several Days Prior
• Buchalter COVID-19 Client Alert: Federal Reserve Issues New Main Street Lending Program FAQs Regarding Restrictions on Underlying Credit Facilities for MSELF Loans; Co-Borrower Requirements; Obtaining Information About Core Rights Acts; and Requiring Disclosure of LIBOR Reset Information when Selling Loan Participations to the Main Street SPV
• Federal Banking Regulatory Agencies Issue Notice of Proposed Rulemaking Re: the Role of Supervisory Guidance
• OCC Issues Final Rule Defining “True Lender” – A Bank is the “Lender” if it is Named the Lender in the Loan Documents or if it Funds the Loan
• Buchalter COVID-19 Client Alert: CFPB Issues Rule Extending the “GSE Patch”
• Buchalter COVID-19 Client Alert: New PPP Guidance Simplifies Forgiveness Application Process for Small PPP Loans of $50,000 or Less; Clarifies Lenders’ Responsibilities Regarding Review of Borrower Calculations and Documentation of Forgivable Eligible Costs for Such Small Loans
• CFPB Withdraws Former Marketing Services Agreement Guidance; Issues New Frequently Asked Questions Regarding RESPA Section 8 and MSAs
• Buchalter COVID-19 Client Alert: SBA Issues New PPP Guidance Regarding Required Approval for a Sale of Assets or Transfer of Ownership of a PPP Borrower; Use of Escrow Accounts to Avoid Requirement of Prior SBA Approval
• Buchalter COVID-19 Client Alert: Federal Reserve Announces Main Street Lending Program Will Accept Multi-Borrower Loans and Issues New FAQs Outlining Requirements; Announces Acceptance of Non-Profit Borrower Loans; Alters Standards for Lenders When Evaluating Borrowers; and Provides Guidance on Insider Loans and Compensation Treatment
• Buchalter COVID-19 Client Alert: Entrapment-by-Estoppel: A Potential Future Defense for Lenders in PPP Fraud Cases
• 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
• Buchalter COVID-19 Client Alert: Expansive New National COVID-19 Related Residential Eviction Moratorium Order Issued by the CDC
• Buchalter COVID-19 Client Alert: HUD, FHFA, VA Announce Extensions of Foreclosure and Eviction Moratoriums to December 31, 2020
• CFPB Issues Proposed Rule to Create New Category of “Seasoned Qualified Mortgages”
• Buchalter COVID-19 Client Alert: Main Street Lending Program: Federal Reserve Posts Amended Transaction Documents and Frequently Asked Questions
• Buchalter COVID-19 Client Alert: Main Street Lending Program and Other Federal Reserve Emergency Lending Facilities Extended to December 31, 2020
• Buchalter COVID-19 Client Alert: Lenders May Submit PPP Forgiveness Applications to SBA on August 10; SBA Issues New Procedural Notice with Guidance for Lender Forgiveness Review/Submission
• Buchalter COVID-19 Client Alert: Main Street Lending Program Expanded to Include Nonprofit Organizations
• Buchalter COVID-19 Client Alert: OCC Proposes New Rule Defining “True Lender”
• Buchalter COVID-19 Client Alert: Federal Reserve Issues New Main Street Lending Program Guidance in Amended Frequently Asked Questions
• Buchalter COVID-19 Client Alert: FHFA to Extend GSE Covid-Related Origination Processing Flexibility Until August 31
• Buchalter COVID-19 Client Alert: Congress Passes Extension of PPP Loan Origination to August 8 and Sends to President Trump
• Buchalter COVID-19 Client Alert: Treasury Issues New PPP Interim Final Rule, and Revised Long Form and New Short Form EZ Forgiveness Application and Instructions
• Buchalter COVID-19 Client Alert: Federal Reserve’s Main Street Loan Program is Officially Launched; Buchalter Announces Main Street Lending Team
• Buchalter Covid-19 Client Alert: Federal Reserve Expands Main Street Lending Program; Reduces Some Minimum Loan Amounts, Raises Maximum Loan Amounts, Extends Loan Term
• Buchalter COVID-19 Client Alert: PPP Flexibility Act is Enacted
• Buchalter COVID-19 Client Alert: CFPB Issues Proposed Rule, FAQs and Revised CHARM Booklet for Transition from LIBOR
• Buchalter COVID-19 Client Alert: PPP Flexibility Act Passes House, Likely Vote in Senate Next Week
• Buchalter COVID-19 Client Alert: ARCC Discusses Expected Time Periods for Discontinuance of LIBOR in Mortgage Originations
• Buchalter COVID-19 Client Alert: OCC’s CRA Final Rule
• Buchalter COVID-19 Client Alert: Treasury Issues New Interim Final Rule Re PPP Loan Forgiveness
• Buchalter Client Alert COVID-19: Treasury Issues Application for SBA PPP Loan Forgiveness
• Buchalter Client Alert COVID-19: New Guidance on Main Street Loan Program for Small and Medium Sized Businesses
• Buchalter Client Alert COVID-19: New HMDA Final Rule Raises Loan Origination Reporting Threshold; Particular Significance for Certain Multifamily Lenders
• Buchalter Client Alert COVID-19: COVID-19 Multifamily and Single Family Mortgage Updates: FHA Multifamily Payment Forbearance and Tenant Eviction Moratorium, Deferral of Appraisals on Certain Loans, Extensions of Deadline to Implement Revised URLA and AUS Specifications
• Buchalter Client Alert COVID-19: Loan Assistance for Small and Medium-Sized Businesses: Federal Reserve Issues Term Sheets for Main Street Lending Program
• Buchalter Client Alert COVID 19: Treasury Department Releases Answers to the Paycheck Protection Program Loans Frequently Asked Questions
• Opinion Preparing for the Return of Rescission Claims
• How HMDA Rule Changes Could Impact Lenders
• CFPB Further Defines Abusiveness Standard; Expresses Intent to Limit Duplicative Enforcement
• OCC and FDIC Propose New Community Reinvestment Act Rules
• FDIC Issues Proposed Rule Clarifying “Valid-When-Made” Doctrine for State Banks, to Match OCC Proposed Rule for National Banks
• Should You Include a Limitation of Liability Provision in Your Next Contract?
• OCC Issues Proposed Rule to Clarify “Valid-When-Made” Doctrine; Would Affirm That an Interest Rate that Is Permissible at the Time the Loan is Made Remains Permissible After Sale of the Loan.
• Freddie Mac and Fannie Adopt New ARRC Recommended Fallback LIBOR Language for Residential ARM Loans
• HUD and DOJ Release Guidance on False Claims Act
• The New HMDA Rule’s Expanded Ethnicity and Race Categories