Colgate Selden focuses his practice on counseling clients on the full range of federal and state consumer financial services laws and regulations relevant to consumer credit and loan origination, closing, servicing, collection, and secondary market activities. He also advises clients on entity formation, licensing, practices and procedures, due diligence, advertising, marketing and outsourcing arrangements, and GSE and federal agency loan program requirements.
Colgate has experience handling numerous litigation, enforcement, intellectual property, tax, employment and labor, trust and estates, corporate formation and M&A, securities, and banking and lending regulatory matters for clients. He is well versed in TILA, RESPA, SAFE, FDCPA, UDAAP, HOEPA, HMDA, ECOA, Fair Housing Act, FCRA, HMDA, GLBA, ESIGN, The Dodd-Frank Act, the BHCA, and federal preemption and related state laws.
His clients notably include banks, fintechs, credit unions, mortgage lenders, consumer finance, settlement service providers, servicing, investor, 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 the managing director, head of regulation, compliance & risk, for Promontory Mortgagepath LLC, reporting to the founder and CEO, a former comptroller of the currency. At Promontory, he led all regulatory legal, compliance, quality control, and risk matters. He also served as senior counsel to the Consumer Financial Protection Bureau (“CFPB”) and as an attorney-advisor for the U.S Department of the Treasury. While at the CFPB, he was a member of the Loan Originator Compensation, TRID, ATR-QM, HELOC, Regulation P, Debt Collection, and AMTPA Rulemaking teams. He also served as the CFPB lead for TILA mortgage regulatory inquiries from industry, Congress, and consumer groups. He additionally was a senior advisor for RESPA section 8, Regulation P, and FDCPA 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.