Colgate Selden advises clients such as non-bank lenders, banks, credit unions, investors, FinTechs, financial services companies, and related service providers on the full range of federal and state laws and regulations relevant to loan brokering, lending, settlement and closing, servicing, and secondary market activities. He also advises clients on entity formation, licensing, new loan programs, affiliated businesses, policies and procedures, due diligence, advertising, marketing services, outsourcing arrangements, lead generation, and Fannie Mae and Freddie Mac 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 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.
Aside from the client types noted above his clients also include 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, reporting to the founder and CEO, a former comptroller of the currency. 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 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.