McGlinchey routinely works with a wide variety of lenders, brokers, servicers, sales finance companies, leasing companies, collection agencies, money services businesses, and appraisal management companies in connection with a broad spectrum of licensing matters and has done so nationally for more than 30 years. Our team of financial services attorneys and licensing professionals spans several offices nationwide. Over the years, we have represented hundreds of companies in licensing matters large and small, of every type, across the country.
What we see on the Horizon
Contact the McGlinchey Licensing team for our latest insights about the following:
- State legislatures and regulators imposing licensing requirements on previously unlicensed industries.
- State legislatures and regulators expanding the scope of already existing license requirements to include activities not previously regulated.
- State regulatory agencies increasingly seeking to hold non-depositories to the more stringent prudential and regulatory standards that have historically applied only to depositories, as more financial services products are offered by non-depository financial institutions.
- Regulatory developments impacting the use of the federal temporary authority to act as a mortgage loan originator in your mortgage business.
COVID-19 (Coronavirus). COVID-19 has created unique regulatory considerations for the financial services industry, such as the tension between legal requirements that financial services companies conduct regulated activity only from certain authorized locations and the recommendation of having employees work from home to limit the spread of the Coronavirus. State regulatory agencies have begun to disseminate guidance granting relief from these restrictions so that personnel may work from home when necessary.
Strengths Sought After by McGlinchey Clients
We are equipped to complete all aspects of the licensing process, from helping clients identify and obtain necessary licenses to helping clients maintain licenses they already hold. As our clients get larger, they also routinely engage McGlinchey to handle transactions of all sizes, ranging from IPOs or private equity investments to officer changes. After our clients are licensed, we help them understand the regulatory environment in which they operate and navigate state examinations or investigations.
For example, McGlinchey regularly conducts licensing work in the following areas:
De novo License Applications. Our team analyzes applicable laws, regulations, and regulatory guidance to determine which licenses are required based on the specific details of a client’s business. We then assist clients with completing all applications and expedite response times and approvals by following up with clients and regulators.
Renewals, Maintenance, and Examinations. Our streamlined approach offers us the flexibility to complete and track all necessary license renewals from start to finish. Our team members also have significant experience managing examinations and working with state regulators regarding the application of state law to client operations. We also routinely assist clients with day-to-day license maintenance issues to ensure they remain in compliance with licensing statutes and regulations.
Corporate Transactions and Transitions. We work with our clients daily relating to major and minor corporate changes to ensure appropriate regulatory notices are made and approvals are obtained. This includes work related to changes-of-control, officer and director changes, and change-of-address requirements related to licensing. Clients rely on McGlinchey to understand and advise them of regulatory requirements, regardless of whether the transaction is an initial public offering or a simple officer change, or falls somewhere else on the corporate transaction spectrum.