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UNITED STATES OF AMERICA
BUREAU OF CONSUMER FINANCIAL PROTECTION
ADMINISTRATIVE PROCEEDING
File No. 2020-BCFP-0004
In the Matter of:
HARBOUR PORTFOLIO
ADVISORS, LLC; NATIONAL
ASSET ADVISORS, LLC; and
NATIONAL ASSET MORTGAGE,
LLC
STIPULATION AND CONSENT
TO THE ISSUANCE OF A
CONSENT ORDER
The Bureau of Consumer Financial Protection (Bureau) intends to initiate an
administrative proceeding against National Asset Advisors, LLC, and National
Asset Management, LLC (Respondents), under 12 U.S.C. §§ 5563 and 5565, for
their activities related to furnishing information about consumers to consumer
reporting agencies in violation of (1) the Consumer Financial Protection Act's
prohibition on deceptive acts and practices, 12 U.S.C. § 5536(a)(l)(B); (2)
Regulation V's requirements related to establishing and implementing policies and
procedures regarding the accuracy and integrity of information furnished to
consumer-reporting agencies, 12 C.F.R. § 1022.42(a).
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Respondents, in the interest of compliance and resolution of the matter, and
without admitting or denying any wrongdoing, consent to the issuance of a
Consent Order substantially in the form of the one to which this Stipulation and
Consent to the Issuance of a Consent Order is attached (Consent Order), and which
is incorporated by reference.
In consideration of the above premises, Respondents agree to the following:
Jurisdiction
1.
The Bureau has jurisdiction over this matter under § § 1053 and I 05 5 of the
Consumer Financial Protection Act of2010 (CFPA), 12 U.S.C. §§ 5563,
5565.
Consent
2.
Respondents agree to the issuance of the Consent Order, without admitting
or denying any of the findings of fact or conclusions oflaw, except that
Respondents admit the facts necessary to establish the Bureau's jurisdiction
over Respondents and the subject matter of this action.
3.
Respondents agree that the Consent Order will be deemed an "order issued
with the consent of the person concerned" under 12 U.S.C. § 5563(b)(4),and
agree that the Consent Order will become a final order, effective upon
issuance, and will be fully enforceable by the Bureau under 12 U.S.C. §§
5563(d)(l) and 5565.
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4.
Respondents voluntarily enter into this Stipulation and Consent to the
Issuance of a Consent Order.
5.
The Consent Order resolves only Respondents' potential liability for law
violations that the Bureau asserted or might have asserted based on the
practices described in Section IV of the Consent Order, to the extent such
practices occurred before the Effective Date and the Bureau knows about
them as of the Effective Date. Respondents acknowledge that no promise or
representation has been made by the Bureau or any employee, agent, or
representative of the Bureau, about any liability outside of this action that
may have arisen or may arise from the facts underlying this action or
immunity from any such liability.
6.
Respondents agree that the facts described in Section IV of the Consent
Order will be taken as true and be given collateral estoppel effect, without
further proof, in any proceeding before the Bureau to enforce the Consent
Order, or in any subsequent civil litigation by the Bureau to enforce the
Consent Order or its rights to any payment or monetary judgment under the
Consent Order.
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7.
The terms and provisions of this Stipulation and the Consent Order will be
binding upon, and inure to the benefit of, the parties hereto and their
successors in interest.
8.
Respondents agree that the Bureau may present the Consent Order to the
Bureau Director for signature and entry without further notice.
Waivers
9.
Respondents, by consenting to this Stipulation, waive:
a.
Any right to service of the Consent Order, and agree that issuance of
the Consent Order will constitute notice to Respondents of its terms
and conditions;
b.
Any objection to the jurisdiction of the Bureau, including, without
limitation, under section 1053 of the CFPA, 12 U.S.C. § 5563;
c.
The rights to all hearings under the statutory provisions under which
the proceeding is to be or has been instituted; the filing of proposed
findings of fact and conclusions of law; proceedings before, and a
recommended decision by, a hearing officer; all post-hearing
procedures; and any other procedural right available under section
1053 ofthe CFPA, 12 U.S.C. § 5563, or 12 CFRPart 1081;
d.
The right to seek any administrative or judicial review of the Consent
Order;
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e.
Any claim for fees, costs or expenses against the Bureau, or any of its
agents or employees, and any other governmental entity, related in
any way to this epforcement matter or the Consent Order, whether
arising under common law or under the terms of any statute,
including, but not limited to the Equal Access to Justice Act and the
Small Business Regulatory Enforcement Fairness Act of 1996; for
these purposes, each Respondent agrees that Respondent is not the
prevailing party in this action because the parties have reached a good
faith settlement;
f.
Any other right to challenge or contest the validity of the Consent
Order;
g.
Such provisions of the Bureau's rules or other requirements oflaw as
may be construed to prevent any Bureau employee from participating
in the preparation of, or advising the Director as to, any order,
opinion, finding of fact, or conclusion of law to be entered in
connection with this Stipulation or the Consent Order; and
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h.
Any right to claim bias or prejudgment by the Director based on the
consideration of or discussions concerning settlement of all or any
part of the pr {eeding.
poell, Managing Member
NATIONAL ASSET MOR
GELLC,BY:
David C
National
naging Member
ortgage, LLC
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Date
Date
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