Belmont-Based Lending Compliance Firm Acquired By National Accounting Company

Blame it on the 2008 financial collapse or regulatory crusaders like Elizabeth Warren; lending money is going to get a lot more complicated in the near future.

And with the prospects of new and tougher regulations from Washington and states set to fall onto the desks of bankers and mortgage originators, it's expected that consulting firms who can advise impacted financier on wading through the mountain of regulatory paperwork will be in great demand.

It is just that anticipated business that prompted a national accounting firm from Minnesota to purchase Belmont-based Bankers Advisory, Inc. early in the new year.

CliftonLarsonAllen, with offices in Quincy, New Bedford and on Martha’s Vinyard, announced the purchase of the Concord Avenue firm on Jan. 2, 2014, as the Certified Public Accounting company grows its bank consulting business.

“We believe the financial services industry will feel the impact of regulation even more going forward as the industry responds to the Consumer Financial Protection Bureau rules on mortgage loans,” said Jerry Felicelli, managing principal of CliftonLarsonAllen’s financial institutions practice, in a press release reported in Twin Cities Business.

“We also believe there will be more regulatory enforcement pressure in 2014, prompting banks and credit unions to reassess their risk and compliance efforts.”

Started more than a quarter century ago in 1986 by Anna DeSimone, Bankers Advisory has been a leader in reviewing mostly residential mortgages for federal and state compliance, quality control and credit risk. 

The firm currently serves more than 100 banks and mortgage lenders nationally, including depository institutions with assets greater than $200 billion.

Bankers Advisory's 35 employees have been hired on by CliftonLarsonAllen, joining a company with 3,500 workers across the US.