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Buzzer beater: Accounting firm buys mortgage compliance group

CliftonLarsonAllen nabs Bankers Advisory

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National accounting firm CliftonLarsonAllen recently acquired mortgage consultancy group Bankers Advisory to help clients with regulatory pressure in the run up to the implementation of the Qualified Mortgage, coming into effect on January 10.

"Bankers Advisory group has garnered a strong reputation serving hundreds of mortgage institutions," said Jerry Felicelli, managing principal of CLA's financial institutions practice, in a statement. "The firm has earned an unprecedented reputation for providing premium federal and state compliance and fair lending consulting services."

Felicelli said he believes there will be more regulatory enforcement pressure in 2014, prompting banks and credit unions to reassess their risk and compliance efforts.

Felicelli added, "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."

35 members of Bankers Advisory staff will join CLA, including president Anna DeSimone.

Bankers Advisory clients include more than 100 banks and mortgage lenders nationally, including depository institutions with assets over $200 billion.

CLA is the nation's eigth largest accounting firm.

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