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Tag Archives: PHH

Court reported to reject request of plaintiffs in another case challenging CFPB’s constitutionality for consolidation with PHH

Posted in CFPB Enforcement

According to a Law360 report, the D.C. federal district court has denied the request of the plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to consolidate their case with PHH on appeal to the D.C. Circuit. In July 2016, the D.C. federal district court rejected the plaintiffs’ attempt… More >

PHH replies to CFPB’s opposition to PHH’s motion for leave to file supplemental response

Posted in CFPB Enforcement, Mortgages

PHH has filed a reply to the CFPB’s opposition to PHH’s motion for leave to file a supplemental response to the CFPB’s petition for rehearing en banc.  On December 22, PHH and the United States filed responses to the CFPB’s petition with the D.C. Circuit.  The D.C. Circuit had invited the Solicitor General to file… More >

CFPB opposes PHH’s motion for leave to file supplemental response to petition for rehearing en banc

Posted in CFPB Enforcement, Mortgages

The CFPB has opposed the motion filed by PHH for leave to file a supplemental response to the CFPB’s petition for rehearing en banc.  On December 22, PHH and the United States filed responses to the CFPB’s petition with the D.C. Circuit.  The D.C. Circuit had invited the Solicitor General to file a response expressing… More >

PHH and United States respond to CFPB’s petition for rehearing en banc; PHH seeks leave to file supplemental response

Posted in CFPB Enforcement, Mortgages

PHH and the United States have filed responses with the D.C. Circuit to the CFPB’s petition for rehearing en banc.  The D.C. Circuit invited the Solicitor General to file a response expressing the views of the United States and entered an order requiring both PHH and the SG to file their responses by December 22…. More >

Director Cordray reported to have no departure plans

Posted in CFPB General

Politico has reported that CFPB Communications Director Jen Howard has indicated in an e-mail that Director Cordray has no current plans to leave the CFPB.  According to Politico, Ms. Howard stated “Director Cordray was confirmed by a bipartisan group of 66 senators to serve a term until July 2018 and has no plans to step… More >

D.C. Circuit: Solicitor General and PHH can respond by Dec. 22 to CFPB’s petition for rehearing en banc

Posted in CFPB Enforcement, Mortgages

The D.C. Circuit has entered an order that provides the response of the United States to the CFPB’s petition for rehearing en banc is due by December 22, 2016.  The order also provides that PHH can file its response by December 22. In an order filed on November 23, 2016, the D.C. Circuit required PHH… More >

Banking trade groups urge creation of commission to run CFPB

Posted in CFPB General

In a letter sent to Majority Leader McConnell and Minority Leader-elect Schumer, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National Association of Federal Credit Unions urge Congress to pass legislation to create a five-member commission to run the CFPB. In their letter, the trade groups… More >

Members of Congress, consumer advocates file amicus briefs supporting CFPB’s petition for rehearing en banc in PHH case

Posted in CFPB Enforcement, Mortgages

A group of 21 current and former members of Congress and a group of 10 consumer advocacy organizations have filed amicus briefs in support of the CFPB’s petition filed with the D.C. Circuit seeking a rehearing of its decision in CFPB v PHH Corporation. Under D.C. Circuit Rules, “[n]o amicus curiae brief in response to… More >

D.C. Circuit orders PHH to respond to CFPB’s petition for rehearing en banc; invites response from Solicitor General

Posted in CFPB Enforcement, Mortgages

The D.C. Circuit has entered an order directing PHH Corporation to file a response to the CFPB’s petition for rehearing en banc in CFPB v. PHH Corporation. The order, filed November 23, 2016, requires PHH to file its response within 15 days.  It also invites the Solicitor General to file a response to the petition… More >

What the PHH decision means for the CFPB’s UDAAP authority

Posted in CFPB Enforcement, UDAAP

In addition to its implications for CFPB rulemaking, the D.C. Circuit’s decision in PHH Corporation v. CFPB has significant implications for the CFPB’s authority to enforce federal consumer financial protection laws as well as the Consumer Financial Protection Act (CFPA) prohibition of unfair, deceptive, or abusive acts or practices (UDAAP). In its decision, the D.C…. More >

Cordray remarks to MBA signal continued CFPB focus on servicing, likely petition for rehearing in PHH case

Posted in Mortgages

In his remarks at the Mortgage Bankers Association’s annual meeting in Boston on October 25, Director Cordray signaled that mortgage servicing will continue to be a focus of CFPB supervisory and enforcement activity, with the CFPB taking a rigorous approach to compliance.   While noting that the CFPB has seen “some progress” in compliance with CFPB… More >

CFPB Deputy Enforcement Director mum on whether CFPB will seek further review of PHH decision

Posted in CFPB Rulemaking

During the “Developments at the CFPB” panel this morning at the Pennsylvania Bar Institute Consumer Financial Services & Banking Law Update program in Philadelphia, Jeffrey Ehrlich, the CFPB’s Deputy Enforcement Director, would not comment on whether the CFPB will seek further judicial review of the October 11 opinion of a 3-judge panel of the U.S…. More >

What the D.C. Circuit’s PHH decision means for CFPB rulemaking

Posted in CFPB Rulemaking

In its decision last week in PHH Corporation v. CFPB, the D.C. Circuit ruled that the CFPB’s single-director-removable-only-for-cause structure is unconstitutional.  While the D.C. Circuit (in footnote 19) noted that it “need not here consider the legal ramifications of our decision for past CFPB rules or for past agency enforcement actions,” we have determined that… More >

Breaking News: In PHH v. CFPB, D.C. Circuit Holds that CFPB Structure is Unconstitutional

Posted in CFPB Enforcement, CFPB General, Hot Issues, Mortgages, TILA / RESPA

The D.C. Circuit issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million on PHH for its use of a captive (wholly-owned) mortgage reinsurer, the court made several landmark rulings. First, it held that the CFPB’s… More >