Items Tagged with 'CFPB vs. PHH'

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Court of Appeals set to hear landmark challenge to CFPB constitutionality

D-Day for CFPB coming this week
The Consumer Financial Protection Bureau’s moment of truth (in the courtroom, at least) is coming this week as the full Court of Appeals for the District of Columbia Circuit is set to rehear the landmark challenge to the agency’s constitutionality brought by PHH Corp. Here's a breakdown of the case and a view of what's coming next.
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Ocwen pulls a PHH: Asks court to declare CFPB unconstitutional, requests DOJ help

Asks court for expedited decision on CFPB constitutionality
Ocwen Financial is pulling a PHH. Just as PHH did recently, Ocwen is playing the unconstitutional card in its fight against the Consumer Financial Protection Bureau, asking the United States District Court for the Southern District of Florida to declare the CFPB unconstitutional and toss out the CFPB’s lawsuit against the company.
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DOJ requests time during oral arguments in CFPB and PHH case

Doesn’t fully align with either party
The Department of Justice made headlines in March when it revealed that it switched sides in the landmark battle between the Consumer Financial Protection Bureau and PHH. While it now aligns with PHH, it doesn’t completely agree with the company’s position. As a result, it requested time in the oral arguments to give its unique stance.
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Hensarling to CFPB's Cordray: You deserve to be fired immediately

Tells CFPB director to his face that he needs to go
Never one to shy away from a chance to batter the Consumer Financial Protection Bureau, House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Texas, didn’t disappoint on Wednesday when Richard Cordray, the director of the CFPB, appeared before the committee. Hensarling was at his passive-aggressive best during his opening statement, poking at Cordray’s rumored political aspirations and telling Cordray, to his face, that he deserves to be fired by President Donald Trump.
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Monday Morning Cup of Coffee: Trump tapping familiar face to lead DOJ's civil division?

What will become of False Claims Act charges under new leader?
It looks like President Donald Trump is about to install a familiar face as the leader of the Department of Justice’s civil division. If that happens, what happens to the DOJ's recently preferred tactic of using the False Claims Act to extract settlements from lenders for supposedly misrepresenting the quality of loans to the Federal Housing Administration? The answer, and more, in your Monday Morning Cup of Coffee.
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In major reversal, U.S. sides with PHH, calls CFPB structure unconstitutional

DOJ asks court to give president authority to fire CFPB director at will
Recently, the U.S. government began to give off indications that it might be switching sides in the landmark battle between the CFPB and PHH, signaling that the Trump administration would not be as supportive of the CFPB as the Obama administration had been. And Friday, that's exactly what happened. Click the headline for the full story.
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PHH urges Court of Appeals to kill CFPB

Argues CFPB constitutional issues go well beyond director’s authority
PHH wants the full Court of Appeals for the District of Columbia Circuit to do more than simply declare the leadership structure of the Consumer Financial Protection Bureau unconstitutional; it wants the Court of Appeals to kill the CFPB altogether.
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United States flips sides, supports PHH in case against CFPB

Case now falls under Trump administration
In a major, but not surprising move, the United States revealed that it now supports PHH in its landmark case against the Consumer Financial Protection Bureau. Judging by a new motion filed by the United States, the U.S. needs a little more time to gather its thoughts on supporting PHH.
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White House spokesperson: Trump believes CFPB is "unaccountable"

WSJ reports that President Trump disagrees with Court of Appeals ruling
Given the Trump administration’s recent maneuvering to fire Consumer Financial Protection Bureau Director Richard Cordray, it’s probably not a surprise that President Donald Trump disagrees with the U.S. Court of Appeals for the District of Columbia Circuit’s decision to rehear a challenge to the CFPB’s constitutionality.
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Court of Appeals agrees to rehear CFPB case, agency to fight "unconstitutional" ruling

Full court will rehear PHH case
If President Donald Trump wants to fire Consumer Financial Protection Bureau Director Richard Cordray, he’s going to have to wait a little longer to do it, as the U.S. Court of Appeals for the District of Columbia Circuit ruled Thursday in favor of the CFPB. The ruling allows the embattled agency to defend the constitutionality of its leadership structure.
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