Items Tagged with 'CFPB lawsuit'


  • Embattled CFPB Deputy Director Leandra English giving up leadership fight, leaving bureau

    Resigning in wake of Trump naming new official director
    While there will still likely be a fight from Democrats over President Donald Trump nominating Kathy Kraninger to serve as the next director of the CFPB, the messy battle over who would replace former director Richard Cordray on an interim basis appears to be over. Leandra English, who sued the government after Trump named Mick Mulvaney acting director, is planning to step down from the bureau and give up her fight over the bureau’s leadership.
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  • CFPB declared unconstitutional, again

    Federal judge rules bureau violates Constitution
    For the second time in less than a year, a federal court has ruled that the Consumer Financial Protection Bureau is not constitutionally structured. Earlier this week, U.S. District Judge Loretta Preska of the New York Southern District declared the CFPB to be unconstitutionally structured, as part of a ruling in a case involving a company that provides lump-sum payouts to those awaiting payment in a structured settlement.
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  • Court of Appeals rules against CFPB, vacates PHH’s $100M fine for alleged RESPA violations

    It wasn’t a sweeping victory for the CFPB after all
    While the main story coming out of Wednesday’s stunning decision from the Court of Appeals for the D.C. Circuit was the court upholding the constitutionality of the CFPB, the bureau didn’t escape unscathed. The full Court of Appeals upheld the court’s earlier decision that former CFPB Director Richard Cordray far exceeded his authority as director when he handed down a seven-figure fine against PHH for RESPA violations.
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  • Freedom Debt Relief: CFPB “fundamentally misunderstands” debt settlement process

    Nation’s largest debt settlement services provider will fight CFPB lawsuit
    Last week, the CFPB sued Freedom Debt Relief, the nation’s largest debt settlement services provider, claiming that the company repeatedly lied to its customers about the company’s ability to negotiate debt settlements. Freedom, on the other hand, claims that the CFPB “fundamentally misunderstands” the debt settlement process and says that it plans to “vigorously contest” the CFPB lawsuit.
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  • DOJ will be allowed to join Ocwen’s challenge to constitutionality of CFPB

    Judge grants Ocwen’s request to have Justice Department weigh in
    Ocwen Financial could soon get a big boost in its fight against the Consumer Financial Protection Bureau from a once-unlikely source – the Department of Justice. Earlier this week, the judge overseeing the case ruled that the DOJ will be allowed to join Ocwen's case and weigh in on the constitutionality of the CFPB it if chooses to.
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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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  • 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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  • What happens now that the CFPB appealed its "unconstitutional" ruling?

    Compass Point on the next steps in the PHH legal battle
    As expected, the Consumer Financial Protection Bureau last week appealed the U.S. Court of Appeals ruling that declared the agency’s leadership structure unconstitutional and vacated a $103 million increase to a $6 million fine levied against PHH. So what happens now? First, the wait begins for the court to determine whether it wants to hear the case en banc or not. But just how long is that wait going to be? And what does it mean in the interim?
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