Items Tagged with 'PHH vs. CFPB'

ARTICLES

  • 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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  • It’s over: CFPB abandons PHH case

    Ends three-year battle
    The three-year battle is now over. The Consumer Financial Protection Bureau moved Thursday to dismiss its case against PHH, a remarkable turnaround that crystallizes the differences between former CFPB Director Richard Cordray and current Acting Director Mick Mulvaney.
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  • PHH gives up challenge to CFPB constitutionality

    Will not pursue case to Supreme Court
    The Court of Appeals for the District of Columbia Circuit’s stunning decision to reverse its earlier ruling and uphold the constitutionality of the Consumer Financial Protection Bureau will stand as the law of the land after PHH Corp. elected not to pursue the case to the Supreme Court.
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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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  • Monday Morning Cup of Coffee: Inside the battle brewing over Zillow's "Instant Offers"

    Plus, a judge shoots down Ocwen's challenge of CFPB constitutionality
    There's serious battle brewing over Zillow's "Instant Offers," a new program where homeowners looking to sell their home can get all-cash offers from selected investors. The program is putting Zillow at odds with some real estate professionals, who are fighting back against potentially being cut out of the transaction. Plus, what's happening between the CFPB and Ocwen? All that, and more, in your Monday Morning Cup of Coffee.
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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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  • Democrats rally together to support CFPB in case against PHH

    Fight to protect bureau’s independent structure and constitutionality
    Congressional Democrats filed an amicus brief on Friday with the D.C. Circuit Court of Appeals in support of the bureau's independent structure and constitutionality. “In creating the Bureau, lawmakers determined that it needed two key attributes to fulfill its mission: independence, and the ability to act promptly and decisively in response to new threats to consumers,” the lawmakers wrote.
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  • PHH shakes up senior leadership, CEO Glen Messina departing

    Chief Financial Officer Robert Crowl tabbed as replacement
    Over the last few years, it’s been a two-pronged battle for PHH Corp. On one side, the company is locked in a legal war with the Consumer Financial Protection Bureau. On the other side, PHH’s business has undergone dramatic shifts. One of the few constants during this time of transition has been the company’s CEO, Glen Messina. But that’s not the case anymore.
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