News & Analysis as of

Real Estate Settlement Procedures Act Mortgages

CFPB Fines Real Estate Entities Over RESPA Violations

Targeting violations of the Real Estate Settlement Procedures Act (RESPA) by a mortgage lender, two real estate brokers, and a mortgage servicer, the Consumer Financial Protection Bureau (CFPB) announced almost $4 million in...more

CFPB Claims National Bank Impeded Loss Mitigation for Distressed Mortgage Borrowers

In separate consent orders, one bank will pay $28.8 million to resolve claims by the Consumer Financial Protection Bureau (CFPB) that it gave its distressed mortgage borrowers the "run-around" during the loss mitigation...more

CFPB Seeks Comment on Effectiveness of the RESPA Mortgage Servicing Rule

As required by the Dodd-Frank Act, the CFPB is conducting an assessment of its RESPA Mortgage Servicing Final Rule, which took effect on January 10, 2014. The assessment will seek to compare servicer and consumer activities...more

CFPB investigating Zillow for RESPA compliance

by Ballard Spahr LLP on

For years many industry participants wondered if allowing their real estate agents or loan officers to engage in co-marketing on Zillow Group applications and websites posed a risk to their companies under RESPA. The...more

CFPB seeks comments on its plan to assess the RESPA mortgage servicing rule

by Ballard Spahr LLP on

On May 4, the CFPB announced that as part of its impending 5-year review of mortgage rules, it was proposing a plan to assess the effectiveness of the Real Estate Settlement Procedures Act (RESPA) mortgage servicing rule.  ...more

PHH files opening en banc brief; seven supporting amicus briefs filed

by Ballard Spahr LLP on

On Friday, PHH filed its opening en banc brief with the D.C. Circuit in the rehearing of its appeal of Director Cordray’s June 2015 decision that affirmed an administrative law judge’s (ALJ) recommended decision concluding...more

DC Circuit Grants CFPB’s Petition for Rehearing En Banc in PHH Case

On February 16, the U.S. Court of Appeals for the D.C. Circuit entered an order granting the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc in the PHH Corporation, et al., v. Consumer Financial...more

D.C. Circuit Grants Rehearing in PHH Case

by McGuireWoods LLP on

On Thursday, February 16, 2017, the D.C. Circuit granted the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc in PHH Corporation v. Consumer Financial Protection Bureau. The Order marks the latest...more

Consumer Financial Services Newsletter - February 2017

by Hinshaw & Culbertson LLP on

Seventh Circuit Finds Bank's Response to RESPA Request "Almost Perfect" - Perron v. J.P. Morgan Chase Bank, N.A., Case No. 15-cv-2206 (7th Cir. 2017) - The United States Court of Appeals for the Seventh Circuit...more

Democratic lawmakers/ Democratic state AGs/ consumer advocacy groups seek reconsideration en banc of motions to intervene in PHH...

by Ballard Spahr LLP on

After the D.C. Circuit panel issued a per curiam order on February 2 denying the three motions to intervene that were filed in the PHH case, we expected the next development in the case to be a decision by the D.C. Circuit on...more

Ten Questions and Nine Answers about PHH and the Future of the CFPB Director

by Morrison & Foerster LLP on

The potentially explosive combination of the D.C. Circuit’s October decision in PHH v. CFPB and the outcome of the presidential election has spurred a host of questions about how the PHH litigation may proceed and about the...more

Consumer Financial Services Newsletter - November 2016

by Hinshaw & Culbertson LLP on

D.C. Circuit Delivers First Blow to CFPB, Trump Win Delivers Second - The future of the Consumer Financial Protection Bureau (CFPB) is up for grabs following a landmark Court of Appeals Decision, PHH Corporation v....more

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

by Ballard Spahr LLP on

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...more

Structure Of CFPB Found To Be Unconstitutional But Agency Survives With Cut To Director’s Power

by Carlton Fields on

The DC Circuit Court of Appeals recently held that the single-director structure of the Consumer Financial Protection Bureau (“CFPB”) was unconstitutional, and gave the President the authority to fire the director at will in...more

US Court of Appeals for the DC Circuit Declares Structure of the US Consumer Financial Protection Bureau Unconstitutional

by Shearman & Sterling LLP on

The US Court of Appeals for the DC Circuit declared the structure of the US Consumer Financial Protection Bureau unconstitutional, stating that the “massive, unchecked power” exercised by its director, Richard Cordray, lacks...more

D.C. Circuit Holds CFPB Unconstitutionally Structured' and Overturns PHH Penalty

by BakerHostetler on

Last week, the U.S. Court of Appeals for the D.C. Circuit issued its much-anticipated decision in PHH Corp. v. CFPB, No. 15-1177 (D.C. Cir., Oct. 11, 2016). In its 110-page decision, the three-judge panel deemed the Consumer...more

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

by Ballard Spahr LLP on

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,...more

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

by Ballard Spahr LLP on

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...more

DC Court of Appeals Rules CFPB’s Structure is Unconstitutional

by LeClairRyan on

On October 11, 2016, the United States Court of Appeals for the District of Columbia Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) structure is unconstitutional. PHH Corporation v. Consumer Financial...more

D.C. Circuit Holds Structure of CFPB Unconstitutional, Vacates $109 Million Fine Arising out of Mortgage Lender’s “Captive...

by Burr & Forman on

On Tuesday the D.C. Circuit Court of Appeals issued what is already being touted as a landmark ruling in PHH Corp. v. Consumer Financial Protection Bureau, No. 15-1177, 2016 WL 5898801 (D.C. Cir. Oct. 11, 2016), holding in a...more

CFPB Hit by Major Setback in D.C. Circuit

by Morrison & Foerster LLP on

In a decision eagerly awaited by the financial services industry, the D.C. Circuit this week handed the Consumer Financial Protection Bureau (CFPB) a major defeat, throwing out a mortgage lender’s $109 million disgorgement...more

D.C. Circuit Rules CFPB’s Structure Unconstitutional

by King & Spalding on

In a news-making decision with significant political implications, but probably limited near-term business or legal effects, the United States Court of Appeals for the District of Columbia Circuit held on Tuesday, October 11,...more

Consumer Financial Services Law - October 2016

Court to CFPB: Unconstitutional and Wrong on RESPA - The U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of the Consumer Financial Protection Bureau (CFPB) and...more

DC Circuit Renders Landmark Ruling Restricting CFPB’s Virtually Unfettered Power

by Saul Ewing LLP on

In PHH v. CFPB (Oct. 11, 2016), the U.S. Court of Appeals for the D.C. Circuit held that the Consumer Financial Protection Bureau (“CFPB”) was unconstitutionally structured, and that the agency’s enforcement powers are...more

D.C. Circuit Brings CFPB under Presidential Control

On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued its long-awaited opinion in PHH Corp. v. Consumer Financial Protection Bureau, in which the Court held that the structure of the Consumer...more

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