News & Analysis as of September 20, 2024

Dodd-Frank Wall Street Reform and Consumer Protection Act › Mortgage Insurance

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The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions. less -

HPA Compliance Is Back in the CFPB’s Crosshairs

Bradley Arant Boult Cummings LLP on 3/19/2019

On March 12, 2019, the Consumer Financial Protection Bureau (CFPB) issued the Winter 2019 edition of its Supervisory Highlights report, detailing key examination findings that were discovered during the second half of 2018....more

CFPB Seeks Rehearing of D.C. Circuit Panel Ruling in PHH: What Now?

Foley & Lardner LLP on 11/29/2016

The Consumer Financial Protection Bureau (Bureau) Friday filed a petition in the closely-watched PHH case, seeking to undo a ruling by a panel of judges for the D.C. Circuit Court that was highly critical of the Bureau’s...more

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

A&O Shearman on 10/27/2016

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

BakerHostetler on 10/25/2016

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

Ballard Spahr LLP on 10/19/2016

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

Ballard Spahr LLP on 10/18/2016

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

Beyond the Constitutionality of the CFPB: D.C. Circuit Decision Limits Scope of Fines and Enforcement Actions

Blank Rome LLP on 10/17/2016

Action Item: Financial institutions currently subject to CFPB enforcement proceedings should be aware of the D.C. Circuit’s decision ruling that the CFPB cannot (i) circumvent applicable statutes of limitation in the context...more

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

Burr & Forman on 10/14/2016

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

Morrison & Foerster LLP on 10/14/2016

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

King & Spalding on 10/14/2016

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

D.C. Circuit Brings CFPB under Presidential Control

Cadwalader, Wickersham & Taft LLP on 10/14/2016

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

Leadership Structure of CFPB Ruled Unconstitutional

Buchalter on 10/14/2016

The United States Court of Appeals for the District of Columbia Circuit issued its ruling in PHH Corporation v. Consumer Financial Protection Bureau on Tuesday and determined that the single-director structure of the CFPB...more

Key Consumer Finance Takeaways from the DC Circuit’s PHH Decision

Kilpatrick on 10/13/2016

On October 11, 2016, the United States Court of Appeals for the District of Columbia Circuit issued a highly-anticipated decision in PHH Corporation, et al., v. Consumer Financial Protection Bureau that has far reaching...more

A Truckload of Trouble for the CFPB

Carlton Fields on 10/13/2016

Within days after the Consumer Financial Protection Bureau started operations, a truckload of boxes from the Department of Housing and Urban Development arrived at the CFPB Office of Enforcement. The boxes held evidence from...more

D.C. Circuit Holds CFPB Structure Unconstitutional, Interpretation of RESPA Not Entitled to Deference

Ballard Spahr LLP on 10/13/2016

The D.C. Circuit yesterday 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...more

DC Circuit Strikes Down CFPB Leadership Structure

Orrick, Herrington & Sutcliffe LLP on 10/13/2016

On October 11, 2016 the D.C. Circuit in PHH Corporation v. CFPB, No. 15-1177, struck down the Consumer Financial Protection Bureau's (CFPB) leadership structure as unconstitutional. In short, the court ruled that Congress...more

Federal Appeals Court Finds CFPB's Structure Unconstitutional

Troutman Pepper on 10/13/2016

While certainly a big blow to the Bureau, the court’s remedy did not go as far as some CFPB opponents would have liked. In a blockbuster ruling on October 11, the U.S. Court of Appeals for the District of Columbia...more

D.C. Circuit Issues Major Decision Addressing CFPB Structural and RESPA Section 8 Issues

Alston & Bird on 10/13/2016

On Tuesday, October 11, 2016, the U.S. Court of Appeals for the District of Columbia Circuit issued the court’s highly anticipated decision addressing the Consumer Financial Protection Bureau’s (CFPB)’s enforcement action...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 10/12/2016

In a “highly anticipated” ruling from the US Court of Appeals for the DC Circuit, a three-judge panel has found the structure of the Consumer Financial Protection Bureau unconstitutional, holding that the current organization...more

D.C. Circuit Rebukes CFPB in PHH Case

McGuireWoods LLP on 10/12/2016

In a major setback for the Consumer Financial Protection Bureau (“CFPB”), the D.C. Circuit issued a significant ruling today that found the CFPB’s single director structure unconstitutional, ruled against the CFPB on...more

DC Circuit Issues Landmark Decision Holding the CFPB's Structure Unconstitutional: What Happens Next?

Clark Hill PLC on 10/12/2016

In a groundbreaking decision on October 11, 2016, the D.C. Circuit held the structure of the Consumer Financial Protection Board (CFPB) unconstitutional. Citing the "CFPB's concentration of enormous power in a single,...more

D.C. Circuit Rules that CFPB is Unconstitutionally Structured

Kelley Drye & Warren LLP on 10/12/2016

Earlier today, the U.S. Court of Appeals for the D.C. Circuit issued a landmark decision against the CFPB, finding that the agency was unconstitutionally structured because it concentrates “enormous executive power in a...more

DC Court of Appeals Reinforces Long-Standing RESPA Interpretation; Rules CFPB Director’s “For-Cause Only” Removal Unconstitutional

Goodwin on 10/12/2016

Today the United States Court of Appeals for the DC Circuit issued its long-awaited ruling in the PHH v. CFPB appeal. LLW has written about the PHH case before, and below are some quick takeaways from the court’s 110-page...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 8/26/2016

Financial Industry Developments - CFTC Announces Measures to Enhance Protection of Customer Funds - On August 8, 2016, the U.S. Commodity Futures Trading Commission (CFTC) announced three separate enhancements...more

A Day of Reckoning for the CFPB?

Bilzin Sumberg on 5/6/2016

Virtually ever since its inception on July 21, 2011, the Consumer Financial Protection Bureau (CFPB) has inspired wariness and skepticism in the financial institutions and financial services providers, subject to this new...more

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Dodd-Frank Wall Street Reform and Consumer Protection Act › Mortgage Insurance

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