News & Analysis as of

Reinsurance Kickbacks

Carlton Fields

Eastern District of California Grants Partial Summary Judgment to Plaintiffs in Reinsurance Mortgage Kickback Class Action;...

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The Eastern District of California recently granted partial summary judgment to a class of plaintiffs suing a reinsurer and related entities with respect to a reinsurance arrangement regarding private mortgage insurance that...more

Carlton Fields

Eleventh Circuit Affirms Order Compelling Arbitration of Cruise Liner Class Action

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Plaintiffs filed a putative class action against Norwegian Cruise Lines claiming that Norwegian failed to disclose profits it earned when the plaintiffs elected to purchase travel insurance during the cruise booking process....more

Carlton Fields

Eastern District Of Pennsylvania Holds That Plaintiffs Forfeited American Pipe Tolling By Filing Their Lawsuit Too Soon

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A federal district court has dismissed with prejudice a Real Estate Settlement Procedures Act (RESPA) class action filed against JPMorgan Chase Bank N.A. and related entities on statute of limitations grounds a year after...more

K&L Gates LLP

Saved by the En Banc: CFPB Appears Here To Stay

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The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has been an agency under fire. Acting Director Mick Mulvaney has begun to institute significant changes at the Bureau. And last year, a panel of the D.C. Circuit...more

Nelson Mullins Riley & Scarborough LLP

Just Before the Super Bowl, the D.C. Circuit in PHH Mortgage gives Industry a Field Goal, Withholds Touchdown

Following nearly three years of litigation, the D.C. Circuit handed down a 7 to 3 ruling in PHH Corp. v. Consumer Financial Protection Bureau. The two hundred fifty page opinion addressed not only the constitutional...more

Carlton Fields

Lender-Affiliated Captive Reinsurer Obtains Dismissal Of Mortgage Insurance Lawsuit Brought By Illinois Director Of Insurance

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The suit arose out of an arrangement where lenders would refer borrowers to (now-defunct) Triad Guaranty Insurance Company (Triad) to obtain private mortgage insurance. The lender-affiliated captive insurance company would...more

Carlton Fields

Court Tosses Time-Barred Rico Claims Alleging Captive Reinsurance Kickback Scheme

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Plaintiffs asserted class claims for RICO violations based on allegations that Bank of America referred borrowers to private mortgage insurance providers in exchange for kickbacks, funneled through a captive reinsurance...more

Morrison & Foerster LLP

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

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

Hinshaw & Culbertson LLP

Consumer Financial Services Newsletter - November 2016

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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

A&O Shearman

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

A&O Shearman 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

Ballard Spahr LLP

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

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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

Ballard Spahr LLP

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

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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

Burr & Forman

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

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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

Morrison & Foerster LLP

CFPB Hit by Major Setback in D.C. Circuit

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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

King & Spalding

D.C. Circuit Rules CFPB’s Structure Unconstitutional

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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

Cadwalader, Wickersham & Taft LLP

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

Buchalter

Leadership Structure of CFPB Ruled Unconstitutional

Buchalter on

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

Kilpatrick

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

Kilpatrick on

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

Carlton Fields

A Truckload of Trouble for the CFPB

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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

Ballard Spahr LLP

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

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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

Arnall Golden Gregory LLP

DC Circuit Rules CFPB’s Structure Unconstitutional—Overturns $106mm Fine

On October 11, 2016, the United States Court of Appeals for the District of Columbia, widely regarded as the nation’s second most powerful court, ruled that the structure of the Consumer Financial Protection Bureau (“CFPB”)...more

BakerHostetler

Federal Appellate Court Deems CFPB ‘Unconstitutionally Structured’ and Overturns PHH Penalty

BakerHostetler on

On Oct. 11, the U.S. Court of Appeals for the D.C. Circuit deemed the Consumer Financial Protection Bureau (CFPB) “unconstitutionally structured” and overturned its enforcement action, including a $109 million penalty,...more

Orrick, Herrington & Sutcliffe LLP

DC Circuit Strikes Down CFPB Leadership Structure

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

Troutman Pepper

Federal Appeals Court Finds CFPB's Structure Unconstitutional

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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

Manatt, Phelps & Phillips, LLP

Court to CFPB: Unconstitutional and Wrong on RESPA

In a landmark decision impacting the consumer financial services industry and beyond, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of...more

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