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Real Estate Settlement Procedures Act Administrative Law Judge (ALJ)

McGuireWoods LLP

Full D.C. Circuit Court, Reversing Decision Below, Holds that CFPB’s Independent Structure is Constitutional; also Reinstates...

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In a long-awaited constitutional decision regarding the Consumer Financial Protection Bureau (“CFPB”), the full D.C. Circuit Court of Appeals today in PHH v. CFPB reversed a prior ruling by a three-judge panel that the CFPB...more

Ballard Spahr LLP

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

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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

Ballard Spahr LLP

Cordray’s CNBC interview answers few questions

Ballard Spahr LLP on

Recently, Richard Cordray was interviewed by CNBC while eating breakfast at a diner in his hometown in Ohio.  The interview was more noteworthy for what it failed to cover than for what it covered.  He was not asked the...more

Smith Debnam Narron Drake Saintsing & Myers,...

Court Grants CFPB's Petition for Rehearing in PHH

The D.C. Circuit has vacated its prior order in PHH Corporation v. Consumer Financial Protection Bureau and ordered the matter be reheard en banc. The parties have been specifically asked to address the following issues in...more

Ballard Spahr LLP

D.C. Circuit grants CFPB’s petition for rehearing en banc in PHH case

Ballard Spahr LLP on

The D.C. Circuit has entered an order granting the CFPB’s petition for rehearing en banc in the PHH case.  Because the order was issued per curiam, it does not indicate which of the active judges voted to grant the petition...more

Cadwalader, Wickersham & Taft LLP

2016 Year In Review: Securities Litigation And Regulation

2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more

Ballard Spahr LLP

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

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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

Alston & Bird

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

Alston & Bird on

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

Maynard Nexsen

Cutting Through the Constitutionality Haze in the Battle Between PHH Corporation and the Consumer Financial Protection Bureau

Maynard Nexsen on

So much has been written in recent weeks about the battle between PHH Corporation and the Consumer Financial Protection Bureau in the U.S. Court of Appeals for the D.C. Circuit. The panel heard oral argument on April 12,...more

Bilzin Sumberg

A Day of Reckoning for the CFPB?

Bilzin Sumberg on

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

K&L Gates LLP

D.C. Circuit Appears Poised to Overturn First CFPB Enforcement Action to Reach the Court: Five Key Takeaways From Yesterday’s Oral...

K&L Gates LLP on

Major financial firms almost never litigate with their regulators. As a result, regulators often take aggressive enforcement positions with little fear of judicial scrutiny. That’s been especially true for the Consumer...more

BakerHostetler

D.C. Circuit Judge Expresses Concern That CFPB Concentrates “Huge Power” in Single Director

BakerHostetler on

Yesterday’s oral argument in the CFPB v. PHH Corporation appeal included sharp questioning about the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) single-director structure, which the parties agreed...more

Ballard Spahr LLP

Constitutionality of CFPB structure at issue in D.C. Circuit oral argument

Ballard Spahr LLP on

The constitutionality of the CFPB’s structure was front and center at this past Tuesday’s oral argument in PHH Corporation et al. v. CFPB before the U.S. Court of Appeals for the D.C. Circuit. The case involves PHH’s appeal...more

Goodwin

CFPB Claims New Method of Calculating Damages Is Necessary to Deter Future Bad Conduct

Goodwin on

On November 6, 2015, the Consumer Financial Protection Bureau (CFPB) filed a response brief with the District Court for the District of Columbia, justifying its recalculation of a penalty assessed against PHH Corporation...more

BakerHostetler

PHH Fine on Hold, Says D.C. Circuit

BakerHostetler on

On August 3, 2015, the D.C. Circuit Court of Appeals entered an order staying Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s June 4, 2015, order imposing injunctive relief and disgorgement of over $109...more

Burr & Forman

PHH Wins Stay of $109M CFPB Enforcement Penalty

Burr & Forman on

On August 5, 2015, PHH Corp. (“PHH”) won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau (“CFPB”) director Rich Cordray. Cordray’s aggressive legal reasoning and the harsh penalties he imposed,...more

BakerHostetler

CFPB Enforces RESPA in its First Appellate Decision of the Director

BakerHostetler on

In the first appeal of an administrative enforcement proceeding before the Consumer Financial Protection Bureau (“Bureau”), the administrative law judge (ALJ) concluded that PHH Corporation, a mortgage lender, referred...more

K&L Gates LLP

CFPB Issues Final Decision in In Re: PHH Corp.: First Agency Decision in Contested Administrative Proceeding

K&L Gates LLP on

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued the Director’s final decision in the CFPB’s enforcement action against PHH Corp. (PPH). The decision is the agency’s first ruling in a contested...more

McGuireWoods LLP

CFPB Asserts Sweeping RESPA Enforcement Authority In First Appellate Decision

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In a decision asserting broad authority for the CFPB and which is certain to set the tone for future CFPB appellate rulings, Bureau director Richard Cordray recently issued the Bureau’s first decision from an appeal of a...more

Morgan Lewis

CFPB Issues First Appellate Ruling

Morgan Lewis on

In affirming its own decision, the Consumer Financial Protection Bureau (CFPB) leaves few protections for targets in its administrative enforcement proceedings. If you are subject to a CFPB administrative proceeding, or...more

Foley & Lardner LLP

CFPB Director Cordray Issues First-Ever Agency Appellate Decision in RESPA Case

Foley & Lardner LLP on

The Director of the Federal Consumer Financial Protection Bureau (CFPB), Richard Cordray, issued a decision yesterday in the first appeal of a Bureau administrative enforcement action. Cordray’s decision upholds in part,...more

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