The DC Circuit’s Big CFPB Ruling Carries Wide Implications. Here’s What’s Next

Today, the D.C. Circuit Court of Appeals, sitting en banc, held that the structure of the CFPB is constitutional, overturning an earlier ruling by a panel of the Court that would have allowed the President to fire the CFPB director at will.

Part I of this alert addressed the DC Circuit’s holding in PHH Corp. v. CFPB that the consumer financial protection bureau’s single director structure is unconstitutional. Part II addresses the next part of the opinion, where the DC Circuit found that the CFPB misinterpreted the Real Estate Settlement Procedures Act (RESPA),

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On January 31, 2018, the US Court of Appeals for the District of Columbia Circuit issued a ruling en banc in PHH Corporation v.CFPB that may have a significant impact on the future operations of the CFPB, as well as on industry participants’ responses to supervision and enforcement. Specifically, the court upheld the constitutionality of the CFPB’s structure as an independent financial federal.

Implications of the DC Circuit Court’s Ruling in PHH v. CFPB. This linkage by the prudential bank regulators of consumer protection issues to safety and soundness considerations may prove more sheltered from judicial review than the CFPB’s single enforcement focus on consumer protection.

The petitioner here, PHH, is a mortgage lender and was the subject of a CFPB enforcement action that resulted in a 9 million order against . In seeking to vacate the orderit , PHH argues that the CFPB’s status as an independent agency headed by a single Director violates Article II of the Constitution.

On October 11th, the US Court of Appeals for the DC Circuit ruled that the CFPB cannot continue to operate under the leadership of a lone individual unencumbered by any branch of government. In stark contrast to other federal agencies, the Bureau has thus far had a single director, Richard Cordray, who could only be removed from his position "for cause" and not at the president’s volition.

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The DC Circuit’s Big CFPB Ruling Carries Wide Implications. Here’s What’s Next. Grace Glavin is a Real Estate Attorney in Winter Springs, FL. Click Grace’s profile to discover their Avvo Rating, write a review, and read professional endorsements. Find Grace Anne Glavin PA in Winter Springs with Address, Phone number from Yahoo US Local.

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