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Friday, May 25, 2012

Supreme Court Rejects CFPB’s Amicus Brief Arguments

The Supreme Court released its unanimous decision yesterday in Freeman v. Quicken Loans.

The case dealt with the issue of whether section 8(b) of the Real Estate Settlement Procedures Act (RESPA) should be interpreted to require the division of a fee between two entities, or whether the language would permit liability on a single party acting alone to charge an unearned fee. The Supreme Court, relying on a plain-language analysis, held that the sharing of a fee was required.

The Court’s decision rejected the CFPB’s amicus brief urging reversal of the Fifth Circuit’s ruling and underscored that administrative agencies are not free to expand federal consumer protection statutes beyond the boundaries established by Congress.

Read the Court’s ruling and opinions.

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