Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Friday, February 17, 2017

Full Circuit Court to Hear Appeal of CFPB Structure Case

The full D.C. Circuit Court of Appeals has agreed to hear the appeal in PHH Mortgage v. Consumer Financial Protection Bureau, a closely watched case over whether the CFPB’s leadership structure – a single powerful director who cannot be removed at will by the president – is constitutional.

The order also vacated an October 2016 ruling by a three-judge D.C. Circuit panel finding the structure unconstitutional and allowing the director’s removal not just “for cause” but at the president’s discretion – thus preventing President Trump from removing current director Richard Cordray before his term ends in 2018.

Oral arguments in the “en banc” review of the case will be heard by the D.C. Circuit on May 24. The case arose in 2015, when Cordray overruled an administrative law judge’s recommendation for a $6.5 million fine against mortgage lender PHH for allegedly requiring unlawful kickbacks from mortgage insurers in violation of the Real Estate Settlement Procedures Act. ABA will continue to monitor the case as it progresses.

Read the order.

No comments:

Post a Comment

Please read our comment policy before making a comment.