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Friday, May 26, 2017

D.C. Court revisits case against CFPB

The Consumer Financial Protection Bureau has been closely scrutinized since its inception as part of the 2010 Dodd-Frank Act. Advocates say the government agency protects consumers from unfair lending and predatory credit practices. Opponents claim the agency is too powerful and autonomous. Both sides had their day in court May 24, 2017, when the U.S. Court of Appeals for the D.C. Circuit reopened PHH v. CFPB, a legal action challenging the CFPB’s constitutionality and powers.

As reported March 13, 2017, in issue 17:03:01 of The Green Sheet, PHH Corp. and concerned parties sued the CFPB in April 2016. Plaintiff alleged the bureau belonged to a group of government agencies such as the Federal Communications Commission that “constitute a headless fourth branch of government." Mortgage provider PHH Corp. was also contesting a $109 million penalty imposed by the CFPB for deceptive practices; PHH called the penalty executive overreach.

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