A three-judge panel of the U.S. Court of Appeals for the D.C. Circuit issued a landmark decision earlier this month related to the Consumer Financial Protection Bureau. Although the constitutional issue the court decided concerning the structure and power of the CFPB has dominated news coverage, some of the most important — and likely, more permanent — aspects of the decision in PHH v. Consumer Financial Protection Bureau have received relatively little notice.
The case concerned the legality of certain arrangements between PHH Corp. and several mortgage insurance companies in which PHH would refer its residential mortgage loan borrowers to the mortgage insurance companies and they would in turn purchase mortgage reinsurance from a PHH affiliate The CFPB determined that these arrangements violated Section 8 of the Real Estate Settlement Procedures Act (RESPA) and ordered PHH to pay $109 million. PHH appealed the CFPB’s decision to the D.C. Circuit.
“UNCHECKED” POWER
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