Challenge to CFPB’s Far-Reaching Power to Get Its Day in Court
PHH Corp. of New Jersey was hit with a $6 million fine for alleged "kickbacks." The lender protested the judge's decision. CFPB Director Cordray took issue with the lender's protest and slapped it with a $109 million penalty instead. PHH appealed. Now the District of Columbia Circuit Court of Appeals has set a date to review the matter. It's a case that many in the industry are watching closely as "the first serious test of the CFPB's enforcement authority." See also here. [1/26/16]
