Tag Archives: RESPA

CFPB Seeks Rehearing of D.C. Circuit Panel Ruling in PHH: What Now?

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The Consumer Financial Protection Bureau (Bureau) Friday filed a petition in the closely-watched PHH case, seeking to undo a ruling by a panel of judges for the D.C. Circuit Court that was highly critical of the Bureau’s interpretation of the Real Estate Settlement Procedures Act (RESPA).  The Bureau also seeks to challenge a ruling in … Continue reading this entry

Five Key Takeaways From the D.C. Circuit’s PHH Decision

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The legal challenge by PHH Corp. (PHH) to a June 4, 2015, decision by the director of the Consumer Financial Protection Bureau (Bureau) in connection with the Bureau’s enforcement proceeding against PHH has captivated the real estate settlement services industry. The attention is justified. Director Cordray’s ruling against PHH, which was the first appeal from a … Continue reading this entry

PHH v. CFPB: "What is a Kickback?"

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On April 12, 2016, a panel of the U.S. Court of Appeals for the D.C. Circuit heard oral argument in PHH Corporation’s (PHH) milestone legal battle with the Consumer Financial Protection Bureau (Bureau). During the argument, the Bureau had a lot to worry about: whether the agency’s unusual structure, headed by a single director who has … Continue reading this entry

Supreme Court Vacancy Leaves Spokeo Outcome Even More Uncertain

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The consumer financial services industry is wondering how the sudden passing of United States Supreme Court Justice Antonin Scalia will affect the pending Spokeo, Inc. v. Thomas Robins case. Spokeo is a key case dealing with whether a class action lawsuit may be brought by a consumer who suffered no actual injury, based solely on a claimed … Continue reading this entry

CFPB Director’s Divisive View of RESPA Limitations Period Central to Ongoing UDAAP Action

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In the ongoing Integrity Advance enforcement action by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”), the Office of Enforcement this January filed a brief arguing that its claims for alleged unfair, deceptive, or abusive acts or practices (“UDAAP”) in a payday lending case are not subject to the three-year statute of limitations (“SoL”) set forth … Continue reading this entry

A Response to the CFPB’S Recent Compliance Bulletin on MSAs

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On October 8, 2015, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a Compliance Bulletin on RESPA Compliance and Marketing Services Agreements (“MSAs”)(“Compliance Bulletin”).  The Compliance Bulletin’s message that MSA participants face “substantial risks” under RESPA has reverberated and caused buzz since it was issued. This response discusses some of the more puzzling and … Continue reading this entry

CFPB Extends TRID Effective Date to October 1

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The Consumer Financial Protection Bureau (“CFPB”) announced that it would provide mortgage lenders with additional time to prepare for the highly anticipated TILA-RESPA Integrated Disclosures (“TRID”). Since the issuance of TRID’s final regulations in November 2013, mortgage lenders have been frantically preparing for its effective date of August 1, 2015. Generally speaking, TRID will consolidate … Continue reading this entry

CFPB Director Cordray Issues First-Ever Agency Appellate Decision in RESPA Case

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The Director of the federal Consumer Financial Protection Bureau (CFPB), Richard Cordray, issued a decision yesterday in the first appeal of a Bureau administrative enforcement action. Cordray’s decision upholds in part, and reverses in part, a 2014 Administrative Law Judge (ALJ) decision which held that PHH Corp. (“PHH”) violated the Real Estate Settlement Procedures Act … Continue reading this entry

A Bit of Grace

The Consumer Financial Protection Bureau (CFPB) has finally agreed to bend under the strain of numerous requests from financial industry participants and 255 bi-partisan House members and 41 senators, who requested that the CFPB delay the implementation of the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosures (TRID) requirements.  Although … Continue reading this entry