CORRUPT TRUMP ADMINISTRATION'S CFPB Dismisses PHH Enforcement Action

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CORRUPT TRUMP ADMINISTRATION’S CFPB Dismisses PHH Enforcement Action

CORRUPT TRUMP ADMINISTRATION’S CFPB Dismisses PHH Enforcement Action

National Mortgage Professional-

The Consumer Financial Protection Bureau (CFPB) has quietly dropped dismissed its four-year-old enforcement action against PHH Corp.
The decision comes one month after PHH Corp. has announced that it will not appeal a U.S. Court of Appeals ruling from January that ruled against the mortgage company’s efforts to challenge the constitutionality of the CFPB. That ruling overturned a 2016 decision from a panel of the court’s judges that declared the president had the authority to fire the CFPB director at will. PHH brought its lawsuit against the CFPB over a $103 million enforcement action issued by then-CFPB Director Richard Cordray in 2014, and the Court of Appeals reimbursed PHH over what it considered as an inappropriate fine as part of its January ruling.
“Enforcement counsel and respondents have conferred, and have agreed to recommend dismissal of this administrative proceeding,” said Kristen Donoghue, the CFPB’s enforcement director, in a joint statement with a team of CFPB attorneys. “Accordingly, enforcement counsel and respondents respectfully request that the acting director proceed to dismiss this matter.”
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