For real estate brokers, agents, lenders and title companies subject to the Real Estate Settlement Procedures Act (“RESPA”), October 11, 2016 was a banner day. A three-judge panel of the US Court of Appeals for the DC Circuit issued a ruling that day overturning a $109 million monetary penalty imposed by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) against PHH Corporation. In doing so, the court addressed the unconstitutionality of the CFPB’s structure, strongly rebuffed the CFPB for its interpretation of Section 8 of RESPA and the Bureau’s retroactive application of that interpretation and imposed RESPA’s three-year statute of limitations on the CFPB. Among its important implications for companies regulated by RESPA, the court’s decision breathes new life into services agreements.
Join Phillip Schulman and Holly Bunting on November 2, 2016 at 2 p.m. EDT for a 60-minute webinar to discuss the takeaways from PHH Corporation v. CFPB. Among other topics, we will address:
- What the court’s affirmation of Section 8(c)(2) of RESPA means for your business arrangements and relationships
- How the unconstitutionality of a single-director structure of the CFPB impacts the CFPB’s operations and actions to date
- Whether the CFPB is likely to change how it interprets RESPA and pursues RESPA issues in enforcement actions
- What’s next in the case and what happens on remand to the CFPB
Don’t miss this timely and significant presentation.