The Consumer Financial Protection Bureau (“CFPB”), which just celebrated its fifth birthday, has in its relatively short life gained a reputation for highly aggressive interpretations of its statutory authority—typically announced in connection with enforcement settlements. Earlier this month, the Bureau suffered a rare reversal in a litigated enforcement action. A three-judge panel of the US Court of Appeals for the DC Circuit issued a ruling overturning a $109 million monetary penalty imposed by the CFPB against PHH Corporation under the Real Estate Settlement Procedures Act (“RESPA”).

A two-judge majority held the Bureau’s single-director structure unconstitutional. The court unanimously—and firmly—rejected both the Bureau’s interpretation of Section 8 of RESPA and the Bureau’s claim that its administrative enforcement proceedings are not subject to any statute of limitations.

Join Andrew Pincus and Phillip Schulman as they discuss the key takeaways from PHH Corporation v. CFPB:

  • How the unconstitutionality of a single-director structure of the CFPB may impact the CFPB’s past and future actions
  • What’s next in the case and what may happen on remand to the CFPB
  • What the court’s interpretation of Section 8(c)(2) of RESPA means for your business arrangements and relationships
  • Whether the CFPB is likely to change how it interprets RESPA and pursues RESPA issues in enforcement actions

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Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.

5:00 p.m. – 5:30 p.m. CEST
4:00 p.m. – 4:30 p.m. BST

United States
11:00 a.m. – 11:30 a.m. EDT
10:00 a.m. – 10:30 a.m. CDT
9:00 a.m. – 9:30 a.m. MDT
8:00 a.m. – 8:30 a.m. PDT