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January 25, 2016

Court Case Over ‘Breathtaking’ Administrative Power of CFPB

In 2014, a Consumer Financial Protection Bureau (CFPB) administrative court ruled that a New Jersey lender “took illegal ‘kickbacks’ from mortgage insurers.” The company challenged the ruling, but CFPB Director Richard Cordray upheld the decision and ordered PHH Corp. to pay $109 million in “allegedly ill-gotten gains,” which is 18 times more than the judge sought.

A court case challenging his ruling, PHH Corporation. et al v. CFPB, will be heard in the District of Columbia Circuit Court of Appeals.

The U.S. Chamber called Cordray’s ruling a “breathtaking assertion of raw administrative power,” in a brief supporting PHH Corp.

Read the full story here.

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