Posts tagged Cordray.
On August 5, 2015, PHH Corp. ("PHH") won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau ("CFPB") director Rich Cordray. Cordray's aggressive legal reasoning and the harsh penalties he imposed, in what was the first ever appellate decision in a CFPB enforcement action, have already sent shockwaves around the financial services industry. The case began as a CFPB enforcement action alleging that PHH had violated the Real Estate Settlement Procedures Act ("RESPA") by allegedly tying mortgage insurance referrals from PHH to agreements mortgage ...
Tags: Administrative Law Judge, ALJ, Consumer Financial Protection Bureau, Cordray, DC Circuit, dodd-frank, PHH, PHH Corp., Real Estate Settlement Procedures Act, respa, Rich Cordray, U.S. Court of Appeals for the District of Columbia Circuit, Wall Street Reform and Consumer Protection Act