CFPB seeks rehearing in PHH case that declared it unconstitutional

  • The CFPB called the appeals court’s Oct. 11 ruling -- considered to be a huge win for embattled PHH -- “dramatic and unprecedented."
  • The CFPB’s petition also claimed the court “misinterpreted RESPA.”
  • The rehearing request asks that the case be heard again in front of all the court's judges instead of a panel of three.

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As the Consumer Financial Protection Bureau’s (CFPB) battle with mortgage lender PHH Corp. enters its third year, the bureau is striking back against a recent federal court’s finding that its single-director structure is “unconstitutional” and challenging the court’s interpretation of the Real Estate Settlement Procedures Act (RESPA).