Mortgage lender PHH asks court to deny CFPB rehearing

Mortgage lender says court’s finding that CFPB’s single-director structure is ‘unconstitutional’ should stand
  • In October, a federal appeals court ruled that the CFPB's single-director structure was "unconstitutional" in a case involving mortgage lender PHH.
  • The CFPB has asked the appeals court to revisit the decision, while PHH has asked the court not to.

When a federal appeals court made a controversial decision that the Consumer Financial Protection Bureau’s (CFPB) single-director organizational structure is “unconstitutional,” it was no surprise that the CFPB asked the court to reconsider.