The PHH Corp. case against the Consumer Financial Protection Bureau (CFPB) has brought up a number of issues regarding RESPA Section 8; however, there is another question brought up by this case and another ongoing case against the CFPB: Is the CFPB a constitutional agency? We’ll explore this issue in our two-part series.
Readers may remember the small Texas bank that waged a fight against the constitutionality of the Consumer Financial Protection Bureau, alleging that the 2012 recess appointment of Director Richard Cordray was illegal and that the very creation of the agency circumvented checks and balances. The case continued recently when State National Bank of Spring, Texas, filed a motion for summary judgment, seeking a declaration that the CFPB’s structure is unconstitutional.
As the first mortgage loans featuring the new Loan Estimate and Closing Disclosure forms are being closed, those closest to the process discussed how the process was going. See what those in the thick of TRID had to say about possible confusion about the rules, the difficulties of interpreting rules surrounding the new forms, and potential technology issues here.
Plaintiffs’ names should be redacted in all documents filed in a lawsuit against the Consumer Financial Protection Bureau by a group of businesses and an individual who provide services related to consumer credit counseling, the D.C. District Court recently ruled. See the details here.
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