The much-anticipated rematch between PHH Corporation and the Consumer Financial Protection Bureau has begun. Last week, PHH filed its opening legal brief, in which it seeks invalidation of the entire CFPB. Boldness aside, that outcome is unlikely.
For those who do not follow the activities of the CFPB, the case is a rehearing of an earlier decision by the United States Court of Appeals for the District of Columbia Circuit. View Full Post
Compliance matters can dominate businesses’ daily affairs and quickly take on lives of their own. Wells Fargo Bank recently avoided a $254 million class action that arguably arose due to an easily-overlooked compliance defect.
In the case, Miller v. Wells Fargo Bank, N.A. View Full Post
Most headlines about the Real Estate Settlement Procedures Act discuss unlawful kickbacks. But that law also imposes requirements on mortgage servicers. A recent class-action settlement against Ocwen Loan Servicing shows the dangers of non-compliance.
In the case, Messineo v. Ocwen Loan Servicing
, a borrower alleged that he routinely paid extra on his home mortgage and that Ocwen botched the processing of his payments. View Full Post
One of the important limitations in the Real Estate Settlement Procedures Act is the short time in which consumers can sue for violations of its protections: one year. But a new decision from a Pennsylvania federal court threatens to extend that period much longer—perhaps indefinitely. View Full Post
This past week, the on-going legal saga involving PHH Corporation underwent another seismic shift. Given the stakes of the lawsuit, and the possibility of invalidating the directorship of the Consumer Financial Protection Bureau, a federal appeals court has decided to revisit its earlier ruling. View Full Post