The D.C. Circuit federal appeals court vacated the prior three judge panel October 11, 2016, ruling on claims of PHH Corp. raised in a case challenging a CFPB enforcement action which had imposed a $109 million fine. The D.C. Circuit had ruled that “unchecked power” given to the director of the Consumer Financial Protection Bureau is unconstitutional, and fashioned a remedy giving the president the power to supervise and remove the agency’s director.
On February 16, 2017, the U.S. Court of Appeals for the D.C. Circuit entered an order granting the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en bancin the PHH Corporation, et al., v. Consumer Financial Protection Bureau case. The court based its decision on amici curiae briefs supporting the petition, the United States’ response to the petition, the petitioners’ response to the petition, the petitioners’ supplemental response, and a majority of eligible judges’ vote in favor of the petition. The order vacates the panel’s October 2016 judgment, sets a briefing schedule, and sets May 24, 2017 as the date for oral argument.
UPDATE: The United States Justice Department has requested 10 minutes of oral argument time.
The case is PHH Corporation v. Consumer Financial Protection Bureau.
IRELA was happy to help sponsor this important program last November. Watch for information regarding the 2017 Harold I. Levine Real Estate Institute which will take place this coming November.
A Program for ATG, ATG Trust, and IRELA Members.
This popular program sells out every year!
Established in 2004, the Harold I. Levine Real Estate Institute brings together authorities in the real estate, trust, and estate planning arenas to discuss critical issues facing attorneys with the goal of enlightening them for the benefit of their clients, their practices, society, and the bar.
Plan to attend.
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