California Real Estate Fraud Report

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01
Feb

Washington Appeals Court Rules the CFPB Structure is Constitutional

In a victory for consumers, a Washington appeals courts has reversed a previous ruling that had declared the Consumer Financial Protection Bureau (CFPB) to be unconstitutional.

The Court of Appeals for the District of Columbia Circuit ruled Wednesday that the CFPB‘s structure is constitutional and that the director of the agency can only be fired by the president for “inefficiency, neglect of duty, or malfeasance in office.”

The case originates to the $109 million in CFPB fines levied against New Jersey-based mortgage company PHH Corp. in 2015, which the mortgage company opposed.

We can expect this ruling to be appealed by both the Trump administration and PHH.

The mission statement of the CFPB is thus: “The Consumer Financial Protection Bureau is a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.

Read the original article in DSNews.

© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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