CFPB Adopts Interim Final Rules

Last week, the CFPB finalized interim final rules that the Bureau issued over four years ago in connection with the transfer of rulemaking authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Dodd-Frank, which was signed into law in July of 2010, established the CFPB and transferred rulemaking authority for a number of federal consumer financial laws from seven different federal agencies to the CFPB.


Director Cordray testifies before Senate Banking Committee

On April 7, 2016, the Senate Banking Committee held a hearing on the Consumer Financial Protection Bureau’s Semi-Annual Report to Congress and featured testimony from CFPB Director, Richard Cordray. This hearing followed Director Cordray’s appearance before the House Financial Services Committee in March, but unlike the House hearing, exchanges between Republican Senators and Director Cordray remained civil despite vehement disagreement on a number of issues.


Oral arguments in PHH appeal

PHH oral arguments

On April 12, 2016, the US Circuit Court of Appeals for the District of Columbia held oral arguments in PHH Corporation v. Consumer Financial Protection Bureau (CFPB). PHH, a mortgage lender, is challenging the CFPB’s constitutionality as well as the Bureau’s interpretation of the Real Estate Settlement Procedures Act (RESPA).

The case began in January 2014 when the CFPB alleged that PHH had violated the anti-kickback provisions in Section 8 of RESPA. PHH contested the CFPB’s charges and brought


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