Skip to main content

CFPB Dismisses PHH Enforcement Action

Phil Hall
Jun 08, 2018
he Consumer Financial Protection Bureau (CFPB) has quietly dropped dismissed its four-year-old enforcement action against PHH Corp.

The Consumer Financial Protection Bureau (CFPB) has quietly dropped dismissed its four-year-old enforcement action against PHH Corp.
The decision comes one month after PHH Corp. has announced that it will not appeal a U.S. Court of Appeals ruling from January that ruled against the mortgage company’s efforts to challenge the constitutionality of the CFPB. That ruling overturned a 2016 decision from a panel of the court’s judges that declared the president had the authority to fire the CFPB director at will. PHH brought its lawsuit against the CFPB over a $103 million enforcement action issued by then-CFPB Director Richard Cordray in 2014, and the Court of Appeals reimbursed PHH over what it considered as an inappropriate fine as part of its January ruling.
“Enforcement counsel and respondents have conferred, and have agreed to recommend dismissal of this administrative proceeding,” said Kristen Donoghue, the CFPB’s enforcement director, in a joint statement with a team of CFPB attorneys. “Accordingly, enforcement counsel and respondents respectfully request that the acting director proceed to dismiss this matter.”
“We are extremely gratified to have this matter fully resolved as a result of Acting Director Mulvaney’s decision to dismiss this case,” said PHH in a statement. “Today’s order is consistent with our long-held view that we complied with RESPA and other laws applicable to our former mortgage reinsurance activities in all respects.”
PHH was acquired by Ocwen Financial Group in February for $360 million.

Jun 08, 2018
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021