CFPB Drops Probe of Zillow

CFPB Drops Probe of Zillow

June 25, 2018
It’s a case that seems all too reminiscent of the abuses that were commonplace in the days before the 2008 crash
Zillow has announced that the Consumer Financial Protection Bureau (CFPB) will not bring enforcement actions against it following an investigation of its marketing practices over concerns of violating the Real Estate Settlement Procedures Act (RESPA).
The Seattle-based company made the announcement via a filing with the U.S. Securities and Exchange Commission (SEC), noting that the CFPB was probing whether Zillow was guilty of “co-marketing” for allowing real estate agents and other housing-related professionals to share in advertising costs on its site. Zillow first announced that the CFPB probe was underway in an SEC filing from May 4, 2017.
"On June 22, 2018, the Company received a letter from the Bureau stating that it had completed its investigation, that it did not intend to take enforcement action, and that the Company was relieved from the document-retention obligations required by the Bureau's investigation," Zillow said in the filing.
The CFPB did not issue a public statement on the matter.