Latest Articles

The D.C. Circuit’s long-awaited en banc decision in PHH v. CFPB upheld the constitutionality of the CFPB’s single-director structure in the face of a constitutional attack.  But don’t be fooled by the headlines:  under-the-radar parts of the decision were  big wins for the mortgage industry and the rule of law. Read our client alert.…
The potentially explosive combination of the D.C. Circuit’s October decision in PHH v. CFPB and the outcome of the presidential election has spurred a host of questions about how the PHH litigation may proceed and about the future of the CFPB under the leadership of CFPB Director Richard Cordray.  After providing some background, this alert will discuss some of the most pressing of those questions. Read our client alert.…
In a decision eagerly awaited by the financial services industry, the D.C. Circuit this week handed the CFPB a major defeat, throwing out a mortgage lender’s $109 million disgorgement remedy on constitutional, statutory, and administrative-law grounds. See PHH Corp. v. CFPB. This may not be the last chapter in the story, however, as it is likely that the government will seek further review. Read our client alert.…