The D.C. Circuit recently announced its landmark decision in PHH Corporation v. CFPB. In that decision, the Court ruled:

  • The CFPB's single-director-removable-only-for-cause structure is unconstitutional;
  • The CFPB is subject to the same statute of limitations in administrative enforcement actions as applies to it in court;
  • The CFPB's interpretation of Section 8 of RESPA regarding PHH's referral of mortgage insurance to a company that then reinsures the business with an affiliate of PHH is wrong; and
  • The CFPB violated PHH's constitutional right to due process by applying retroactively to PHH its wrong interpretation of Section 8 rather than the correct longstanding HUD interpretation of RESPA

In addition to a thorough discussion of the DC Circuit’s holdings, we will also discuss:

  • The CFPB’s next step(s) in the case;
  • Implications for CFPB consent orders and pending investigations and litigation;
  • Implications for existing, pending, and future CFPB regulations in light of Executive Order 12866;
  • Implications for the CFPB's supervision of non-banks that are "larger participants;"
  • Implications for the mortgage and settlement service industries; and
  • Potential political implications.

Date & TIme

Tuesday, November 1, 2016
12:00 PM - 1:00 PM ET


Alan S. Kaplinsky, Practice Group Leader
Consumer Financial Services


Christopher J. Willis
Practice Leader, Litigation
Consumer Financial Services

Richard J. Andreano, Jr.
Practice Leader
Mortgage Banking

James Kim
Consumer Financial Services Litigation

Theodore R. Flo

Consumer Financial Services Litigation

This program is open to Ballard Spahr clients and prospective clients and members of the financial services industry. There is no cost to attend. This program is not eligible for CLE credits.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact Daniel Martin at