When a three-judge panel at the D.C. Circuit Court of Appeals issued its first ruling in PHH Corp. v. CFPB, the decision came in October, five months after oral arguments.
The en banc panel took a little longer, but its decision was treated with cheers from industry observers. The ruling issued Wednesday reinstated the statutory interpretation of RESPA first published in the October 2016 three-judge panel decision. The full court also upheld the constitutional structure of the Consumer Financial Protection Bureau.
“Given the make up of the en banc court it is not surprising that the court ruled 7-3 that the CFPB is not unconstitutionally structured,” Mayer Brown Partner Phillip Schulman told RESPA News. Read on for more.
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