Dodd-Frank suits could bring important precedents: CUNA

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The Credit Union National Association (CUNA) is monitoring cases in federal courts in Washington, D.C., challenging the Dodd-Frank Act, that could create important precedents for those under the jurisdiction of Dodd-Frank, and those looking to challenge it.Both PHH Corp. and MetLife Inc. have challenged certain aspects of Dodd-Frank, including actions of the Consumer Financial Protection Bureau (CFPB).On April 12, the U.S. Court of Appeals for the District of Columbia will hear oral arguments in PHH Corp.’s challenge to a $109 million enforcement actionin June 2015. The CFPB alleged that PHH accepted kickbacks in the form of mortgage reinsurance premiums.This case is the first challenge to a CFPB administrative action. When the action was first decided by an administrative law judge, PHH was handed a $6 million fine. After PHH pushed back against the decision, the CFPB increased the fee, to $109 million. continue reading »last_img

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