PHH Argues Dissolution of CFPB in Brief to D.C. Circuit
Following the D.C. Circuit Court’s decision to rehear the case en banc, PHH Corp., petitioners, have briefed the court of their position, and reassert from their previous argument before the court, that the only true remedy in their dispute with the Consumer Financial Protection Bureau (CFPB) is to find that the agency was created in an unconstitutional way by the Dodd-Frank Act and should cease to exist. This comes at a time, when only a few weeks ago, the U.S. Department of Justice abandoned its support of the CFPB and encouraged the court to change the agency’s leadership structure.
The embattled agency is also feeling pressure from Congress, as legislators in both houses submit bills that could change the CFPB’s authority and leadership structure. Oral argument before the full panel of D.C. Circuit judges is scheduled for May 24th.