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Expert Analysis

The CFPB's Real Message In Its 1st Administrative Appeal

Law360, New York (July 2, 2015, 1:32 PM EDT) -- On June 4, 2015, the Consumer Financial Protection Bureau issued Director Richard Cordray's final decision in the CFPB's enforcement action against PHH Corp. The decision is the CFPB's first ruling in a contested administrative proceeding and sheds light on how the agency, at least under the leadership of Director Cordray, will approach these matters. Most strikingly, Director Cordray overturned several key rulings by the administrative law judge, resulting in a decision requiring PHH to pay over $109 million in disgorgement, nearly 17 times as much as the $6.4 million recommended by the administrative law judge....

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