CFPB's Constitutionality Pivot Won't Kill Ocwen Servicing Suit

Law360 (November 13, 2019, 9:16 PM EST) -- A Florida federal judge said Wednesday that he is not convinced the Consumer Financial Protection Bureau is unconstitutionally structured, even if the agency's head says otherwise, and declined to end an enforcement action against Ocwen Financial Corp.

U.S. District Judge Kenneth A. Marra found other grounds for dismissal in September when he booted the suit that accuses Ocwen of widespread mortgage servicing failures but gave the CFPB a chance to amend its claims after rejecting Ocwen's argument that the agency is unconstitutionally structured and therefore lacks proper authority to pursue the lawsuit.

Ocwen asked the court last month to reconsider the...

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