CFPB Asks 7th Circ. To Rethink Ruling That Vacated $59M Win

By Katryna Perera (October 8, 2021, 6:19 PM EDT) -- The Consumer Financial Protection Bureau has asked the Seventh Circuit to reconsider an earlier ruling that upended a $59 million judgment the agency won against a law firm accused of scamming struggling homeowners, saying the appeals court "erroneously concluded" that practicing attorneys are exempt from the regulation that governs mortgage relief services.

In its petition for a panel or en banc rehearing, the CFPB argued that the Seventh Circuit got it wrong when it issued a ruling in July that said practicing attorneys are exempt from Regulation O. This ruling, if left standing, could have disastrous consequences for consumer protection, the agency said.

"Its reasoning would strip the [CFPB]...

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