Joint Letter on Washington D.C. Circuit Court of Appeals Ruling Against CFPB

In this letter, co-signed by ourselves, Reinvestment Partners, California Reinvestment Coalition, and Maryland Consumer Rights Coalition, consumer advocates weigh-in expressing disappointment in the Washington D.C. Circuit Court of Appeals’ ruling declaring CFPB’s structure unconstitutional. The case, PPH Corporation v. CFPB, dealt with with the CFPB’s ability to order New Jersey mortgage-lending company PPH to pay a $109 million enforcement penalty after the corporation was found offering illegal kickbacks to mortgage insurance partners with the CFPB’s ability to order New Jersey mortgage-lending company PPH to pay a $109 million enforcement penalty after the corporation was found offering illegal kickbacks to mortgage insurance partners. The Circuit Court’s decision means that CFPB Director Richard Cordry is now subject to at-will dismissal by the President.