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Home > Analysis and Commentary, Business, Finance, Legal, Manufactured Housing Industry, News, regulation > “Final Nail in the Coffin,” Bureau of Consumer Financial Protection Case Dismissed, Hensarling Reacts

“Final Nail in the Coffin,” Bureau of Consumer Financial Protection Case Dismissed, Hensarling Reacts

June 8th, 2018

FinalNailCoffinConsumerFinancialProtectionHOuseFinancialServicesCOmmittee

House Financial Services Committee Chairman Jeb Hensarling applauded the Consumer Financial Protection Bureau’s dismissal of PHH case, per a statement made to the Daily Business News.


This dismissal is the final nail in the coffin of what was a sad chapter in the Bureau’s short history,” Hensarling said.

The Financial Services Committee Chairman issued the following statement, in response to “the Bureau of Consumer Financial Protection (Bureau) is dismissing its case against PHH Corp,” per their release. He said:

ConsumerFinancialProtectionBureauCFPBWIkiManufacturedHousingIndustryDailyBusinessNewsMHPronews

TXR-JebHensarlingHouseFinancialServicesCommitteeDailyBusinessNewsMHProNEwsOnce again, Acting Director Mulvaney is doing what is needed to continue the agency’s transformation into one that follows the law as written.  In the PHH case the facts show that former Director Cordray unilaterally reversed accepted law with regards to Section 8(c) of RESPA, and did so not with formal rulemaking, but with an ad hoc enforcement action instead.  Then, to make matters worse, former Director Cordray attempted to apply this new, rogue standard retroactively.

The D.C. Circuit Court rightfully ruled against him in both instances. 

This dismissal is the final nail in the coffin of what was a sad chapter in the Bureau’s short history.”

As long-time MHProNews readers know, the picture in Washington, D.C. was quite different just 2 short years ago.  With the dawn of the Trump Administration – and accelerating since Mulvaney has taken over as acting director of the CFPB – the rule of constitutional law is slowly-but-steadily returning.

For those who are looking for regulatory certainty, the mid-terms and how the Trump Administration continues to undo Obama era actions that many believed were harmful to the industry, will all be topics to watch. ## (News, analysis, commentary.)

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 


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