The U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of the Consumer Financial Protection Bureau (CFPB) and overturned a $109 million penalty against mortgage lender PHH Corporation (PHH), allegedly for improper kickbacks under the Real Estate Settlement Procedures Act (RESPA). A copy of the decision may be found here. Read our analysis of the decision here.
California's Department of Business Oversight (DBO) reached a $2.68 million settlement with LendUp recently, a deal based on the regulator's allegations that the firm charged illegal fees and committed other "widespread" violations of state law.