CFPB faces court date after lender fights fine

The CFPB will face PHH Corp in the D.C. Circuit Court of Appeals April 12 after the mortgage lender fought back against a stiff penalty ordered by Director Richard Cordray.

The case stemmed from a CFPB order against PHH after the lender allegedly accepted kickbacks from mortgage insurers, which led to rising costs for borrowers. PHH fought the resulting CFPB fine of $109 million, calling into question the agency’s and Cordray’s authority.

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