Bureau appears poised to drop PHH caseĀ 

June 6, 2018 -- According to reports in theĀ Credit Union Journal, the Consumer Financial Protection Bureau is poised to end its court battle with nonbank mortgage lender and servicer, PHH Corp. Litigation began when the CFPB fined PHH $109 million for illegally accepting kickbacks from mortgage insurers to which it had referred customers. PHH appealed the fine, arguing that the agency overreached and that it's single-director structure was unconstitutional.

In January, the U.S. Court of Appeals for the D.C. Circuit found that the agency violated due process and remanded part of the case back to the CFPB. The appeals court also ruled that the creation of the agency's single-director structure, through the Dodd-Frank Act, was constitutional.

Earlier this week, CFPB and PHH lawyers filed a joint statement recommending that acting Director Mick Mulvaney dismiss the case outright.