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Hensarling Applauds Bureau Dismissal of PHH Case
“This dismissal is the final nail in the coffin of what was a sad chapter in the Bureau’s short history.”

Washington, Jun 7 -

House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement upon news that the Bureau of Consumer Financial Protection (Bureau) is dismissing its case against PHH Corp.

“Once 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.”sf