PHH Corp. will not take its case against the constitutionality of the Consumer Financial Protection Bureau to the Supreme Court, HousingWire staffer Ben Lane reports.
Earlier this year, the Court of Appeals for the District of Columbia Circuit reversed its previous decision and ruled that the CFPB is constitutionally structured. PHH had until May 1 to appeal the case to the Supreme Court, but it elected not to do so.
In October 2016, the Court of Appeals for the District of Columbia Circuit declared the CFPB’s leadership structure unconstitutional by a 2-1 vote and vacated a $100 million fine levied by the CFPB against PHH. Now, the court’s reversal will be the letter of the law.
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