In a joint press release with three other advocacy groups, Reinvestment Partners condemns the ruling in the Washington, DC Circuit Court of Appeals in PPH Corporation v. CFPB. In the original case, the Consumer Financial Protection Bureau (CFPB) fined PHH $109 millions for orchestrating illegal kickback payments to lenders who artificially raised the cost of mortgage loans to certain borrowers.
The case overturned the ruling on the opinion that the CFPB’s organizational structure is unconstitutional. The decision did not decide the case on the merits of the arguments, and in doing so, chose to ignore evidence of predatory practices. Reinvestment Partners affirms its support for the CFPB and applauds the Bureau for its strong record of service to consumers.
[Read the full press release HERE]