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ARTICLE · 17 DECEMBER 2014

First Recommended Decision in Contested CFPB Adjudication issued by US Securities and Exchange Commission ALJ

Mayer Brown
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On November 25, 2014, US Securities and Exchange Commission Administrative Law Judge (ALJ) Cameron Elliot issued the first-ever "recommended decision" in a contested Consumer Financial Protection Bureau (CFPB) adjudication.

United StatesFinance and Banking
Reginald Goeke
Reginald Goeke
Catherine Bernard
Catherine Bernard
Jeffrey H. Redfern
Jeffrey H. Redfern
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On November 25, 2014, US Securities and Exchange Commission Administrative Law Judge (ALJ) Cameron Elliot issued the first-ever "recommended decision" in a contested Consumer Financial Protection Bureau (CFPB) adjudication.

In In re PHH Corporation, et. al., the CFPB alleged that PHH Corporation and its affiliates (residential mortgage lenders) had been engaged in an illegal kickback scheme. According to the CFPB, PHH did business exclusively with mortgage insurance companies that had agreed to purchase reinsurance from a wholly owned PHH subsidiary, at supposedly exorbitant rates. The CFPB claimed that PHH's reinsurance agreements violated the Real Estate Settlement Procedures Act, which prohibits kickbacks in exchange for referrals in real estate transactions.

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