By Chris Bruce
Ocwen Financial Corp. will within days again take up a challenge to the Consumer Financial Protection Bureau’s constitutionality, a spokesman for Ocwen confirmed June 9 ( Cons. Fin. Protection Bureau v. Ocwen Fin. Corp. , S.D. Fla., 17-cv-80495, complaint filed 4/20/17 ).
Ocwen sought to raise that question early on in a case brought by the CFPB in April that claimed the Atlanta-based company violated consumer protection laws in servicing loans of distressed borrowers.
Judge Kenneth Marra of the U.S. District Court for the Southern District of Florida blocked that effort June 2, but only in terms of timing. Marra, while denying Ocwen’s motion for a special case conference to address the question, said Ocwen is free to test the CFPB’s constitutionality later on in a motion to dismiss the CFPB’s lawsuit.
John Lovallo, a spokesman for Ocwen, said to expect that challenge and others within days. “Ocwen’s motion to dismiss is currently due June 19, and constitutionality will be one of many arguments,” Lovallo said in an email to Bloomberg BNA.
The CFPB’s constitutionality is an ongoing question in several cases, especially in the U.S. Court of Appeals for the District of Columbia Circuit, where the court’s full bench May 24 heard argument in a case involving PHH Corp. of Mount Laurel, N.J. The Ninth Circuit also recently allowed an appeal on whether the CFPB is constitutional.
Ocwen is represented by Thomas M. Hefferon and Sabrina M. Rose-Smith of Goodwin Procter in Washington, and Bridget Ann Berry of Greenberg Traurig in West Palm Beach, Fla. The CFPB is represented by Jean Marie Healey, Atur Ravi Desai, and Jan Edwards Singelmann.
To contact the reporter on this story: Chris Bruce in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Michael Ferullo at MFerullo@bna.com
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)