The U.S. Court of Appeals for the D.C. Circuit heard oral arguments in a case against the structure of the CFPB Tuesday in a rare case against the bureau.
PHH Corp. pushed back against a CFPB order the bureau made against the lender after it allegedly accepted kickbacks from mortgage insurers. In an appeal to the ruling, PHH called into question the agency's and Cordray's authority.
The three-judge panel listened to arguments on the constitutionality of the agency and its single director, and whether it violated separation of powers. Ted Olson, a partner at Gibson, Dunn & Crutcher, argued on behalf of PHH, while Lawrence DeMille-Wagman argued for the bureau.
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