The long-awaited decision on the case between the Consumer Financial Protection Bureau and PHH was announced on October 11, 2016.
While the CFPB will remain as a powerful regulator, the federal appeals court trimmed back the power of the CFPB Director and tossed out the $109 million dollar penalty against PHH. It did not do away with the Bureau.
This was an important case for lenders, however most expect that the CFPB will appeal this to the Supreme Court. The Bureau can also ask for a reconsideration by the full court.
A copy of the decision can be found at the link below.