The following are legislative updates issued in 2016.
To return to the main legislative page, click here.
October 11, 2016
D.C. Court of Appeals Decides PHH vs. CFPB
Today, the United States Court of Appeals for the District of Columbia Circuit handed down a decision many thought unimaginable. The DCA declared that the CFPBs leadership does not meet necessary constitutional tests for checks and balances. The court wrote, "Because the Director alone heads the agency without Presidential supervision, and in light of the CFPB's broad authority over the U.S. economy, the Director enjoys significantly more unilateral power than any single member of any other independent agency."
AEA filed an Amicus (friend of the court) brief in support of the PHH position.
May 26, 2016
AEA Reports - The CFPB Meets with Industry
A Report from Art Davis, AEA Washington D.C. Representative
AEA and a number of other industry trade groups met with the CFPB to cover TRID implementation and issues needing additional agency guidance or resolution through written information from the CFPB.
April 28, 2016
Letter from CFPB Director Richard Cordray
Correspondence addressed to real estate industry trade associations and their members stating that the CFPB is working on a rulemaking to revise the Know Before You Owe (TRID) Rulemaking, effective since October 3, 2015, with a goal of a late July 2016 issuance date.