Ocwen Financial caught a potentially big break last week when the judge overseeing its dispute with the Consumer Financial Protection Bureau granted its request to invite the Department of Justice to weigh in. “There are at least two clear reasons to invite the Attorney General to participate here,” the company told Judge Kenneth Marra, of the U.S. District Court for the Southern District of Florida. First, it noted, district courts are required to notify the attorney general of a constitutional challenge in any action in which the U.S. government is not a party. Second, the U.S. attorney general recently filed...
The U.S. Court of Appeals for the Ninth Circuit recently held that mortgage underwriters are not “administrative employees” and, therefore, not exempt from the overtime protections of the Fair Labor Standards Act. The court’s ruling in McKeen-Chaplin v. Provident Savings Bank overturned a lower court decision and deepened a split among the circuit courts on whether certain employees of mortgage companies qualify for overtime pay. Given the conflicting circuit court opinions, attorneys are...
It’s safe to say that CFPB Director Richard Cordray has been one of the most controversial financial regulators to work in Washington, D.C. for quite some time...
“There is a proven blueprint to succeed, and we hope to successfully resolve this matter before reaching the Supreme Court of the United States,” the company told investors.
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