Zillow (ZG) Reports CFPB Completed Investigation and Does Not Intend to Take Enforcement Action
(Updated - June 25, 2018 7:57 AM EDT)
Zillow Group, Inc. (NASDAQ: ZG) disclosed in an SEC filing:
As previously disclosed, the Consumer Financial Protection Bureau (“Bureau”) issued Zillow Group, Inc. (the “Company”) a Notice and Opportunity to Respond and Advise (“NORA”) letter in February 2017. The NORA letter notified the Company that the CFPB’s Office of Enforcement was considering whether to recommend that the Bureau take legal action against the Company, alleging that it violated Section 8 of the Real Estate Settlement Procedures Act (“RESPA”) and Section 1036 of the Consumer Financial Protection Act (“CFPA”). The Company responded to the NORA letter in March 2017 and thereafter engaged in discussions with the Bureau. On June 22, 2018, the Company received a letter from the Bureau stating that it had completed its investigation, that it did not intend to take enforcement action, and that the Company was relieved from the document-retention obligations required by the Bureau’s investigation.
