Ocwen Financial Corp. announced yesterday it filed two related motions alleging that the Consumer Financial Protection Bureau (CFPB) is unconstitutional, and so its enforcement action against Ocwen should be thrown out.

The statement said Ocwen believes that the CFPB is unconstitutionally structured because it vests too much unfettered power in the hands of the director and the bureau itself, without any meaningful oversight by the president or Congress.

It cited the recent finding of a panel of three D.C. Circuit Court of Appeals judges in the PHH case that the CFPB is unconstitutionally structured – a decision which is now being reviewed by the entire D.C. Circuit Court of Appeals. In that case, the Department of Justice recently filed a brief that stated its agreement with the panel decision, that the CFPB is unconstitutional for this reason.

In yesterday’s filings, Ocwen informed the Court and the DOJ that it intends to directly challenge the CFPB’s constitutionality at the earliest possible opportunity and to seek dismissal of the case on this ground and others. Ocwen has also filed a separate motion, specifically asking the court to invite the Department of Justice to participate in the case so the court can consider fully the attorney general’s conclusion that the CFPB is unconstitutionally structured.

Ocwen said it seeks to get this issue resolved early, because it should be relieved of having to defend this unfair action from an unconstitutional agency. Although Ocwen believes the lawsuit should be dismissed on constitutional grounds, it also claims it is prepared to vigorously contest the inaccurate CFPB allegations.