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CFPB issues reports on student loan repayment and repayment assistance programs

The CFPB has issued two new reports concerning student loans. The first report, “CFPB Data Point: Student Loan Repayment,” examines how the payment patterns of student loan borrowers have changed over the last 14 years. The...more

Five state regulators enter into settlement agreement with debt collectors for alleged federal and state law violations

Regulators from the states of Connecticut, Idaho, Massachusetts, Minnesota and North Dakota (“Participating States”) have entered into a settlement agreement with three affiliated debt collection companies to settle...more

Defense Dept. rejects trade group’s request for extension of Oct. 3 MLA compliance date for credit cards

The Department of Defense (DoD) is reported to have rejected the request of the National Association of Federally-Insured Credit Unions (NAFCU) to extend the October 3, 2017 date for credit card compliance with the Military...more

Minnesota Supreme Court rules schools needed lending license to make student loans

The Minnesota Supreme Court recently ruled that two for-profit postsecondary education schools had charged usurious interest rates on student loans and could not charge rates greater than 8% without obtaining a lending...more

Sixth Circuit: Firm's Post-Foreclosure Conduct Does Not Violate FDCPA

Recently, the U.S. Court of Appeals for the Sixth Circuit affirmed the dismissal of a lawsuit brought against a foreclosure firm—Reimer, Arnovitz, Chernek & Jeffrey (the Reimer firm)—under the Fair Debt Collection Practices...more

FHFA announces reopening and second extension of comment period for LEP RFI

The Federal Housing Finance Agency has announced that it has reopened and extended until September 1, 2017 the comment period on its Request for Input on improving language access in mortgage lending and servicing.  The FHFA...more

FDCPA Bona Fide Error Defense Did Not Protect Debt Collector Despite Following Controlling Precedent, En Banc Seventh Circuit...

In a 7-4 en banc decision, the U.S. Court of Appeals for the Seventh Circuit ruled that the bona fide error defense in the Fair Debt Collection Practices Act (FDCPA) did not protect a debt collector who complied with...more

DOJ amicus brief in employment discrimination case undermines CFPB position on ECOA protection for sexual orientation

The Department of Justice has filed an amicus brief in a case pending before the U.S. Court of Appeals for the Second Circuit that presents the question of whether the prohibition on employment discrimination on the basis of...more

CFPB issues guidance on pay-by-phone fees

The CFPB has issued a new compliance bulletin (2017-11) to provide guidance on pay-by-phone fees.  The guidance includes examples of conduct relating to pay-by-phone practices identified by the CFPB in its supervision and...more

Another trade group seeks federal preemption guidance from ED

The National Council of Higher Education Resources (NCHER), a national trade association representing higher education finance organizations, has written to the Department of Education urging the ED to issue preemption...more

FHFA extends comment period for LEP RFI

The Federal Housing Finance Agency has announced that it has extended until July 31, 2017 the comment period on its Request for Input on improving language access in mortgage lending and servicing....more

Trade association asks ED to confirm preemption of state student loan servicing requirements for federal student loans

Education Finance Council, a national trade association representing state-based nonprofit higher education finance organizations, has asked the Department of Education to “publicly state” that the ED’s rules governing...more

Industry groups ask FHFA to extend comment period for LEP RFI

A group of eight trade associations has sent a letter to the Federal Housing Finance Agency (FHFA) asking the FHFA to extend by at least 45 days the comment period on the FHFA’s Request for Input (RFI) on improving language...more

Sixth Circuit Holds That Court-Ordered Service by Publication Does Not Violate the FDCPA

The U.S. Court of Appeals for the Sixth Circuit recently affirmed the dismissal of a lawsuit brought against Midland Funding, LLC (Midland), and its collection law firm under the Fair Debt Collection Practices Act (FDCPA)....more

Bill introduced to give CFPB SCRA enforcement authority

A group of Democratic Senators have introduced a bill, the “Military Consumer Protection Act” (S. 1565), that would amend the Consumer Financial Protection Act (CFPA) to include various sections of the Servicemembers Civil...more

CFPB issues report highlighting student loan complaints from borrowers working in public service; updates examination procedures

In conjunction with its public event yesterday on student loan servicing, the CFPB issued a new report, “Staying on track while giving back.” The report, which provides a mid-year update on student loan complaints,...more

Credit reporting standards for civil judgments and tax liens to change July 1

An informative new American Banker podcast discusses recent and possible future changes to traditional credit scores, what they mean for industry, and possible industry responses. The podcast begins with a discussion of...more

CFPB to hold June 22 student loan servicing event

The CFPB will hold a public event on June 22, 2017 in Raleigh, N.C. about student loan servicing. The CFPB’s announcement provides no description other than that the event will feature remarks from Director Cordray and North...more

Dept. of Education postpones effective date of arbitration ban and other provisions of “borrower defense” rule, announces intent...

In a notice published in today’s Federal Register, the Dept. of Education announced that it is postponing “until further notice” the July 1, 2017 effective date of various provisions of the “borrower defense” final rule...more

West Virginia Supreme Court Sides with Debt Collector

The West Virginia Supreme Court recently ruled in favor of a debt collector in an action alleging a violation of West Virginia’s Consumer Credit and Protection Act. In its June 12 decision, the court held that call volume,...more

Defaulted Debt Buyer Does Not Collect Debts “Due Another” Under FDCPA, SCOTUS Rules

The U.S. Supreme Court has unanimously ruled that a purchaser of defaulted debt did not qualify as a debt collector under the Fair Debt Collection Practices Act (FDCPA) because it did not collect debts "due another", but...more

Federal Court Dismisses Class Action Alleging Solicitation for Payments on Time-Barred Debt is "Misleading" Under FDCPA

A federal district court in New Jersey dismissed a putative class-action lawsuit against Total Card, Inc. (TCI), a South Dakota-based debt collector. The plaintiff alleged that TCI violated the Fair Debt Collection Practices...more

CFPB encourages use of zero-interest promotions

The CFPB announced that it sent letters to “top retail credit card companies” encouraging them to use zero-interest promotions instead of deferred-interest promotions.  The CFPB also provided a sample letter and published a...more

CFPB issues report on consumers transitioning out of credit invisibility

The CFPB has issued a new report, “Data Point: Becoming Credit Visible,” that discusses how consumers transitioned out of “credit invisibility” and how such transitions differed across consumers of different ages and across...more

Lawsuit filed challenging Dept. of Education “borrower defense” final rule banning arbitration

The California Association of Private Postsecondary Schools (CAPPS) has filed a complaint in D.C. federal district court against the Dept. of Education and Education Secretary Betsy DeVos to overturn the “borrower defense”...more

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