The Consumer Financial Protection Bureau has issued a proposal to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Comments on the proposal will be due 60 days after the...more
We previously wrote about the June 2014 Brookings Institution report which suggested that charges coming from various quarters, including the CFPB, that student loan debt is causing young adults to postpone home ownership are...more
The CFPB announced that it has entered into a “Joint Higher Education Memorandum of Understanding” with the Departments of Veterans Affairs (VA), Defense (DOD), and Education (ED) as part of a joint effort by the agencies “to...more
The CFPB, together with the FTC, has filed an amicus brief in Hernandez v. Williams, Zinman & Parham, P.C., a Fair Debt Collection Practices Act case on appeal to the U.S. Court of Appeals for the Ninth Circuit. ...more
According to a new blog post about “secret banking contracts” by Rohit Chopra, the CFPB’s Student Loan Ombudsman, the CFPB is sending letters to colleges and universities “to make sure they know that their bank partner has...more
The CFPB published a notice in the Federal Register today announcing that it will continue to take comments until August 22, 2014 on its plans to seek approval from the Office of Management and Budget “to conduct a mail...more
We recently wrote about a new Brookings Institution report which suggested that charges coming from various quarters, including the CFPB, that student loan debt is causing young adults to postpone home ownership are...more
The charge that student loan debt is causing young adults to postpone home ownership has come from various quarters, including the CFPB. However, two new studies, one the subject of an article released earlier this year and...more
Last Wednesday, the Senate Budget Committee and the Senate Banking Committee held separate hearings about student loans. Interestingly, the CFPB was represented in only one of the hearings.
The Senate Budget Committee...more
According to a report issued yesterday by the CFPB entitled “Data point: Medical debt and credit scores,” credit scoring models may be overly penalizing consumers with medical debts that go into collection by producing credit...more
Not only student loan servicers, but all companies, particularly those subject to the CFPB’s supervisory authority, face new compliance risk under the Servicemembers Civil Relief Act (the “SCRA”) as a result of the stunning...more
Yesterday, as a result of a referral from the Consumer Financial Protection Bureau, the Department of Justice and the Department of Education announced a $60 million settlement against a major student loan servicer for...more
To address concerns about the vulnerability of foster care children to credit reporting problems, the CFPB has published three action letter templates for child welfare caseworkers to send to credit bureaus if they find...more
ITT Educational Services, the defendant in the CFPB’s first enforcement action against a for-profit education company, has filed a motion seeking dismissal of the CFPB’s complaint. Filed this past February in an Indiana...more
The CFPB’s Student Loan Ombudsman has released a report entitled “Mid-year update on student loan complaints” that highlights issues related to co-signers of private student loans. In particular, the report focuses on...more
In a new blog post, the CFPB promotes its online financial aid resources to students who are now in the process of choosing which school to attend this fall.
The blog post directs students to a just-launched “crisp new...more
Last week, New York Attorney General Eric Schneiderman announced settlements with six auto dealers imposing fines ranging from $7,500 to $15,000 for allegedly engaging in deceptive and misleading advertising practices. The...more
As we previously reported, last Friday House Financial Services Committee Chairman Jeb Hensarling (R-TX) sent a letter to CFPB Director Richard Cordray asking for a response by March 13 to specific questions about the...more
Last Friday, the CFPB published a notice in the Federal Register about its plans to seek approval from the Office of Management and Budget “to conduct a mail survey of consumers to learn about their experiences interacting...more
Since last March, when the CFPB issued Bulletin No. 2013-02, its highly controversial release warning banks and finance companies that purchase motor vehicle installment sales contracts that, under existing law, any dealer...more
The CFPB will be publishing a notice in tomorrow’s Federal Register indicating that it plans to seek approval from the Office of Management and Budget “to conduct a mail survey of consumers to learn about their experiences...more
The FTC wants the debt collection industry to know that it does not intend to take a backseat to the CFPB when it comes to FDCPA enforcement. In announcing the release of its annual summary of debt collection activities, the...more
After hinting for months that it intends to use its enforcement powers to police lending in the higher education arena, the CFPB dropped the hammer on ITT Educational Services, filing suit against the for-profit college over...more
Later this week, on March 1, the CFPB’s final rule defining larger participants of the student loan servicer market becomes effective.
We expect the CFPB to immediately begin examining entities that qualify as larger...more
The CFPB recently published a blog post to tell consumers what they “need to know” about deferred interest credit cards offered by health care providers.
The CFPB states in the blog post that, because health care...more