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Consumer Protection Education

Read Consumer Protection updates, news, and legal commentary from leading lawyers and law firms:

Director Cordray Invites Secretary DeVos to Resurrect CFPB-ED Cooperation

by Ballard Spahr LLP on

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has responded to the letter from the Department of Education (ED) terminating the Memoranda of Understanding (MOUs) between the agencies....more

ED Rebukes CFPB “Abuse” with Termination of MOUs, Announces Expansion of Internal Oversight

by Ballard Spahr LLP on

The Department of Education (ED) recently delivered a letter to the Consumer Financial Protection Bureau (CFPB) providing notice of its intent to terminate the Memoranda of Understanding (MOUs) between the agencies. The...more

Illinois student loan servicing bill vetoed

by Ballard Spahr LLP on

Senate Bill 1351, known as the Illinois Student Loan Bill of Rights, was vetoed at the end of last week by the state’s Republican Governor.  The bill would have created a student loan ombudsman and implemented new...more

CFPB Files Complaint Against Private Equity Firm for Predatory Lending Practices for Student Loans

by Goodwin on

On August 17, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced that it filed a complaint ?and proposed settlement ?against an Oregon private equity firm and related entities for aiding a post-secondary...more

CFPB releases state-level data on student debt impact on older borrowers

by Ballard Spahr LLP on

The CFPB has released a new report, “Older consumers and student loan debt by state.” The new report is intended to be a supplement to the CFPB’s January 2017 “Snapshot” report that contained statistics on the growing number...more

CFPB files amicus brief in support of Education Dept. appeal seeking to overturn preliminary injunction barring student loan...

by Ballard Spahr LLP on

The CFPB has filed an amicus brief in support of the Department of Education’s appeal asking the U.S. Court of Appeals for the Federal Circuit to vacate a preliminary injunction entered by the Court of Federal Claims that...more

D.C. accepting student loan servicer license applications; CT adopts student loan servicing standards

by Ballard Spahr LLP on

D.C. License Applications. The District of Columbia Department of Insurance, Securities and Banking recently started to accept applications and transition fillings for a Student Loan Servicer License on the National Mortgage...more

CFPB issues reports on student loan repayment and repayment assistance programs

by Ballard Spahr LLP on

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

D.C. Adds Student Loan Servicer License to NMLS

by Ballard Spahr LLP on

On August 10, 2017, the District of Columbia Department of Insurance, Securities and Banking started accepting applications and transition fillings for the Student Loan Servicer License and Student Loan Servicer Branch...more

DOE Imposes Data Security Requirements on Colleges and Universities

Do you have a written data security program in place to meet federal requirements? In the last year, the Department of Education (DOE) released guidance in the form of a “Dear Colleague” letter emphasizing the importance...more

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

by Ballard Spahr LLP on

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

Middle District of Pennsylvania Ignores Key Constitutional Questions in Navient Case

by Ballard Spahr LLP on

As we’ve discussed before, the CFPB sued Navient over its student loan servicing practices in the Middle District of Pennsylvania. In doing so, the CFPB followed its strategy of announcing new legal standards by enforcement...more

FTC Schools “Smart” Toys with Updated COPPA Compliance Guidance

by Hogan Lovells on

The Federal Trade Commission (“FTC”) released an updated guidance document for complying with the Children’s Online Privacy Protection Act (“COPPA”). The revised guidance, released on June 21, 2017, explicitly identifies...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo has reportedly uncovered another trove of unauthorized accounts, according to a regulatory filing on Friday. The bank also disclosed a CFPB investigation over potential harm to customers over its practice of...more

Another trade group seeks federal preemption guidance from ED

by Ballard Spahr LLP on

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

State AGs seek injunction against Dept. of Education postponement of the Borrower Defense Rule; DeVos continues “regulatory reset”...

by Ballard Spahr LLP on

Eighteen states and the District of Columbia have filed suit against Secretary of Education Betsy DeVos seeking an injunction of the Department of Education’s indefinite postponement of the Obama Administration’s Borrower...more

Window on Washington - This Week in the Nation's Capital - Vol. 1, Issue 16

by Clark Hill PLC on

Rep. Diane Black Fighting Budget Headwinds: Rep. Diane Black is facing a revolt over her plans to cut $200 billion from entitlement spending. The Tennessee Republican heads the House Budget Committee. A group of 20 GOP...more

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

by Ballard Spahr LLP on

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

CFPB Rolls Out Student Loan Servicing Campaign Focusing on Public Service Loan Forgiveness Program

Despite the uncertain future of the Public Service Loan Forgiveness program, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray partnered with North Carolina’s Attorney General Josh Stein to roll out a new...more

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

by Ballard Spahr LLP on

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

The State AG Report Weekly Update

by Cozen O'Connor on

Charities- New York Attorney General Reaches Settlement with Breast Cancer Charity over Fraud Allegations- New York AG Eric Schneiderman reached a settlement with the Breast Cancer Survivors Foundation, Inc. (“BCSF”)...more

CFPB to hold June 22 student loan servicing event

by Ballard Spahr LLP on

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...

by Ballard Spahr LLP on

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

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

by Ballard Spahr LLP on

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

Navient Attacks CFPB UDAAP Enforcement Without Implementing Rules

by Ballard Spahr LLP on

One of the hallmarks of the CFPB’s enforcement actions has been its use of those actions to announce new legal standards. Navient attacks this enforcement strategy in its motion to dismiss a recent case brought against it by...more

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