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Senator Hagan Introduces the Servicemember Higher Education Protection Act

New legislation, titled the Servicemember Higher Education Protection Act (the “Bill”), was introduced recently by Senator Kay Hagan (D-NC). The Bill includes several provisions that expand protections under the...more

Senate Committees Hold Hearings on Student Loans

In the wake of recent focus on student loan debt, the Senate Committee on Banking, Housing and Urban Affairs held a hearing on the “Student Loan Servicing: the Borrower’s Experience.” The concern shown in some testimony at...more

Senator Durbin Presses Student Loan Servicers On SCRA; Consumer Group Wants More Student Borrower Information

On May 14, Senator Dick Durbin (D-IL) sent a letter to student loan servicers calling on them to voluntarily establish a liaison for servicemembers with student loan accounts to assist those servicemember with obtaining SCRA...more

Has the SCRA been amended for everyone?

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

Did the CFPB, DOJ, and ED Just Amend the Servicemembers Civil Relief Act?

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

CFPB Joins With DOD, VA, And Others To Launch Servicemember Education Complaint System

On January 30 the CFPB, the Department of Defense (DOD), the Department of Veterans Affairs (VA), the FTC, and other federal agencies announced the launch of a new online system designed to collect information from veterans,...more

Federal agencies launch new servicemember higher education complaint process

Servicemembers now have more channels for submitting complaints relating to their higher education. In addition to their ability to submit complaints about student loans via the CFPB’s complaint system, servicemembers using...more

Students, Loan Servicers And The Servicemembers Civil Relief Act

Over the past two years, mortgage loan servicers have faced an onslaught of regulatory scrutiny, enforcement actions and targeted litigation. The Department of Justice, state attorneys general and the federal banking...more

DOJ confirms investigation of private student loan SCRA violations

As we reported, in the CFPB’s “Mid-year snapshot of private student loan complaints” on complaints the CFPB received from October 2012 through March 2013, one of the top servicing issues reported by consumers was the...more

Student Loans: Some Issues to Consider

Although these are not the only aspects of student loan policy that will come up in the next legislative session, these issues will drive the discussion regarding student loans. Student loan debt is being reported as the...more

CFPB issues report on servicemember student loan debt

A new CFPB report titled “The Next Front? Student Loan Servicing and the Cost to Our Men and Women in Uniform” focuses on repayment issues faced by servicemembers with private and federal student loans. One of the report’s...more

Financial aid shopping sheet for student loans finalized

A final model “financial aid shopping sheet,” the result of a collaborative effort by the CFPB and the Department of Education, has recently been issued by the DOE. The shopping sheet is intended to serve as a uniform...more

CFPB and State Attorneys General cooperate in military arena

The investigation that led to the settlement announced last week among 20 State Attorneys General and QuinStreet, Inc., the owner of a website that markets educational institutions to military servicemembers and their...more

Executive Order on military educational benefits includes role for CFPB

As reported in a recent blog post by Holly Petreaus, Assistant Director of the CFPB’s Office of Servicemembers Affairs, an Executive Order signed last week by President Obama directs the Secretaries of Defense, Veterans...more

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