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CFPB Seeks Public Comments Into Student Loan Servicing Practices

On May 14, the CFPB published a Request For Information (RFI) seeking public comment on student loan servicing practices. In particular, the Bureau is requesting comments on six areas: (i) industry practices that cause...more

U.S. Dept. of Education proposes new restrictions on campus financial products

The U.S. Department of Education has issued proposed revisions to its Title IV Higher Education Act (HEA) cash management rules that include significant new restrictions on financial products used to disburse credit balance...more

CFPB Launches Official Inquiry Into Student Loan Servicing

The CFPB has announced an inquiry into student loan servicing practices. The inquiry includes a formal Request for Information from borrowers, institutions, financial service providers, and others, and call to borrowers to...more

CFPB Holds a Field Hearing on Student Loan Servicing Issues

On May 14th, the same day that the CFPB launched a public inquiry into student loan servicing loan practices (the “Request for Information”), the CFPB held a public field hearing in Milwaukee, Wisconsin to address issues with...more

CFPB Announces Student Loan “Inquiry”

CFPB Director Richard Cordray announced the commencement of a CFPB “public inquiry” into the hurdles that make repayment of student loans a “stressful process and even at times a harmful one.” Speaking in Milwaukee, Wisconsin...more

CFPB issues request for information regarding student loan servicing and re-launches its “Repay Student Debt” tool

Consistent with its continued focus on student lending, the CFPB issued a new request for information regarding student loan servicing. The request for information seeks input from the public regarding all aspects of student...more

Illinois Crackdown on Companies Targeting People Struggling to Repay Student Loans Continues

On May 4, Illinois AG Lisa Madigan’s office announced that it filed five lawsuits against companies that allegedly scammed borrowers into paying hundreds to thousands of dollars in upfront fees with the false hope that they...more

CFPB Publishes Information Regarding Servicemembers’ Complaints

On April 27, the CFPB published a report regarding the trend of recent complaints submitted to the Bureau by Servicemembers entitled, A Snapshot of Complaints Received from Servicemembers, Veterans, and their Families....more

CFPB Sets Date For Student Debt Field Hearing

On April 29, the CFPB revealed via blog post that it will host a field hearing focusing on issues related to student debt. The hearing will be held in Milwaukee, Wisconsin and is scheduled to occur on Thursday, May 14....more

The Nevada Data Breach Law

Nevada, like most states, has a data security statute that addresses what to do when there’s a data breach. Here’s a quick summary of the Nevada law, which is found at N.R.S. § 603A.010 et seq, “Security of Personal...more

CFPB to hold May 14 field hearing on student debt

The CFPB has announced that on May 14, 2015, it will hold a field hearing in Milwaukee on student debt. Similar to other field hearings, Director Cordray will give remarks and witnesses will include members of consumer...more

Corinthian Colleges: Part Two - the "Perfect Storm" - Blog: Consumer Financial Protection Bureau

Corinthian Colleges (“Corinthian”) announced this past Sunday, April 26 that Corinthian was ceasing operations at its remaining physical campuses. This April 26 announcement specifically refers to the remaining 30 or so...more

Cordray remarks signal continued CFPB attention to student loan servicing and campus financial products

Student loan servicers and providers of campus financial product were the focus of remarks given yesterday by Director Cordray at the Ohio College Presidents’ Conference. Director Cordray stated that the CFPB estimates that...more

U.S. Department of Education Fines College for Job Placement Rate Disclosure Violations

The U.S. Department of Education (Department) intends to fine a college more than $29 million for allegedly misrepresenting job placement rates and failing to comply with federal placement rate disclosure requirements. The...more

Washington State AG Sues Student Loan Debt Adjustment Firm

The Washington State Attorney General recently filed an action in state court against a student loan debt adjustment firm and its individual principal alleging that the firm charged illegal fees and failed to provide required...more

CFPB's Latest Supervisory Report Signals Enforcement Trends

The CFPB's most recent Supervisory Highlights report, which covers the second half of 2014, confirms that the bureau is continuing an aggressive focus on debt collection, overdraft fees, mortgage origination, fair lending and...more

CFPB 2014 complaints report shows large increase in debt collection and credit reporting complaints

The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2014 indicates that volume rose 53% from 163,700 complaints in 2013 to 250,200 in 2014. The report provides data on the most common types of...more

CFPB’s Claims under CFPA Survive Legal Challenges, but TILA Claim Is Time-Barred

In a civil action brought by the Consumer Financial Protection Bureau involving student loans, an Indiana federal court recently granted in part and denied in part a motion to dismiss by ITT Educational Services, Inc. The...more

CFPB’s claims under CFPA survive challenge by for-profit education company but TILA claim held to be time-barred

An Indiana federal court recently granted in part and denied in part the motion of ITT Educational Services, Inc. to dismiss the CFPB’s complaint. As we previously reported, the CFPB’s complaint alleged that ITT engaged in...more

Consumer Financial Protection Bureau’s Dodd-Frank Study Scrutinizes Arbitration Agreements & Class Action Waivers

On Tuesday, the Consumer Financial Protection Bureau (“CFPB”) released its long-awaited “Arbitration Study: Report to Congress, pursuant to Dodd–Frank Wall Street Reform and Consumer Protection Act § 1028(a)”, which presents...more

The Consumer Financial Protection Bureau's case against Corinthian Colleges - Blog: Consumer Financial Protection Bureau

My most recent blog entries have been focused on the CFPB’s new mortgage servicing rules and the Flagstar Bank enforcement case. I’m going to switch gears for a moment and take a look at the Corinthian Colleges case. ...more

The CFPB & UDAAP: A ‘Know It When You See It’ Standard?

The Consumer Financial Protection Bureau’s (CFPB) continued and expanded reliance on its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial...more

CFPB’s Credit Union Advisory Council to meet March 12

A meeting of the CFPB’s Credit Union Advisory Council has been scheduled for March 12, 2015 at the CFPB’s offices in Washington, D.C The agenda indicates that the Council will discuss financial education and financial...more

CFPB Hot Topics for 2015

Despite rumblings from the new Congress about reining in the Consumer Finance Protection Bureau (CFPB), the Bureau has indicated a packed agenda for 2015. Following an aggressive push in 2014, the attention of the CFPB...more

CFPB Takes Aim at Relationships between Universities and Credit and Debit Card Issuers

Financial institutions marketing credit and debit cards to college and university students should prepare for likely investigations and enforcement actions by the Consumer Financial Protection Bureau and other regulatory...more

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