Consumer Protection Education

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CFPB Singles Out Class Action Waivers for Elimination from Consumer Financial Arbitration Agreements

The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more

School Districts to Undergo Cybersecurity Audit

Missouri Auditor Nicole Galloway recently announced plans to conduct cybersecurity audits of five school districts. Coinciding with National Cybersecurity Awareness Month, the audits are intended to reveal how school...more

CFPB Releases Report on Student Loan Servicing and Recommendations for Reform

Last week, the CFPB released a report summarizing the results of a two-month public inquiry into student loan servicing practices. At the same time, the CFPB, in conjunction with the U.S. Department of Education and the U.S....more

Data Breaches Are Not Academic: Colleges and Universities Should Take Appropriate Steps To Avoid or at Least Minimize Their...

Data breaches at colleges and universities are on the rise. These institutions are targets because their networks have access to a large amount of private information, including educational and medical records, as well as...more

Agencies Unveil Student Loan Servicing Regulatory Framework

On September 29, the CFPB issued a report examining public comments and providing policy recommendations to address issues in the student loan servicing market. The report follows a May 2015 Request for Information notice...more

CFPB, DOE, Treasury Issue Joint Statement on Student Loan Servicing

A new Joint Statement issued by the Consumer Financial Protection Bureau, Department of Education, and Department of the Treasury presents a framework to standardize student loan servicing practices across the various federal...more

CFPB Lays Down the Gauntlet on Student Loan Servicing

The CFPB and the U.S. Departments of Education and the Treasury have released a Joint Statement of Principles on Student Loan Servicing, accompanied by a CFPB report. In the CFPB’s press release announcing the publications,...more

79,000 students’ data breached by vendor of Cal State

We End Violence, a third party vendor that provides online sexual assault prevention training to California State (Cal State) students notified Cal State that it experienced a vulnerability in its underlying code that exposed...more

Interagency task force issues recommendations on federal student loan servicing contracts

Pursuant to a March 2015 Presidential directive, an interagency task force consisting of the Department of the Treasury, Department of Education, Office of Management and Budget, and Domestic Policy Council has issued...more

No Summer Vacation for Student Lending Companies as Enforcement Activity Continues

Student lending continues to remain in the crosshairs of federal and state consumer finance regulators during the summer months, with over five enforcement actions and investigations in recent weeks. As covered in both...more

The ABCs of COPPA Compliance

In today’s environment – when data breaches seem to be in the news nearly every day – the media, regulators and many others are hyper-focused on privacy issues. Schools and educational institutions are no exception when it...more

Arizona Leads Nation in Defaulting on Student Loans

Congratulations Arizona, you are the best. You’re the best at being the worst!! I have admit that I borrowed that phrase from an ex-drill sergeant who was reprehending me for something I had done that was incorrect and it has...more

CFPB Settles with Bank and its Two Affiliates for $18.5 Million over Alleged Faulty Student Loan Servicing Practices

On July 22, the CFPB announced that a major bank and its two affiliates agreed to pay $18.5 million to resolve allegations that the entities engaged in inadequate private student loan servicing practices. According to the...more

CFPB settles action against provider of student financial aid assistance

The CFPB has announced a proposed settlement with Student Financial Aid Services, Inc. (SFAS) to resolve charges that the company engaged in unlawful sales and billing practices in connection with offering fee-based financial...more

Look Before You Leap – What Every High School Senior (and their parents) Needs to Know About Student Loans

Anytime a conversation turns to student loans many people begin to offer their opinions. These opinions vary from, on one hand, the internet trolls and their comments on any article dealing with student loans, telling people...more

Connecticut Enacts New Licensing Requirement and Prohibitions for Student Loan Servicers

Connecticut’s new “An Act Concerning A Student Loan Bill of Rights” creates a licensing requirement for servicers of student loans made to state residents and imposes other significant new requirements and prohibitions on...more

CFPB Report Details Ongoing Challenges Between Servicemembers and Student Loan Servicers

On July 7, the CFPB released a report detailing the continued challenges military servicemembers experience related to the servicing of their student loans, particularly when trying to invoke certain rights granted under the...more

CFPB Turns Focus to Student Loans to Servicemembers

The Consumer Financial Protection Bureau (CFPB) recently published a report highlighting the difficulties military personnel encounter when dealing with servicers of student loans....more

CFPB issues new report on servicemember student loans

A new CFPB report entitled “Overseas & Underserved: Student Loan Servicing and the Cost to Our Men and Women in Uniform” contains the CFPB’s findings regarding student loan servicing problems faced by...more

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

In its Supervisory Highlights recently released, which cover the period from January to April 2015, the Consumer Financial Protection Bureau (“The Bureau”) reported its examination observations in consumer reporting, debt...more

Delaware Student Data Privacy Protection Act Awaits Governor’s Signature

With the continuing push for more prolific and creative use of technology in Kindergarten through 12th grade classrooms, student data has become more valuable, and the protection of that data of greater concern. In the face...more

CFPB Report Addresses Need for a Compliance Management System

The CFPB's Supervisory Report Provides Important Insight into the CFPB's Supervision and Enforcement Priorities and Desired Business Practices. HIGHLIGHTS: - The Consumer Financial Protection Bureau (CFPB)...more

CFPB supervisory report highlights violations in consumer reporting, debt collection, student loan servicing, mortgage origination...

In its Summer 2015 Supervisory Highlights, which covers supervision work generally completed between January and April 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving...more

Chopra joins Center for American Progress

Despite a reported endorsement from Senator Elizabeth Warren, it appears that, at least for now, Rohit Chopra, the CFPB’s former student loan ombudsman, will not be moving into the job of Superintendent of the New York...more

CFPB update on student loan complaints continues to highlight co-signer release issues

The CFPB has issued a “Mid-year update on student loan complaints” that analyzes the approximately 3,100 private student loan complaints received by the CFPB betweenOctober 1, 2014 and March 31, 2015. The update also analyzes...more

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