Consumer Financial Protection Bureau Student Loans

The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating... more +
The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating consumers about financial products and services, enforcing federal consumer financial laws and studying trends in consumer financial markets.     less -
News & Analysis as of

CFPB releases Spring 2016 rulemaking agenda

The CFPB has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not reflect the CFPB’s release of its proposed...more

Our thoughts on “Ask CFPB”

In a new blog post, the CFPB promotes its “Ask CFPB” website feature as “a source of clear, impartial answers to hundreds of financial questions.” We agree that the feature can be a source of potentially helpful...more

Financial Services Weekly News - May 2016 #2

Regulatory Developments - Client Alert: CFPB Proposes Rules Prohibiting Class-Action Waivers in Arbitration Agreements - On May 5, the CFPB issued long-expected proposed rules that will drastically limit the use of...more

CFPB Releases Draft Payback Playbook, Aims to Aid Student Borrowers

On April 28, the CFPB released a draft set of student loan disclosures, the Payback Playbook. Outlining repayment options for student loan borrowers, the Payback Playbook is intended to help borrowers effectively manage their...more

Financial Services Weekly News - May 2016

Regulatory Developments - CFPB Responds to Industry Concerns on Know Before You Owe Rule - On April 28, the CFPB issued a letter to banking and industry groups in response to an inquiry by the Mortgage Bankers...more

The “Payback Playbook”: CFPB Calls for Comments on Student Loan Communication Initiative

On April 28, 2016, the CFPB released its “Payback Playbook” initiative proposal, which concerns loan servicers laying out student loan repayment options in communications with borrowers in order to “reduce defaults, improve...more

Dept. of Education announces student loan credit reporting and servicing initiatives

Last week, the CFPB announced that it had issued a Request for Information seeking comment on a set of prototype disclosures (the “Payback Playbook”) to assist federal student loan borrowers in selecting between alternative...more

CFPB seeking comment on new repayment plan disclosures for federal student loan borrowers

The CFPB has issued a Request for Information (RFI) seeking comment on a set of prototype disclosures to assist federal student loan borrowers in selecting between alternative repayment plans.  Comments are due on or before...more

CFPB Receives Strategy Lesson—Court Holds it Overreached by Investigating For-Profit School Accreditation

The CFPB received a lesson in the importance of specificity on April 21st when the United States District Court for the District of Columbia’s Judge Richard J. Leon found that it overreached in its attempt to enforce a Civil...more

CFPB Gives Debt Relief Company Targeting Students a Failing Grade

Continuing its focus on the student loan industry, the Consumer Financial Protection Bureau (CFPB) ordered a debt relief company to shut down operations and pay a penalty for allegedly scamming borrowers and misrepresenting...more

CFPB Announces Senior Staff Changes

On April 12, the CFPB announced several senior leadership changes and additions to its team. Elizabeth Ellis, who previously had served as the CFPB’s Deputy Assistant Director for the Office of Financial Institutions and...more

CFPB Roundup: Monthly Complaint Snapshot, Supervisory Highlights, and Complaints About Online Marketplace Lenders

The Consumer Financial Protection Bureau (CFPB) has had a busy few weeks, releasing the latest monthly snapshot of consumer complaints, publishing its Supervisory Highlights newsletter to reveal the Bureau has recovered $14.3...more

CFPB Takes Action Against Another Student Debt Relief Company

On March 30, 2016, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against student debt relief company Student Aid Institute, Inc., and its chief executive officer, Steven Lamont, for allegedly...more

“Abusive” Practices Under the UDAAP Prohibition

There’s a new “A” in UDAAP. The CFPB enforcement action has released new regulations for fillings under UDAAP. Adam Maarec, Laurie Lucas (associate professor of legal studies and William S. Spears Chair in Business...more

CFPB settles with another student loan debt relief company

The CFPB announced it has entered into a consent order with Student Aid Institute, Inc., a student debt relief company, and its chief executive officer. The order settles charges that the company and CEO violated the...more

CFPB Releases Supervisory Highlights, Winter 2016 Issue

On March 8, the CFPB released its tenth edition of Supervisory Highlights, summarizing supervisory observations in the areas of consumer reporting, debt collection, mortgage origination, remittances, student loan servicing,...more

CFPB Releases Supervisory Highlights, Winter 2016 Issue

On March 8, the CFPB released its tenth edition of Supervisory Highlights, summarizing supervisory observations in the areas of consumer reporting, debt collection, mortgage origination, remittances, student loan servicing,...more

CFPB announces settlement of lawsuit against student loan debt relief company

The CFPB announced the filing of a proposed stipulated final judgment and order in its December 2014 lawsuit against Student Loan Processing.US (a fictitious business name of Irvine Web Works, Inc.) and its individual owner....more

CFPB Takes Action Against Student Debt Relief Company

On March 15, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it requested a federal court to enter a final order shutting down student debt relief company Student Loan Processing.US. In December...more

What You Need to Know About the CFPB's Priorities for 2016 and 2017

The CFPB recently announced its policy priorities for the next two years. There are not too many surprises, since the CFPB has been targeting most of these areas in recent months and years. Here's what the Bureau is planning,...more

CFPB issues Winter 2016 supervisory report

In its Winter 2016 Supervisory Highlights, which covers supervision work generally completed between September and December 2015, the CFPB highlights violations found by CFPB examiners involving consumer reporting, debt...more

CFPB Returns Millions to Consumers Using Supervisory Authority

On March 8, 2016, the Consumer Financial Protection Bureau (CFPB) announced that, through its supervisory authority, it recovered $14.3 million for approximately 228,000 consumers. This recovery spans CFPB work completed in...more

Credit Reporting, Overdraft Issues and the Remittance Rule Dominate the CFPB's 2016 Winter Supervisory Highlights

The 10th edition of Consumer Financial Protection Bureau's (CFPB or Bureau) Supervisory Highlights (the Report) continues on the themes of credit reporting and overdraft protection prevalent in recent CPFB statements (see...more

CFPB Issues Tenth Edition of Supervisory Highlights

On March 8, 2016, the Consumer Financial Protection Bureau (CFPB) released its tenth edition of Supervisory Highlights, which outlines the latest supervisory actions taken against banks and nonbanks, between September 2015...more

CFPB Releases Fact Sheet: Policy Priorities over the Next Two Years

On February 25, the CFPB released a fact sheet outlining its policy priorities over the next two years. The document lists the following nine near-term priority goals: (i) arbitration; (ii) consumer reporting; (iii) debt...more

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