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

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

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

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

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 and Department of Education Reach Agreement with Buyer of For-Profit Colleges

On February 3, the CFPB and the U.S. Department of Education announced that they had reached an agreement with ECMC Group, to provide debt relief and additional consumer protections to borrowers who took out private loans...more

Regulators Release Guidance on Private Student Loans With Graduated Repayment Terms at Origination

On January 29, the federal financial regulatory agencies, in partnership with the State Liaison Committee of the Federal Financial Institutions Examination Council, issued guidance for financial institutions on private...more

Federal Guidance: 6 Principles for Banks Originating Student Loans with Graduated Payments

On January 29, five federal regulatory agencies (Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and...more

Guidance on Private Student Loans With Graduated Repayment Terms Released

On January 29, federal financial regulatory agencies in partnership with the State Liaison Committee (SLC) of the Federal Financial Institutions Examination Council, issued guidance for financial institutions on private...more

CFPB seeks information from industry on student loan modification options and issues guidance on private student loans with ...

As a follow up to a January 2014 meeting with private student loan lenders and servicers convened by Director Cordray and Education Secretary Arne Duncan, the CFPB sent letters last week to certain “market participants”...more

Regulators Release Guidance on Private Student Loans With Graduated Repayment Terms at Origination

On January 29, the federal financial regulatory agencies (the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union...more

Student Debt Relief Services Slapped with TSR and UDAAP Claims

On December 11, 2014, the CFPB filed two actions against debt relief companies. Complaint for Permanent Injunction and Other Relief, Consumer Fin. Prot. Bureau v. IrvineWebWorks, Inc., No. 8:14-cv-1967 (C.D. Cal. Dec. 11,...more

CFPB announces lawsuits against student loan debt relief companies

On December 11, the CFPB announced lawsuits against two student loan debt relief companies alleged to have deceived borrowers into paying upfront fees for federal student loan repayment benefits that are available for free....more

Supervisory Highlights

In This Issue: - Introduction - Supervisory observations ..Consumer reporting ..Debt Collection ..Deposits ..Mortgage servicing ..Student loan servicing ..Fair Lending: CFPB’s HMDA...more

CFPB highlights alleged credit reporting errors relating to discharged student loans of disabled veterans

In a new blog post, the CFPB provides credit reporting advice to service-disabled veterans who take advantage of federal student loan forgiveness available from the Department of Education for veterans who receive a 100...more

A Hard Rain Has Started to Fall, A Product-by-Product Review of the CFPB’s First 60 Enforcement Actions

Between July 17, 2012 and October 9, 2014, the Consumer Financial Protection Bureau brought 60 enforcement actions. According to our unofficial tally, they resulted in settlements requiring the payment of $2.2 billion in...more

CFPB Report Highlights Errors In Mortgage And Student Loan Servicing

On October 28, the CFPB released the fifth edition of its Supervisory Highlights report. The report highlighted the CFPB’s recent supervisory findings of regulatory violations and UDAAP violations relating to consumer...more

CFPB highlights unlawful practices relating to mortgage and student loan servicing, debt collection, electronic fund transfers and...

While mortgage and student loan servicing violations cited by the CFPB in its Fall 2014 Supervisory Highlights have grabbed the headlines, the report also includes noteworthy observations regarding the violations found by the...more

CFPB Report Finds Distressed Private Student Loan Borrowers Driven Into Default

On October 16, the CFPB released a report highlighting complaints by struggling private student loan borrowers who describe being driven into default....more

Banking & Financial Services E-Note - October 2014

In This Issue: - Obama Issues Order to Improve Data Security - Fed Official Calls for U.S. to Stop Bailing Out Banks - Global Regulators Crack Down on Shadow Banking to Curb Risks - CFPB Reports...more

CFPB Report Analyzes Private Student Loan Borrowers’ Complaints

On October 16, the CFPB announced the findings of its annual student loan ombudsman report. Analyzing over 5,000 private student loan complaints that the CFPB received from October 1, 2013 through September 30, 2014, the...more

CFPB Student Loan Ombudsman Files Third Annual Report Highlighting Bureau’s Hot Button Issues in Student Lending

The CFPB released its third Annual Report of the Student Loan Ombudsman, Rohit Chopra, discussing complaints received by the CFPB about private student loans and the lessons drawn by the Ombudsman from those complaints....more

Rohit Chopra from CFPB focuses on student loan modifications at ABA Consumer Financial Services Committee program in Chicago

I attended a program this morning entitled “All I Need to Know I Learned from the Government: A Look at the Regulatory and Enforcement Landscape for Student Lending.” Among the panelists was Rohit Chopra. Rohit serves as an...more

Brookings student loan study updated; CBA launches website to dispel student loan myths

We previously wrote about the June 2014 Brookings Institution report which suggested that charges coming from various quarters, including the CFPB, that student loan debt is causing young adults to postpone home ownership are...more

CFPB calls out banks for not publicly disclosing campus financial product marketing agreements

According to a new blog post about “secret banking contracts” by Rohit Chopra, the CFPB’s Student Loan Ombudsman, the CFPB is sending letters to colleges and universities “to make sure they know that their bank partner has...more

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