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On June 24, the U.S. District Court for the Western District of Pennsylvania approved a class action settlement involving student loan borrowers brought against a student loan servicer....more
On January 11, the Massachusetts Attorney General (AG) announced a $1.8 million settlement with a student loan servicer, to resolve allegations that the company did not properly communicate Income-Driven Repayment (IDR) plan...more
On January 5, the CFPB released a report on how student loan borrowers may face customer support challenges as their student loan payments resume. Federal student loan repayments resumed for the first time in over three...more
On June 14, the Nevada governor signed AB 332 (the “Act”) which provides for the licensing and regulation of student loan servicers. The Act also implements provisions for the regulation of private education loans and...more
On March 16, the CFPB released a compliance bulletin discussing student loan servicers’ practice of collecting on private student loans discharged in bankruptcy. ...more
On March 16, 2023, the Consumer Financial Protection Bureau (CFPB) issued a bulletin cautioning loan servicers about their responsibility to stop any illegal activity related to private student loans that have been discharged...more
As reported here, on September 9, 2022, the California Department of Financial Protection and Innovation (CA DFPI) published a notice of rulemaking action, proposing amendments to the Student Loan Servicing Act....more
Last week, the CFPB issued a “Student Loan Servicing Special Edition” of Supervisory Highlights. In this blog post, we highlight a stealth expansion of supervisory jurisdiction and focus on the CFPB’s findings in two key...more
On June 27, the Oregon Department of Consumer and Business Services’ (“Department”) Division of Financial Regulation (“Division”) finalized new regulations implementing Senate Bill 485, which requires companies to obtain a...more
On June 18, 2022, Louisiana’s Governor signed into law two new bills that impose new requirements for student loans. Both bills are effective on August 1, 2022....more
Kentucky and Virginia have passed legislation relating to student loan servicers. In Kentucky, a new student loan servicing law creates new licensing and compliance requirements. In Virginia, an amendment limits the scope of...more
Student loan servicing was the focus of recent CFPB attention in the form of a blog post, “Busting myths about bankruptcy and private student loans,” and a report (labeled a “special issue brief”) titled “Student Loan...more
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule to increase market transparency regarding short selling and extended the comment period for its proposed rule requiring reporting on...more
The Sixth Circuit recently confirmed student loan servicers, who begin servicing debts after default and resale, are not liable to borrowers under the Fair Debt Collection Practices Act (FDCPA) because the servicers are not...more
California Governor Gavin Newsom has signed into law the Student Borrower Bill of Rights, AB 376, as part of a package of consumer protection legislation. He simultaneously signed AB 1864, which creates the Department of...more
A&B ABstract: Amid growing concerns of a student loan crisis, proposed Massachusetts H. 3977 is worth watching....more
The May 2019 issue of Insights provided high-level background information about the recent trend of state legislation targeting student loan servicers. In the June 2019 issue of Insights, we took a deeper dive into New York's...more
A&B Abstract: The Seventh Circuit recently held that the federal Higher Education Act does not preempt state law consumer protection and tort claims where student loan servicers made affirmative misrepresentations to...more
A&B Abstract: Maine’s New Student Loan Bill of Rights requires the licensing of any person acting as “directly or indirectly” as a student loan servicer. ...more
Student loan servicers should prepare for heightened regulation with the passage of a new law in New York and new regulations in effect in California. In addition, the California legislature is considering a new bill that...more
On November 8, 2017, the Illinois House of Representatives voted 98-16 to override Governor Bruce Rauner's veto of the Illinois Student Loan Bill of Rights. The IL student loan bill provides for the licensing of student loan...more
Preface - The following summary of current state law and pending legislation regarding student loan servicing as of June 1, 2017, is designed to serve as a tool to assist in understanding the breadth of state regulations...more
The CFPB’s Student Loan Ombudsman has released an update setting forth the CFPB’s “preliminary observations” based on the data it received in response to a voluntary request for information sent to several of the largest...more
In a new blog post by Student Loan Ombudsman Seth Frotman, the CFPB discusses its concerns regarding how student loan servicers may be responding to borrowers seeking to make partial prepayments on their student loans and...more
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