Student Loans

News & Analysis as of

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

UDAAP Round Up: 2014 Year in Review

In this issue: - A. UDAP/UDAAP Actions - 1. Auto Lending - 2. Banking Products - 3. Credit Card Add-On Products - 4. Credit Card Advertising - 5. Credit Reporting and...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

The Roundup: Last Week’s Recommended Reading (Dec. 19, 2014)

From Around the Web - 3 Signs It’s Time to Refinance Your Law School Loans: The folks at SoFi provide some useful information about how and when to refinance your student loans, the basics of consolidation and...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

The Roundup: Last Week’s Recommended Reading (Dec. 5, 2014)

From Around the Web - 3 Tips for Landing A “Perfect Fit” Job: Finding that “perfect fit” job can be a long journey. But it’s easy once you know what you’re looking for. (Careerealsm)...more

How to project gainful employment rates – Part 4

By this point our Gainful Employment Series, you will have determined the scope of your institution and the programs that qualify as “GE Programs” (Part 1), created your student cohort (Part 2), and started calculating...more

How to project gainful employment Rates – Part 3

On October 31, 2014, the U.S. Department of Education promulgated its new “gainful employment” or “GE” regulations. The new regulations prominently feature two metrics intended to assess whether a program offers graduates a...more

7th Circuit Provides (No) Clarity on Compulsory Counterclaims

Federal procedure requires a defendant to plead all counterclaims that arise out of the same transaction or occurrence as the plaintiff’s claim, or his claim may be barred in a later suit. Fed. R. Civ. P. 13(a). Although the...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

How to project gainful employment rates – Part 2

As discussed in our previous post, the U.S. Department of Education recently promulgated its new “gainful employment” or “GE” regulations, which prominently feature two metrics intended to assess whether a program offers a...more

The Roundup: This Week’s Recommended Reading (Nov. 21, 2014)

From Around the Web - Law School Tuition: Helped or Hurt by Public Service Loan Forgiveness? An ongoing criticism of Public Service Loan Forgiveness is that the possibility of earning forgiveness in ten years makes...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

The Roundup: Last Week’s Recommended Reading (Oct. 31, 2014)

Simple Tips for a Less Stressful Lawyer Life: A former lawyers shares a few tips to keep you from overwork and attorney burnout. (Leaving the Law)...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

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