News & Analysis as of

Student Loans

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Fed’s Open Markets Committee will wrap up meetings tomorrow, and it’s expected [markets be ready] to avoid a rate hike but reveal the beginning of a measured shrinking of the Fed’s $4.2 trillion mortgage/Treasury bond...more

Director Cordray Invites Secretary DeVos to Resurrect CFPB-ED Cooperation

by Ballard Spahr LLP on

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has responded to the letter from the Department of Education (ED) terminating the Memoranda of Understanding (MOUs) between the agencies....more

Financial Services Weekly News - September 2017

by Goodwin on

Editor's Note - The Roundup has been on hiatus since its August 23 edition. Since then, we have had the misfortune to witness the widespread devastation inflicted by Hurricanes Harvey and Irma. Our hearts go out to the...more

Take Note: Employers are Helping Pay Student Loans and Consumer Advocates are Watching Closely

by Hinshaw & Culbertson LLP on

A growing number of employers are offering student loan repayment assistance as a means of attracting and retaining talent. Industries like tech, financial services, and health services are among the early adopters, offering...more

Another Court Finds the CFPB Constitutional

Ruling that the Consumer Financial Protection Bureau (CFPB) is constitutional and has the authority to act against companies without first adopting specific rules defining whether any specific practice is unfair, deceptive or...more

The Ascent Of State Attorneys General As Quasi-Policymakers

by Cozen O'Connor on

Casual observers understand the important and dynamic role that State Attorneys General (“AGs”) play across the country, whether that role is actively enforcing their state’s laws, challenging the federal government, or...more

New Tax Credit for Student Loan Debt - Time Sensitive!

by Pessin Katz Law, P.A. on

Are you a Maryland resident? Do you have student loan debt? Well, good news – you may be eligible for a new tax credit on your 2017 tax return!...more

Illinois student loan servicing bill vetoed

by Ballard Spahr LLP on

Senate Bill 1351, known as the Illinois Student Loan Bill of Rights, was vetoed at the end of last week by the state’s Republican Governor.  The bill would have created a student loan ombudsman and implemented new...more

CFPB Files Complaint Against Private Equity Firm for Predatory Lending Practices for Student Loans

by Goodwin on

On August 17, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced that it filed a complaint ?and proposed settlement ?against an Oregon private equity firm and related entities for aiding a post-secondary...more

DC AG Announces Judgment Against Student Debt Relief Provider

by Goodwin on

?On August 24, 2017, the Attorney General for the District of Columbia (D.C. AG) announced that his office won a judgment in the D.C. Superior Court against a debt relief provider and its owners. The DC AG alleged that the...more

Massachusetts AG Sues Student Loan Servicer

by Goodwin on

On August 23, 2017, Massachusetts Attorney General Maura Healey announced that her office had sued one of the nation’s largest federal student loan servicers, alleging that the servicer deprived public servants of relief...more

CFPB releases state-level data on student debt impact on older borrowers

by Ballard Spahr LLP on

The CFPB has released a new report, “Older consumers and student loan debt by state.” The new report is intended to be a supplement to the CFPB’s January 2017 “Snapshot” report that contained statistics on the growing number...more

CFPB files amicus brief in support of Education Dept. appeal seeking to overturn preliminary injunction barring student loan...

by Ballard Spahr LLP on

The CFPB has filed an amicus brief in support of the Department of Education’s appeal asking the U.S. Court of Appeals for the Federal Circuit to vacate a preliminary injunction entered by the Court of Federal Claims that...more

D.C. accepting student loan servicer license applications; CT adopts student loan servicing standards

by Ballard Spahr LLP on

D.C. License Applications. The District of Columbia Department of Insurance, Securities and Banking recently started to accept applications and transition fillings for a Student Loan Servicer License on the National Mortgage...more

CFPB issues reports on student loan repayment and repayment assistance programs

by Ballard Spahr LLP on

The CFPB has issued two new reports concerning student loans. The first report, “CFPB Data Point: Student Loan Repayment,” examines how the payment patterns of student loan borrowers have changed over the last 14 years. The...more

D.C. Adds Student Loan Servicer License to NMLS

by Ballard Spahr LLP on

On August 10, 2017, the District of Columbia Department of Insurance, Securities and Banking started accepting applications and transition fillings for the Student Loan Servicer License and Student Loan Servicer Branch...more

Orrick's Financial Industry Week In Review

On August 8, 2017, the Federal Reserve Board and Federal Deposit Insurance Corp. extended the deadline for 19 foreign banks and two domestic bank holding companies to file their next round of "living wills" detailing how they...more

District Court Rejects Servicer’s Argument that CFPB is Unconstitutional

by Goodwin on

?On August 4, 2017, the United States District Court for the Middle District of Pennsylvania denied a student loan servicer’s motion to dismiss claims brought against it by the Consumer Financial Protection Bureau (CFPB),...more

Minnesota Supreme Court rules schools needed lending license to make student loans

by Ballard Spahr LLP on

The Minnesota Supreme Court recently ruled that two for-profit postsecondary education schools had charged usurious interest rates on student loans and could not charge rates greater than 8% without obtaining a lending...more

Middle District of Pennsylvania Ignores Key Constitutional Questions in Navient Case

by Ballard Spahr LLP on

As we’ve discussed before, the CFPB sued Navient over its student loan servicing practices in the Middle District of Pennsylvania. In doing so, the CFPB followed its strategy of announcing new legal standards by enforcement...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo has reportedly uncovered another trove of unauthorized accounts, according to a regulatory filing on Friday. The bank also disclosed a CFPB investigation over potential harm to customers over its practice of...more

Did You Know? Connecticut Revises Several Secured and Unsecured Lending Provisions

by Ballard Spahr LLP on

Connecticut has revised several provisions involving secured and unsecured lending laws, including, but not limited to, the following...more

State AGs seek injunction against Dept. of Education postponement of the Borrower Defense Rule; DeVos continues “regulatory reset”...

by Ballard Spahr LLP on

Eighteen states and the District of Columbia have filed suit against Secretary of Education Betsy DeVos seeking an injunction of the Department of Education’s indefinite postponement of the Obama Administration’s Borrower...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

We covered subprime auto yesterday. Today, it’s the other growing debt concern in the US—student loan obligations. Though here’s an unexpected take on it: due to missing or fake documentation, billions in defaulted student...more

CFPB Breaks Down State-by-State Complaints in Special Report

by Baker Donelson on

Last week, in the wake of CHOICE 2.0 and continued questions regarding the constitutionality of its structure, the CFPB released a special edition of its monthly complaint report. The report contained statistical information...more

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