Student Loans

News & Analysis as of

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

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Maine Legislative Session in Recess Until April 29 - In late night sessions ending at 2:30...more

Hinshaw Thwarts Consumer's Attempt to Expand the Definition "Debt Collector" under FDCPA

Seo v. Education Credit Management Corporation, Case No. 1:15-cv-03703, 2016 WL 521065 (N.D. Ill. Feb. 9, 2016) - Hinshaw & Culbertson LLP lawyers convinced a district court judge in the Northern District of Illinois to...more

Court Does Not Reduce Child Support Due To Parent’s Student Loan Payments

In a January 2016 Pennsylvania Superior Court non-precedential decision, J.B v. B.B., the court held that father was not entitled to a reduction of his $1,500 per month child support payment even though father was paying...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

Massachusetts Senate Passes 3 Higher Education Bills

As an update to our recent post, the Massachusetts Senate took action on several important pieces of legislation that relate to higher education institutions and their students. Below is a brief summary of the activity that...more

Alert: Negotiations on New Defense to Repayment Rules Fail: It's All Up to ED Now

Following a highly charged, often contentious three days of debate, the third session of the Negotiated Rulemaking on Borrower Defense to Repayment (DTR) ended as it started, without consensus. The Department of Education...more

Senator Murray Sponsors Bill to Expand and Strengthen the SCRA

On March 17, Senator Patty Murray (D-WA) sponsored the SCRA Enhancement and Improvement Act of 2016 (the Act). The Act focuses especially on student loan servicers, but encompasses all financial institutions covered by 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

Senate Likely to Address Higher Education Bills Next Week

Next week, the Massachusetts Senate is likely to address legislation that will have an impact on higher education institutions in Massachusetts, their students and financial institutions extending loans to such students. ...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

OIG Conducts Review of Department of Education Program for Ensuring Compliance with SCRA

On February 29, the Department of Education Office of Inspector General (OIG) published a response to a congressional request that the OIG conduct a review of student loan servicers’ compliance with the SCRA. The OIG analyzed...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

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