News & Analysis as of

Student Loans

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

National Collegiate Student Loans May be Wiped Out

by John Skiba on

Recently the New York Times ran an article on the possibility of private student loans that are held by the National Collegiate Student Loan Trusts being wiped out due to poor documentation. While the New York Times article...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

Financial Services Weekly News - June 2017 #4

by Goodwin on

Editor's Note - Happy Independence Day. “The United States is the only country with a known birthday. All the rest began, they know not when, and grew into power, they know not how... There is no “Republican,” no...more

Future of Federal Student Loans Takes Center Stage at the Education Department

by Baker Donelson on

Federal student loans have taken on a newfound importance as the Trump Administration seeks to re-envision the role of the federal government in providing funding for higher education. Proposed changes and items under...more

CFPB Provides Updated Guidance Related to Loan Forgiveness Program

by McGuireWoods LLP on

On Thursday, June 22, 2017, the Consumer Financial Protection Bureau (CFPB) provided updated guidance for supervisory examinations of student loan servicers. Richard Cordray, the Director of the CFPB, gave prepared remarks...more

FTC Releases Agenda And Panelists For Upcoming Military Consumer Financial Workshop

by Ballard Spahr LLP on

On July 19, the Federal Trade Commission will hold a workshop in San Antonio titled the “2017 Military Consumer Financial Workshop: Protecting Those Who Protect Our Nation.” The FTC has uploaded an agenda and list of...more

CFPB Rolls Out Student Loan Servicing Campaign Focusing on Public Service Loan Forgiveness Program

Despite the uncertain future of the Public Service Loan Forgiveness program, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray partnered with North Carolina’s Attorney General Josh Stein to roll out a new...more

CFPB issues report highlighting student loan complaints from borrowers working in public service; updates examination procedures

by Ballard Spahr LLP on

In conjunction with its public event yesterday on student loan servicing, the CFPB issued a new report, “Staying on track while giving back.” The report, which provides a mid-year update on student loan complaints,...more

The State AG Report Weekly Update

by Cozen O'Connor on

Charities- New York Attorney General Reaches Settlement with Breast Cancer Charity over Fraud Allegations- New York AG Eric Schneiderman reached a settlement with the Breast Cancer Survivors Foundation, Inc. (“BCSF”)...more

Clarifying the status of Gainful Employment and Borrower Defense to Repayment

by Thompson Coburn LLP on

During the second term of the Obama administration, the U.S. Department of Education promulgated several complex regulatory packages. Among the most significant and controversial were the Gainful Employment (“GE”) rule,...more

U.S. Department of Education Delays Borrower Defense to Repayment Regulations, Announces New Negotiated Rulemaking Committees

by Hogan Lovells on

On June 14, the U.S. Department of Education (“ED”) announced its plan to convene negotiated rulemaking committees to consider revisions to two major sets of regulations that were developed by the Obama Administration. ED...more

For-Profit Student Loan Consolidator Reaches Consent Order with State of New Jersey

by Goodwin on

?On June 16, 2017, the New Jersey Office of the Attorney General (“New Jersey AG”) and the New Jersey Division of Consumer Affairs announced a settlement with a for-profit student loan consolidation service that allegedly...more

CFPB to hold June 22 student loan servicing event

by Ballard Spahr LLP on

The CFPB will hold a public event on June 22, 2017 in Raleigh, N.C. about student loan servicing. The CFPB’s announcement provides no description other than that the event will feature remarks from Director Cordray and North...more

Dept. of Education postpones effective date of arbitration ban and other provisions of “borrower defense” rule, announces intent...

by Ballard Spahr LLP on

In a notice published in today’s Federal Register, the Dept. of Education announced that it is postponing “until further notice” the July 1, 2017 effective date of various provisions of the “borrower defense” final rule...more

State AGs Again Target Abuses Against Student Borrowers, Military

Demonstrating the continuing enforcement activity by state attorneys general with respect to student lending and active servicemembers, the AGs in Massachusetts and New York recently obtained consent orders from,...more

Student Loan Servicing Regulations: 50 State Guide on Laws and Legislation – First Edition

by Hinshaw & Culbertson LLP on

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

Blog: California Assembly Recommends Eliminating For-Profit Institutions from Cal Grant Program

by Cooley LLP on

While there are indications that Washington has lessened its antipathy towards for-profit institutions, states continue to go in their own directions. This post focuses on the California Assembly’s recommendation to eliminate...more

FTC Files Suit Against Student Debt Relief and Credit Repair Scheme

by Goodwin on

On May 25, 2017, the Federal Trade Commission (“FTC”) announced that it filed a complaint? in federal court in the United States District Court for the Southern District of Florida against a student loan debt relief and...more

What You Need to Know from the CFPB Spring 2017 Supervisory Highlights

by Baker Donelson on

The Consumer Financial Protection Bureau (CFPB) released its Spring 2017 Supervisory Highlights last month. This is the 15th volume to be released and each volume is a great resource to obtain line-of-sight into what the CFPB...more

Navient Attacks CFPB UDAAP Enforcement Without Implementing Rules

by Ballard Spahr LLP on

One of the hallmarks of the CFPB’s enforcement actions has been its use of those actions to announce new legal standards. Navient attacks this enforcement strategy in its motion to dismiss a recent case brought against it by...more

CFPB Hits Student Loan Servicer With Lawsuit

The Consumer Financial Protection Bureau (CFPB) has sued a major student loan servicer as detailed by the complaint filed in Pennsylvania federal court....more

CFPB Student Loan Ombudsman reports on handling of defaulted borrowers by servicers

by Ballard Spahr LLP on

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

Climate for Student Loan Oversight Gets Hotter with Recommendation of Top CFPB Student Loan Official for FTC Commissioner

by Hinshaw & Culbertson LLP on

While most mainstream media outlets are pulling a Jan Brady and reporting "Comey, Comey, Comey," the consumer financial services community should be chewing on a different name right now: "Chopra, Chopra, Chopra."...more

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