Student Loans

News & Analysis as of

CFPB Seeks Public Comments Into Student Loan Servicing Practices

On May 14, the CFPB published a Request For Information (RFI) seeking public comment on student loan servicing practices. In particular, the Bureau is requesting comments on six areas: (i) industry practices that cause...more

CFPB Launches Official Inquiry Into Student Loan Servicing

The CFPB has announced an inquiry into student loan servicing practices. The inquiry includes a formal Request for Information from borrowers, institutions, financial service providers, and others, and call to borrowers to...more

CFPB Holds a Field Hearing on Student Loan Servicing Issues

On May 14th, the same day that the CFPB launched a public inquiry into student loan servicing loan practices (the “Request for Information”), the CFPB held a public field hearing in Milwaukee, Wisconsin to address issues with...more

CFPB Announces Student Loan “Inquiry”

CFPB Director Richard Cordray announced the commencement of a CFPB “public inquiry” into the hurdles that make repayment of student loans a “stressful process and even at times a harmful one.” Speaking in Milwaukee, Wisconsin...more

CFPB issues request for information regarding student loan servicing and re-launches its “Repay Student Debt” tool

Consistent with its continued focus on student lending, the CFPB issued a new request for information regarding student loan servicing. The request for information seeks input from the public regarding all aspects of student...more

SEC Files Fraud Action Centered on Student Loans

Student loans, and the debt burdening many students at graduation, is an important political topic. It is not generally a subject for the Securities and Exchange Commission. Nevertheless, at the center of is most recent...more

Illinois Crackdown on Companies Targeting People Struggling to Repay Student Loans Continues

On May 4, Illinois AG Lisa Madigan’s office announced that it filed five lawsuits against companies that allegedly scammed borrowers into paying hundreds to thousands of dollars in upfront fees with the false hope that they...more

CFPB Sets Date For Student Debt Field Hearing

On April 29, the CFPB revealed via blog post that it will host a field hearing focusing on issues related to student debt. The hearing will be held in Milwaukee, Wisconsin and is scheduled to occur on Thursday, May 14....more

CFPB to hold May 14 field hearing on student debt

The CFPB has announced that on May 14, 2015, it will hold a field hearing in Milwaukee on student debt. Similar to other field hearings, Director Cordray will give remarks and witnesses will include members of consumer...more

Corinthian Colleges: Part Two - the "Perfect Storm" - Blog: Consumer Financial Protection Bureau

Corinthian Colleges (“Corinthian”) announced this past Sunday, April 26 that Corinthian was ceasing operations at its remaining physical campuses. This April 26 announcement specifically refers to the remaining 30 or so...more

Rating Agency Developments

On April 23, Fitch released its updated criteria for rating operational risk of U.S. servicers of RMBS and small balance commercial securities. On April 23, Fitch released its updated criteria for rating operational risk of...more

Cordray remarks signal continued CFPB attention to student loan servicing and campus financial products

Student loan servicers and providers of campus financial product were the focus of remarks given yesterday by Director Cordray at the Ohio College Presidents’ Conference. Director Cordray stated that the CFPB estimates that...more

Washington State AG Sues Student Loan Debt Adjustment Firm

The Washington State Attorney General recently filed an action in state court against a student loan debt adjustment firm and its individual principal alleging that the firm charged illegal fees and failed to provide required...more

U.S. Senate HELP Committee Releases White Papers on Higher Education Act Reauthorization

On March 23, 2015, U.S. Senator Lamar Alexander (R-TN), chairman of the U.S. Senate Committee on Health, Education, Labor and Pensions (the “HELP Committee”) released staff white papers about the following three issues, as...more

White House Issues Student Aid Bill of Rights

A Presidential Memorandum titled the "Student Aid Bill of Rights," issued last week by President Obama, calls for the creation of a new complaint system for federal student loans. This proposal is likely to result in...more

The Roundup: Last Week’s Recommended Reading (Mar 20, 2015)

From Around the Web - Student Loan Refinancing vs. Consolidation – Which is Right for You? After grades and getting a job, what’s the next item on the worry list for most new and aspiring attorneys? Debt! Specifically...more

CFPB’s Claims under CFPA Survive Legal Challenges, but TILA Claim Is Time-Barred

In a civil action brought by the Consumer Financial Protection Bureau involving student loans, an Indiana federal court recently granted in part and denied in part a motion to dismiss by ITT Educational Services, Inc. The...more

Consumer Financial Protection Bureau’s Dodd-Frank Study Scrutinizes Arbitration Agreements & Class Action Waivers

On Tuesday, the Consumer Financial Protection Bureau (“CFPB”) released its long-awaited “Arbitration Study: Report to Congress, pursuant to Dodd–Frank Wall Street Reform and Consumer Protection Act § 1028(a)”, which presents...more

The Consumer Financial Protection Bureau's case against Corinthian Colleges - Blog: Consumer Financial Protection Bureau

My most recent blog entries have been focused on the CFPB’s new mortgage servicing rules and the Flagstar Bank enforcement case. I’m going to switch gears for a moment and take a look at the Corinthian Colleges case. ...more

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

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