News & Analysis as of

Student Loans

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

Financial Services Weekly News - May 2017 #2

by Goodwin on

Editor's Note - In this Issue. The House Financial Services Committee passed the Financial CHOICE Act that would make significant changes to the Consumer Financial Protection Bureau; the U.S. Securities and Exchange...more

CFPB Supervisory Highlights Focus on Mortgage Origination, Mortgage Servicing, and Student Loan Servicing

by Goodwin on

On April 26, 2017, the CFPB issued a press release and its latest Supervisory Highlights, which spotlight the CFPB’s recent enforcement efforts in the areas of mortgage loan origination, mortgage loan servicing, and student...more

The State AG Report Weekly Update

by Cozen O'Connor on

Consumer Financial Protection Bureau- CFPB Files Lawsuit Against Four Online Lenders for Allegedly Collecting on Voided Debts- The Consumer Financial Protection Bureau (“CFPB”) filed a lawsuit against online...more

CFPB April 2017 complaint report highlights student loan complaints, complaints from Nevada consumers

by Ballard Spahr LLP on

The CFPB has issued its April 2017 complaint report that highlights student loan complaints. The report also highlights complaints from consumers in Nevada and the Las Vegas metro area....more

Blog: As the Department of Education Revisits the Gainful Employment Rule California Legislators Propose a State Alternative

by Cooley LLP on

With continued questions about the Trump Administration’s commitment to Obama-era regulations, including the Gainful Employment (GE) Rule, one state is ready to jump into the fray and offer its own state-based alternative to...more

State AGs criticize ED withdrawal of Obama student loan servicing policy direction

by Ballard Spahr LLP on

A group of 20 state attorneys general, the D.C. attorney general, and the Executive Director of the Office of Consumer Protection of Hawaii have sent a letter to U.S. Department of Education Secretary Betsy DeVos criticizing...more

D.C. Circuit Rebukes CFPB in Civil Investigative Demand Enforcement Decision

by Pepper Hamilton LLP on

On April 21, the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion in CFPB v. Accrediting Council for Independent Colleges & Schools, affirming a decision by the D.C. district court to deny...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Mega luxury brand news yesterday, as LVMH announced a series of moves that, combined with $13.1 billion, helped it take over the 70-year-old French fashion house Christian Dior....more

CFPB Director Cordray Testifies Before House Financial Services Committee

by Goodwin on

On April 5, 2017, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the U.S. House of Representatives Financial Services Committee to present the CFPB’s semi-annual report, which is...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The new administration is working on a tax plan that would slash corporate tax rates to 15 percent and doing so with a hastiness that could jeopardize House Republicans’ ability to make the cuts permanent....more

Regular CFPB Service Provider Examinations Have Begun; More Service Providers to Face Examinations

by Ballard Spahr LLP on

At the program held on April 7 titled “The State of Consumer Protection Initiatives” at the American Bar Association Business Law Section Consumer Financial Services Committee 2017 Spring Meeting, Peggy Twohig, the CFPB’s...more

CFPB’s Fair Lending Report Indicates Increased Focus for 2017 on Servicing and Small Business Lending

For many of us, the mention of fair lending enforcement immediately brings us to the origination side of the industry, specifically conjuring thoughts of redlining and Home Mortgage Disclosure Act (HMDA) data. While these...more

CFPB identifies 2017 priorities in annual fair lending report

by Ballard Spahr LLP on

In its new annual report covering its fair lending activities during 2016, the CFPB identifies the following three areas on which it “will increase our focus” in 2017...more

Secretary DeVos withdraws Dept. of Education’s policy direction for student loan servicing

by Ballard Spahr LLP on

In a memorandum issued last week, U.S. Department of Education Secretary Betsy DeVos withdrew various memoranda issued by the Obama Administration ED Secretary and the ED’s Financial Student Aid Division (FSA) that provided...more

OCC Publishes New “Retail Lending” Booklet

by Ballard Spahr LLP on

Last week the Office of the Comptroller of the Currency published a “Retail Lending” booklet, a new addition to the Safety and Soundness Asset Quality category of the Comptroller’s Handbook, which discusses the risks...more

CFPB Issues its Annual Fair Lending Report and Sets its 2017 Agenda

The CFPB has issued its 2016 Fair Lending Report which provides a summary of the Bureau’s efforts in fair lending for 2016. The Report also includes an indication of the Bureau’s fair lending priorities for 2017. Here are...more

Controversial NY lender and student loan servicer licensing proposals removed from budget bill

by Ballard Spahr LLP on

A New York lender licensing proposal that threatened to create new regulatory burdens for financial service providers and to potentially adversely affect credit availability to New York residents and businesses, has been...more

IRS to Notify 100,000 Taxpayers That Their Information May Have Been Obtained Through Misuse of FAFSA Retrieval Tool

On Thursday, Internal Revenue Service (“IRS”) Commissioner John Koskinen testified that the personal data of up to a 100,000 taxpayers could have been compromised as a result of criminal use of the Free Application for...more

FAFSA Data Retrieval Tool Remains Down Over Security Concerns

Last week, the Internal Revenue Service (IRS) and Federal Student Aid (FSA) announced that the Data Retrieval Tool (DRT) on fafsa.gov and StudentLoans.gov will be unavailable until extra security protections could be added....more

Financial Services Weekly News - April 2017

by Goodwin on

Editor's Note - A New Argument for Financial Regulatory Reform. Over the past several weeks, there has been a steady stream of pessimistic views on the prospects for meaningful financial regulatory reform. Senate Banking...more

CFPB March 2017 complaint report highlights credit card complaints, complaints from Massachusetts consumers

by Ballard Spahr LLP on

The CFPB has issued its March 2017 complaint report that highlights credit card complaints. The report also highlights complaints from consumers in Massachusetts and the Boston metro area. ...more

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