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The CFPB's Supervisory Report Provides Important Insight into the CFPB's Supervision and Enforcement Priorities and Desired Business Practices.
- The Consumer Financial Protection Bureau (CFPB)...more
In its Summer 2015 Supervisory Highlights, which covers supervision work generally completed between January and April 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving...more
The CFPB has issued a “Mid-year update on student loan complaints” that analyzes the approximately 3,100 private student loan complaints received by the CFPB betweenOctober 1, 2014 and March 31, 2015. The update also analyzes...more
Rohit Chopra, the CFPB’s outgoing Student Loan Ombudsman, has sent a letter to Google to alert the company that “student loan debt relief scammers may be targeting student loan borrowers through the company’s search...more
The enactment of the Dodd-Frank Act in 2010 created the Consumer Financial Protection Bureau (“CFPB”) and, among other things, vested it with broad authority to enforce prohibitions on unfair, deceptive and abusive acts and...more
Corinthian Colleges (Corinthian) announced on April 26 that it would cease operations at its remaining physical campuses. This announcement refers to the 30 or so physical campuses that Corinthian continued to operate...more
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
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
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 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
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
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
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 (“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
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
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
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
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
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
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
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
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
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
As a follow up to a January 2014 meeting with private student loan lenders and servicers convened by Director Cordray and Education Secretary Arne Duncan, the CFPB sent letters last week to certain “market participants”...more
On January 29, the federal financial regulatory agencies (the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union...more
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