Student Loans Consumer Financial Protection Bureau

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Financial Services Weekly News - October 2016 #3

Editor's Note - Another Cybersecurity Proposal. On the heels of the New York State Department of Financial Services (NYDFS) issuing its proposed regulation that would require banks and insurance companies to institute...more

CFPB Makes FinTech Headlines

The Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) made headlines in FinTech on October 24, 2016. First, the Bureau released its first-ever Project Catalyst report on promoting consumer-friendly innovation...more

CFPB October 2016 complaint report highlights prepaid card complaints, complaints from North Carolina consumers

The CFPB has issued its October 2016 complaint report which highlights complaints about prepaid cards and complaints from consumers in North Carolina and the Charlotte metro area.  The CFPB began taking prepaid card...more

Cordray remarks/CFPB report on financial innovation and Project Catalyst include warning on limiting consumer access to financial...

In a new report, the CFPB discusses its approach to FinTech and financial innovation, its Project Catalyst initiative, and marketplace developments the CFPB views as potentially beneficial for consumers. The report, entitled...more

CFPB Student Loan Ombudsman’s fifth annual report highlights complaints about transition from default to income-driven repayment...

The CFPB has released its fifth Annual report of the CFPB Student Loan Ombudsman discussing complaints received by the CFPB about private and federal student loans and the lessons drawn by the Ombudsman from those complaints....more

CFPB: The Quarterly Review, Q3 2016

White & Case’s Financial Institutions Advisory (FIA) practice is pleased to share its most recent quarterly newsletter on the Consumer Financial Protection Bureau’s ("CFPB” or "Bureau”) oversight of the consumer financial...more

CFPB Consumer Advisory Board to meet on Oct. 27

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board (CAB) will be held on October 27, 2016. The notice indicates that the CAB will discuss student loan...more

California Enacts New Licensing Requirements for Student Loan Servicers

Student loan servicers located in California servicing loans made to residents of any state and those located elsewhere servicing loans made to California residents will be subject to a new licensing requirement created by...more

CFPB discusses handling of student loan partial prepayments by servicers

In a new blog post by Student Loan Ombudsman Seth Frotman, the CFPB discusses its concerns regarding how student loan servicers may be responding to borrowers seeking to make partial prepayments on their student loans and...more

CFPB September 2016 complaint report highlights money transfer complaints, complaints from Pennsylvania consumers

The CFPB has issued its September 2016 complaint report which highlights complaints about money transfers and complaints from consumers in Pennsylvania and the Philadelphia metro area.  The CFPB began taking money transfer...more

The CFPB's Latest: Student Loans and Fix-It Forms

The Consumer Financial Protection Bureau has taken two actions that are worthy of note. First, the Student Loan Ombudsman released his mid-year report, in which he focused his attention on complaints about servicer activity...more

CFPB highlights impact of student debt on communities of color

In a new blog post, the CFPB states that recent research “underscores the disproportionate impact of student debt on communities of color.” According to the CFPB, federal government data shows that over 90 percent of...more

CFPB Issues Consent Order Against Education Company For Illegal Student Lending Practices

On September 12, 2016, the Consumer Financial Protection Bureau (“CFPB”) announced the issuance of a consent order with a for-profit college chain that allegedly deceived its students into taking out loans that were more...more

CFPB enters into consent order with for-profit college owner

The CFPB announced that it has entered into a consent order with Bridgepoint Education, Inc., the owner of two for-profit colleges, to settle charges that the company’s representatives engaged in deceptive acts or practices...more

CFPB Midyear Update Signals 3 Steps Student Loan Servicers Should Consider Taking Now

As regulatory pressure on student loan servicing continues to increase, servicers are paying close attention to the steady stream of news and publications issuing from the CFPB and the Department of Education. The most recent...more

CFPB Month in Review for August 2016

In case you missed it, here is what the Consumer Financial Protection Bureau (CFPB) was up to over the last month: Enforcement Actions and Litigation - Enforcement Action Against First National Bank of Omaha...more

Financial Services Weekly News - August 2016 #4

Editor's Note - Friend the Fed! As is the case every August, our federal government and regulators are hard at work, laser focused on the important issues of the day. In this regard, on August 18, the Federal Reserve...more

Student loan complaint update highlights IDR plan application issues

The CFPB’s Student Loan Ombudsman has released a new “Mid-year update on student loan complaints” that highlights issues related to income-driven repayment plan (IDR) application issues. The update covers complaints...more

CFPB Issues Consent Order Regarding National Bank’s Student Loan Servicing Practices

On August 22, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a large national bank in relation to the company’s private student loan servicing practices. The CFPB...more

CFPB July 2016 complaint report highlights credit card complaints, complaints from Washington consumers

CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area. The CFPB began taking credit card complaints on July 21,...more

Prevailing in an Era of Regulatory Enforcement – Balancing Risk and Compliance [Expect Focus – Vol. II, July 2016]

IN THE SPOTLIGHT - - SEC Sanctions Unregistered EB-5 Investments Broker SECURITIES - - FINRA to Assess Member Firms’ Culture - SEC Seeks Fund Responses to Distribution-In-Guise Guidance...more

CFPB touts initiatives in “fact sheets”

To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following: CFPB: By the numbers. The CFPB lists various statistics, such as...more

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank...more

CFPB to Hold Second Research Conference

The Consumer Financial Protection Bureau (CFPB) has announced that it plans to host its second research conference on consumer finance on December 15-16, 2016. (The first such conference was held in May 2015.)...more

U.S. Department of Education Outlines Loan Relief Pathway for Certain Students

On March 11, the U.S. Department of Education (DOE) released an advanced proposal of rulemaking that would establish a more "borrower-friendly process" for students seeking loan relief triggered by unscrupulous conduct by...more

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