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Student Loans Consumer Financial Protection Bureau (CFPB) Private Student Loans

Goodwin

CFPB and 47 States Enter Settlement with Holder of Private Student Loans for Allegedly Providing Substantial Assistance in...

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On September 15, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a proposed stipulated judgment against a Delaware statutory trust after a settlement agreement was reached between the trust...more

Ballard Spahr LLP

GAO report on private student loan rehabilitation programs calls on CFPB to provide clarification

Ballard Spahr LLP on

A new report issued by the Government Accountability Office titled, “Private Student Loans: Clarification from CFPB Could Help Ensure More Consistent opportunities and Treatment for Borrowers,” calls on the CFPB to provide...more

Ballard Spahr LLP

CFPB discusses handling of student loan partial prepayments by servicers

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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

Bradley Arant Boult Cummings LLP

The Four Cornerstones: Regulatory Focus Sharpens on Student Loan Servicing Industry

We have previously written about recent regulatory focus on the student loan servicing industry. In particular, we discussed the issuance of a 151-page report issued by the Consumer Financial Protection Bureau (CFPB) titled...more

Ballard Spahr LLP

CFPB Student Loan Ombudsman highlights FFELP loans in fourth annual report

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The CFPB released its fourth Annual Report of the 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. (The...more

MoFo Reenforcement

CFPB Launches Official Inquiry Into Student Loan Servicing

MoFo Reenforcement on

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

Katten Muchin Rosenman LLP

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

Orrick - Finance 20/20

Guidance on Private Student Loans With Graduated Repayment Terms Released

Orrick - Finance 20/20 on

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

Ballard Spahr LLP

CFPB seeks information from industry on student loan modification options and issues guidance on private student loans with ...

Ballard Spahr LLP on

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

Orrick - Finance 20/20

Regulators Release Guidance on Private Student Loans With Graduated Repayment Terms at Origination

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

Orrick - Finance 20/20

CFPB Report Finds Distressed Private Student Loan Borrowers Driven Into Default

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On October 16, the CFPB released a report highlighting complaints by struggling private student loan borrowers who describe being driven into default....more

Ballard Spahr LLP

CFPB sends enforcement action “early warning” to for-profit postsecondary education provider

Ballard Spahr LLP on

In a Form 8-K filed with the SEC on December 27, 2013, ITT Educational Services, Inc. disclosed that it has received a CFPB “early warning” letter stating that the CFPB’s Enforcement Office is considering recommending that...more

Ballard Spahr LLP

CFPB issues report on student loan affordability

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As we predicted at last week’s meeting of the National Council of Higher Education Resources’ Private Student Loan Committee, the CFPB field hearing held last Wednesday in Miami was devoted to student loan affordability. In...more

Dechert LLP

New Legislation Introduced to Allow Discharge of Private Student Debt

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The Consumer Financial Protection Bureau (the “CFPB”) reported in 2012 that U.S. borrowers are burdened by more than $1 trillion in student debt, including over $150 billion of private student loans. According to TransUnion,...more

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