Student Loans

News & Analysis as of

CFPB and Two States File Suit Against Student Loan Company Navient

The CFPB announced on Wednesday that it had filed a lawsuit against Navient Corporation, formerly part of Sallie Mae, and two of its subsidiaries for alleged “systematic” failures in student loan servicing. The complaint...more

CFPB Files Lawsuit Against Largest U.S. Student Loan Servicer Over Deceptive Practices

On January 18, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court for the Middle District of Pennsylvania against a servicer of private and federal student...more

Student Loans: Departments of Treasury and Education Move to Simplify Income Driven Repayment Plans

Much of the regulatory focus for student lending has been directed toward Income Driven Repayment (IDR) plans in recent months. The first student loan related move in 2017 by the Departments of Education and Treasury is no...more

Your Daily Dose of Financial News

On the heels of Deutsche Bank’s $7.2 billion deal, Credit Suisse has finalized the terms of its own MBS-related settlement. The Swiss bank will pay $5.3 billion to resolve claims that it misled investors about the standards...more

The Forgotten Face of Student Lending

Mention student loans and the face that comes immediately to mind is probably someone in their early twenties. A recent report from the CFPB sheds light on an overlooked segment of the student loan population – consumers 60...more

2017 May Be an Eventful Year for Student Loan Industry

As expected, student loans were a major issue in 2016, as the presidential election brought the issue to the forefront and regulatory scrutiny continued to rise. 2017 is now upon us, and the CFPB wasted no time getting the...more

CFPB’s 2017 Fair Lending Priorities

At the end of last year, the CFPB issued its Fair Lending Priorities for 2017. According to its December blog post, the CFPB plans to increase its focus on the following three areas, which it describes as “presenting a...more

CFPB releases report on student loan debt owed by older consumers

The CFPB has released a new report, “Snapshot of older consumers and student loan debt,” that provides statistics on the growing number of consumers age 60 and over (older consumers) who owe student loan debt and the growing...more

2016 in Arbitration Law: Fleeting Victories for Consumer Advocates?

If I had drafted this annual summary post on November 7, 2016, it would have looked different. At that point, the year had produced numerous (final or proposed) federal regulations that significantly restricted the use of...more

CFPB Complaint Report Returns to Debt Collection

The CFPB recently issued its monthly report of consumer complaints and turned its focus back to debt collection. The Report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of...more

Universities and Colleges Must be Vigilant When Certifying Student Loans

In Jackson v. Univ. of N. Texas, et. al., the University of North Texas (“UNT”) and various student loan companies faced allegations of improper oversight of student loan certifications and claims submissions in violation of...more

CFPB announces 2017 fair lending priorities

In a blog post published last Friday, Patrice Ficklin, Associate Director of the CFPB’s Office of Fair Lending, outlined the CFPB’s fair lending priorities for 2017. Ms. Ficklin wrote that, going forward, the CFPB will...more

CFPB unveils Consumer Credit Trends web-based tool

The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.”...more

CFPB Fall 2016 rulemaking agenda published

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

GAO report highlights gap in SCRA oversight for private student loans; encourages CFPB to seek additional statutory authority

On November 18, the GAO released a report examining issues related to implementation of the Servicemembers Civil Relief Act (SCRA) interest rate cap for student loans. The Senate Committee on Homeland Security and...more

Massachusetts AG Announces $2.4 Million Settlement with Student Loan Servicer Over Improper Servicing Practices

On November 22, 2016, the Massachusetts Attorney General announced that it entered into a settlement agreement with a national student loan servicing company over allegations the company violated various state and federal...more

[Webinar] The Elimination of Pre-Dispute Arbitration Clauses and the New Repayment Rates for Proprietary Schools - Dec. 8th,12pm...

The fourth webinar in our "Decoding the FINAL Borrower Defense Rule" series will examine the ban on pre-dispute arbitration agreements and class action waivers. We’ll discuss the impact of these rules on past and future...more

[Webinar] Changes to Closed School and False Certification Discharge - December 6th, 12:00pm CT

In our third webinar of the "Decoding the FINAL Borrower Defense Rule" series, we’ll examine the changes the new regulation makes to the closed school and false certification discharge rules. In particular, we’ll focus on the...more

Vermont AG Settles Lawsuit with California Student Loan Debt Consolidation Company

On November 18, 2016, the Attorney General for the State of Vermont (Vermont AG) announced that it had entered into a settlement with a California student loan debt consolidation company related to the company’s business of...more

Make college great again: Higher education in the Trump era

Much has already been written about President-elect Donald Trump’s unanticipated victory and the GOP retention of Congress last week. But what should the nation’s institutions of higher education — and the students they serve...more

[Webinar] The Revised Financial Responsibility Standards - December 1st, 12:00pm CT

Among the significant changes made by the new rules are revisions to the financial responsibility standards that apply to private institutions (both nonprofit and proprietary). The regulation creates a significant number of...more

Q2 2016 Sees Increased Personal and Student Lending Enforcement

For the second quarter of 2016, Consumer Enforcement Watch tracked 46 enforcement actions taken against consumer finance providers. This represents a slight decrease from the 50 enforcement actions that were tracked last...more

[Webinar] The New Borrower Defense Framework - November 29th, 12:00pm CT

In this first webinar of the "Decoding the FINAL Borrower Defense Rule" series, we’ll closely examine the new borrower defense framework, with particular attention to what constitutes a valid “claim,” the risk of...more

Student Loan Company Ordered to Stop Doing Business in Kentucky

On September 27, 2016, the Kentucky Attorney General announced that on September 15, 2016, a Franklin Circuit Judge ordered a Florida-based student loan company to cease all operations in Kentucky. The Attorney General’s...more

CFPB issues Fall 2016 Supervisory Highlights

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more

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