Student Loans

News & Analysis as of

CFPB Monthly Report Spotlights Mortgage Products

The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more

DACA-Protected Plaintiff Files Class Action Alleging Lending Discrimination Based on Citizenship Status

On January 31, 2017, Mitzie Perez—a former undocumented immigrant who is authorized to work in the United States under the Deferred Action for Childhood Arrivals (“DACA”) policy—filed a class action in the Northern District...more

House GOP Chairman Outlines New Dodd-Frank Reforms - Revised Replacement Bill Forthcoming

A newly leaked memo from U.S. House of Representatives Financial Services Committee Chairman Jeb Hensarling (R-TX) to the Committee’s leadership team has provided stakeholders in the banking industry with a preview of major...more

What to Expect under Secretary of Education Betsy DeVos

DeVos has a record of promoting charter schools and school vouchers at the K-12 level, but little is known about her priorities for higher education. Her prepared comments and responses during her Senate confirmation hearing...more

Your Daily Dose of Financial News

Ex-VW-Chairman Ferdinand Piech has thrown a wrench in the automaker’s official narrative of the emissions cheating scandal by suggesting, in sworn testimony, that the company knew of the cheating months before it was...more

CFPB January 2017 complaint report highlights mortgage complaints, complaints from Tennessee consumers

The CFPB has issued its January 2017 complaint report that highlights mortgage complaints.  The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas....more

CFPB continues work on student loan payback playbook disclosures

The CFPB recently revised the prototype student loan Payback Playbook disclosures it has been developing with the Departments of Education and Treasury. These revisions were based on feedback from nearly 3,500 individual...more

The looming student debt crackdown: compliance and enforcement lessons from the foreclosure crisis

Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more

Supreme Court Avoids Opportunity to Create Unified Test for Government Affiliation under the False Claims Act

On January 9, 2017, the Supreme Court denied certiorari in three cases concerning the issue of whether state student loan agencies and universities are protected by government immunity from False Claims Act (“FCA”) suits. In...more

Financial Services Weekly News - January 2017 #3

Editor's Note - Opposition Emerges to OCC FinTech Charter. In advance of the deadline to submit comments to the Office of the Comptroller of the Currency’s (OCC) paper proposing a federal FinTech charter, the Conference...more

The CFPB’s Action Against the Country’s Largest Student Loan Servicer, Navient: Four Things You Need to Know Right Now

In recent posts, this blog discussed how the Consumer Financial Protection Bureau (CFPB) has tightened control over financial institutions, including an overhaul of the regulatory landscape for debt collection and banks. The...more

FTC and Florida AG Ban Student Loan Debt Relief Providers

On January 24, the Federal Trade Commission (FTC) and the Florida Attorney General’s Office announced a settlement with student loan debt relief providers alleged to have participated in a student loan debt relief scheme,...more

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

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