News & Analysis as of

Student Loans Servicemembers Civil Relief Act

Ballard Spahr LLP

DOJ enters into consent order with NJ student lending authority to settle claim of alleged SCRA violations

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The Department of Justice announced earlier this week that it has entered into a consent order with the New Jersey Higher Education Student Assistance Authority (HESAA) to settle the DOJ’s claim that HESAA violated the...more

Ballard Spahr LLP

Bipartisan bill introduced to create legal framework for income share agreements

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A bipartisan group of U.S. Senators have introduced the “ISA Student Protection Act of 2019” that would create a legal framework for income share agreements (ISA) offered to students. ...more

Bradley Arant Boult Cummings LLP

California’s Servicemember Protections Expanded for Student Loans

]With the start of the new year, California has expanded protections for military servicemembers with student loans. Student loans incurred by a protected servicember before entry into service have an interest rate cap of...more

Ballard Spahr LLP

CFPB Student Loan Ombudsman issues sixth annual report

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The CFPB has released the sixth annual report of the CFPB Student Loan Ombudsman containing an analysis of approximately 12,900 federal student loan complaints, 7,700 private student loan complaints, and 2,300 debt collection...more

Ballard Spahr LLP

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

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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

Morrison & Foerster LLP

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Ballard Spahr LLP

Department of Education adopts new procedures for lenders and servicers of federal student loans to use to determine SCRA...

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This past May, we wrote about the $60 million Servicemembers Civil Relief Act (SCRA) settlement announced by the Department of Justice (DOJ) and Department of Education (ED) with a major student loan servicer and expressed...more

Ballard Spahr LLP

Senator Hagan Introduces the Servicemember Higher Education Protection Act

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New legislation, titled the Servicemember Higher Education Protection Act (the “Bill”), was introduced recently by Senator Kay Hagan (D-NC). The Bill includes several provisions that expand protections under the...more

Ballard Spahr LLP

Has the SCRA been amended for everyone?

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Not only student loan servicers, but all companies, particularly those subject to the CFPB’s supervisory authority, face new compliance risk under the Servicemembers Civil Relief Act (the “SCRA”) as a result of the stunning...more

King & Spalding

The SCRA and Student Loans—Senate Hearings Highlight Agency Collaboration on Investigative and Enforcement Activities

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Congress enacted the Servicemembers Civil Relief Act (SCRA or “Act”), a law whose origins date back to the Civil War, to strengthen the national defense through certain protections provided to servicemembers. By protecting...more

Ballard Spahr LLP

CFPB issues new report on private student loan complaints

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The CFPB has issued a “Mid-year snapshot of private student loan complaints” that discusses issues raised in the 2,002 complaints the CFPB received from October 2012 through March 2013....more

Ballard Spahr LLP

DOJ confirms investigation of private student loan SCRA violations

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As we reported, in the CFPB’s “Mid-year snapshot of private student loan complaints” on complaints the CFPB received from October 2012 through March 2013, one of the top servicing issues reported by consumers was the...more

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