News & Analysis as of

CFPB Report Finds Distressed Private Student Loan Borrowers Driven Into Default

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

CFPB Student Loan Ombudsman Files Third Annual Report Highlighting Bureau’s Hot Button Issues in Student Lending

The CFPB released its third Annual Report of the Student Loan Ombudsman, Rohit Chopra, discussing complaints received by the CFPB about private student loans and the lessons drawn by the Ombudsman from those complaints....more

Rohit Chopra from CFPB focuses on student loan modifications at ABA Consumer Financial Services Committee program in Chicago

I attended a program this morning entitled “All I Need to Know I Learned from the Government: A Look at the Regulatory and Enforcement Landscape for Student Lending.” Among the panelists was Rohit Chopra. Rohit serves as an...more

CFPB Pressures Banks To Disclose Campus Marketing Agreements

On August 6, the CFPB’s Student Loan Ombudsman, Rohit Chopra, published a blog post addressing the financial arrangements between financial institutions and institutions of higher education that market financial products to...more

For-profit education company sued by CFPB seeks dismissal of complaint

ITT Educational Services, the defendant in the CFPB’s first enforcement action against a for-profit education company, has filed a motion seeking dismissal of the CFPB’s complaint. Filed this past February in an Indiana...more

CFPB Student Loan Ombudsman Questions Marketing Of Student Financial Products; GAO Recommends More Transparency

On February 13, CFPB Student Loan Ombudsman Rohit Chopra published on the CFPB’s blog an update on the CFPB’s review of student financial products and raised concerns about certain marketing arrangements between financial...more

CFPB Reports Results Of Student Loan Payment Allocation Practices Inquiry

On February 3, the CFPB’s student loan ombudsman, Rohit Chopra, released a summary of student loan servicers’ responses to questions the CFPB posed last November about the application of borrower payments. ...more

CFPB Releases Report on College Credit Card Agreements

The CFPB released its annual report on college credit card agreements to Congress. Section 305 of the CARD Act requires credit card issuers to annually submit to the CFPB the terms and conditions of any college credit card...more

The CFPB Requests That Agreements Marketing Financial Products to Students Enrolled in Institutions of Higher Education be...

As a follow up to its initial inquiry earlier this year, the Consumer Financial Protection Bureau (“CFPB”) is alerting financial institutions about the “potentially risky practice of making secret payments” to colleges and...more

CFPB Finalizes Rule Defining “Larger Participants” of the Student Loan Servicing Market

Noting that “student loan servicing is an important activity that affects millions of consumers,” the CFPB issued a final rule allowing it to supervise certain nonbank student loan servicers for the first time. The rule...more

CFPB Finalizes Rule To Supervise Student Loan Servicers

The Consumer Financial Protection Bureau has issued a final rule allowing it to supervise nonbank servicers of private and federal student loans who qualify as “larger participants” in the student loan servicing market. The...more

CFPB To Oversee Nonbank Student Loan Servicers

The CFPB has issued a rule that allows the CFPB to supervise certain nonbank student loan servicers for the first time. The CFPB currently oversees student loan servicing at the largest banks. ...more

Banking & Financial Services E-Note - November 21, 2013

In This Issue: - CFPB Prepares New Rules Restricting Debt Collectors - CFPB, DOJ Team to Investigate Auto Dealers Over Financing Bias - CFPB Investigating Credit Card Rewards Programs - Consideration of...more

Chopra highlights student loan repayment plans

Earlier this week, Rohit Chopra, CFPB Assistant Director and Student Loan Ombudsman, spoke to the Federal Reserve Bank of St. Louis about student loan debt. As he has on other occasions, Mr. Chopra referred to $1.2 trillion...more

Capital Thinking: Education

LEGISLATIVE ACTIVITY - Upcoming Hearings: Wednesday, October 30: A hearing and business meeting in the Senate Health, Education, Labor and Pensions (HELP) Committee to mark up legislation (including H.R. 2094,...more

CFPB Student Loan Report Recommends Servicing Policy Changes

On October 16, the CFPB Student Loan Ombudsman issued a second annual report on student loans. The report analyzes and discusses approximately 3,800 complaints submitted by consumers to the CFPB from October 1, 2012 through...more

CFPB Event Focuses On Student Banking

On September 30, the CFPB (or the Bureau) hosted a “Banking on Campus” forum, an event it described as a continuation of its February 2013 request for information about financial products and services marketed to college...more

Congressional Democrats Seek Information On Student Debit Cards; CFPB Plans “Banking On Campus” Event

On September 26, several Democratic Members of Congress, including Assistant Senate Majority Leader Dick Durbin (D-IL), House Financial Services Ranking Member Maxine Waters (D-CA), House Education Committee Ranking Member...more

CFPB findings on campus banking products portend new limitations

Findings on campus banking products released this past Monday by the CFPB in conjunction with a Banking on Campus Forum held in Washington, D.C. appear to be a harbinger of new limitations on the marketing of these products....more

CFPB Announces Student Loan Debt Toolkit

On August 28, the CFPB announced the launch of a toolkit for use by school districts and other public service organizations in assisting employees repay student loan debt. The CFPB also asked such employers to pledge to...more

CFPB to hold September 30 forum on financial products marketed to college students

On September 30, 2013, the CFPB will hold a forum in Washington, D.C. on financial products marketed to college students....more

CFPB launches student loan initiative to help teachers and other public servants

The CFPB announced yesterday that it has launched a new initiative to help teachers and other public servants handle their student loan debts....more

CFPB issues new report on private student loan complaints

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

CFPB seeking information for a “student loan affordability plan”

Perhaps with the Obama administration’s “Making Home Affordable” plan in mind, the CFPB announced last week that it was taking the first step to develop a “student loan affordability plan” by issuing a Notice and Request for...more

CFPB Seeks Information on Financial Products and Services Offered to College Students

The Consumer Financial Protection Bureau believes positive financial decision making should be learned at a young age. The Bureau recently issued a Request for Information Regarding Financial Products Marketed to Students...more

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