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OCC establishes framework for evaluating applications from banks with less than satisfactory CRA rating

In a new Policies and Procedures Manual (PPM) issuance (PPM 6300-2), the OCC establishes its framework for evaluating certain types of licensing applications when the applicant bank has an overall Community Reinvestment Act...more

Illinois lawmakers override governor’s veto of student loan servicing bill

The Illinois House of Representatives and Senate have voted to override the veto by the state’s Republican governor of Senate Bill 1351, known as the Illinois Student Loan Servicing Rights Act. ...more

Second Circuit Denies Rehearing in Key TCPA Case

Businesses that have not already done so should consult with counsel regarding "consent to be called" provisions in their consumer contracts in the wake of the decision by the U.S. Court of Appeals for the Second Circuit...more

CFPB issues 50-state snapshot of student debt

The CFPB has issued a “50-state snapshot of student debt,” which provides student debt data on a state-by-state basis. The report states that the complaint data “reflects over 50,000 student loan complaints and over 10,000...more

FTC settles Section 5 claims against company promoting schools to military servicemembers

The FTC has entered a proposed consent order with Victory Media, Inc. (VMI) to settle the FTC’s charges that VMI violated Section 5 of the FTC Act by engaging in deceptive acts or practices in connection with its promotion of...more

D.C. belatedly releases Bill of Rights for student loan borrowers

The District of Columbia Student Loan Ombudsman Establishment and Servicing Regulation Act of 2016 (Servicing Act) became effective February 18, 2017. The Servicing Act set an October 1 deadline for the Student Loan...more

PA banking regulator reiterates licensing guidance for fintech companies

Earlier this month, the Pennsylvania Department of Banking and Securities issued a letter to “all persons engaged in activity regulated or licensed by the [Department] regardless of the means of delivery of such regulated...more

CFPB Student Loan Ombudsman issues sixth annual report

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

FTC announces coordinated enforcement initiative with state AGs targeting student loan debt relief providers

Last Friday, as expected, the FTC announced the launch of a coordinated federal-state law enforcement initiative targeting deceptive student loan debt relief companies. ...more

FTC targets student loan debt relief companies

A recent flurry of FTC enforcement activity targeting companies offering student loan debt relief services suggests such companies could be the subject of the announcement scheduled for tomorrow “of a major coordinated...more

DOJ Issues Annual Report To Congress On 2016 ECOA/FHA/SCRA Enforcement Activities

The Department of Justice’s Civil Rights Division has issued its annual report to Congress regarding its activities to enforce the ECOA, FHA and SCRA. The report covers 2016 activities that would have taken place under the...more

California and Washington, D.C. issue student loan servicing regulations

California and the District of Columbia have recently released regulations under their respective student loan servicing laws. Each is taking comments on its regulations, but whereas California has merely issued proposed...more

Illinois student loan servicing bill vetoed

Senate Bill 1351, known as the Illinois Student Loan Bill of Rights, was vetoed at the end of last week by the state’s Republican Governor.  The bill would have created a student loan ombudsman and implemented new...more

"Modest" Overstatements of Amount Due and Interest Rate Actionable Under FDCPA, Ninth Circuit Rules

A debt-collection law firm's overstatements in a state court complaint of $3,000 in the principal amount due and 0.315 percent in the interest rate were actionable under the Fair Debt Collection Practices Act (FDCPA) as...more

CFPB releases state-level data on student debt impact on older borrowers

The CFPB has released a new report, “Older consumers and student loan debt by state.” The new report is intended to be a supplement to the CFPB’s January 2017 “Snapshot” report that contained statistics on the growing number...more

CFPB files amicus brief in support of Education Dept. appeal seeking to overturn preliminary injunction barring student loan...

The CFPB has filed an amicus brief in support of the Department of Education’s appeal asking the U.S. Court of Appeals for the Federal Circuit to vacate a preliminary injunction entered by the Court of Federal Claims that...more

D.C. accepting student loan servicer license applications; CT adopts student loan servicing standards

D.C. License Applications. The District of Columbia Department of Insurance, Securities and Banking recently started to accept applications and transition fillings for a Student Loan Servicer License on the National Mortgage...more

CFPB issues reports on student loan repayment and repayment assistance programs

The CFPB has issued two new reports concerning student loans. The first report, “CFPB Data Point: Student Loan Repayment,” examines how the payment patterns of student loan borrowers have changed over the last 14 years. The...more

Five state regulators enter into settlement agreement with debt collectors for alleged federal and state law violations

Regulators from the states of Connecticut, Idaho, Massachusetts, Minnesota and North Dakota (“Participating States”) have entered into a settlement agreement with three affiliated debt collection companies to settle...more

Defense Dept. rejects trade group’s request for extension of Oct. 3 MLA compliance date for credit cards

The Department of Defense (DoD) is reported to have rejected the request of the National Association of Federally-Insured Credit Unions (NAFCU) to extend the October 3, 2017 date for credit card compliance with the Military...more

Minnesota Supreme Court rules schools needed lending license to make student loans

The Minnesota Supreme Court recently ruled that two for-profit postsecondary education schools had charged usurious interest rates on student loans and could not charge rates greater than 8% without obtaining a lending...more

Sixth Circuit: Firm's Post-Foreclosure Conduct Does Not Violate FDCPA

Recently, the U.S. Court of Appeals for the Sixth Circuit affirmed the dismissal of a lawsuit brought against a foreclosure firm—Reimer, Arnovitz, Chernek & Jeffrey (the Reimer firm)—under the Fair Debt Collection Practices...more

FHFA announces reopening and second extension of comment period for LEP RFI

The Federal Housing Finance Agency has announced that it has reopened and extended until September 1, 2017 the comment period on its Request for Input on improving language access in mortgage lending and servicing.  The FHFA...more

FDCPA Bona Fide Error Defense Did Not Protect Debt Collector Despite Following Controlling Precedent, En Banc Seventh Circuit...

In a 7-4 en banc decision, the U.S. Court of Appeals for the Seventh Circuit ruled that the bona fide error defense in the Fair Debt Collection Practices Act (FDCPA) did not protect a debt collector who complied with...more

DOJ amicus brief in employment discrimination case undermines CFPB position on ECOA protection for sexual orientation

The Department of Justice has filed an amicus brief in a case pending before the U.S. Court of Appeals for the Second Circuit that presents the question of whether the prohibition on employment discrimination on the basis of...more

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