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

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

Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

With Colorado’s private education lender registration scheduled to take effect on September 1st, the Colorado Department of Law has just announced that they intend to bring a new group within their jurisdiction: private...more

Dept. of Education issues new interpretation on preemption of state laws regulating student loan servicers

The U.S. Department of Education has issued a new interpretation “to revise and clarify its position on the legality of State laws and regulations that govern various aspects of the servicing of Federal student loans.” The...more

California DFPI announces agreement with program manager of income share agreements

Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into “a landmark agreement” with Meratas, Inc., a company that acts as a program manager of Income Share...more

CA DFPI exercises its new enforcement authority against coding school’s income-based deferred tuition agreement

The California Department of Financial Protection and Innovation announced last week that it has entered into a consent order with Lambda, Inc., which does business as Lambda School, to settle the DFPI’s claims that a...more

PA Attorney General enters into agreement prohibiting collections by buyer of private student loans

The Pennsylvania Attorney General recently entered into an Assurance of Voluntary Compliance with Elevation Capital Partners, LLC, a buyer of private student loans, that prohibits Elevation from engaging in any collection...more

CFPB highlights state of student loans in the pandemic on heels of coalition’s recommendations for transitioning federal student...

The CFPB has created a student loan infographic to highlight the state of student loans in the pandemic.  Among the statistics included in the infographic is that, based on Department of Education data current as of September...more

Department of Education to provide full loan relief to student loan borrowers with approved borrower defense claims

The Department of Education announced last week that it is changing how it determines relief for borrowers who assert “borrower defense claims.” Such claims allege that the borrower was misled by his or her school or that...more

CFPB Files Lawsuit Against Student Debt Relief Company, Along With Its Owner And Manager

In its third lawsuit filed under the leadership of Acting Director Uejio, the CFPB, earlier this week, sued Student Loan Pro (SLP), a student loan debt relief company, its owner, and its manager, for alleged violations of the...more

CA Department of Financial Protection and Innovation announces investigation of student loan debt relief companies

The California Department of Financial Protection and Innovation (DFPI) announced last week that it has launched an investigation into whether student-loan debt-relief companies operating in California are engaging in illegal...more

CFPB issues special edition of Supervisory Highlights on COVID-19 prioritized assessments

The CFPB has issued “Supervisory Highlights COVID-19 Prioritized Assessments Special Edition.” The report indicates that in May 2020, the Bureau rescheduled about half of its planned examinations and instead conducted...more

Biden Administration orders extensions of student loan and mortgage relief

In response to directions from the Biden Administration, the following actions have been taken: Federal student loans.  The Acting Secretary of Education has extended the following relief on ED-held federal student loans...more

Department of Education extends pandemic-related benefits

Without elaborating on its authority for doing so, the Department of Education recently announced the extension, through January 31, 2021, of certain pandemic-related benefits for federal student loan borrowers....more

Dept. of Education implements Presidential memorandum continuing federal student loan relief during pandemic

At the end of last week, the Department of Education announced that Education Secretary Betsy DeVos has directed Federal Student Aid (FSA) to extend until December 31, 2020 the relief that was provided to federal student loan...more

President Trump Takes Executive Action to Continue Federal Student Loan Relief During the COVID-19 Pandemic

On August 8, 2020, President Trump signed four executive orders that are designed to provide additional COVID-19 relief as talks on Capitol Hill collapsed on August 7 between White House negotiators and Democratic leaders...more

State AGs sue Dept. of Education to invalidate 2019 “Institutional Accountability Regulations” allowing use of pre-dispute...

A group of 22 state attorneys general joined by the District of Columbia AG filed a lawsuit in a California federal district court against Secretary of Education Betsy DeVos and the U.S. Department of Education (ED) seeking...more

CFPB Enters Into Partial Proposed Settlement Of Lawsuit Against Companies And Individuals Involved In Offering Student Loan Debt...

The CFPB announced that it has entered into a proposed settlement with several of the defendants in the lawsuit it filed in January 2020 in a California federal district court that alleges the defendants obtained consumer...more

Multi-state initiative announced to provide relief to private student loan borrowers

Massachusetts, New Jersey, Connecticut, Illinois, and Vermont have announced that they are participating in a multi-state initiative to provide relief to borrowers whose student loans are not covered by the CARES Act through...more

Industry and consumer groups urge Congress to extend CARES Act relief to borrowers with federal student loans not owned by federal...

A coalition of groups that includes the Consumer Bankers Association, the National Council of Higher Education Resources, and consumer advocates, has sent a letter to House and Senate leadership urging Congress to extend...more

Democratic Senators urge private student loan servicers to provide relief to borrowers

Senator Elizabeth Warren, joined by a group of other Democratic Senators and Senator Bernie Sanders, sent a series of letters to companies that service private student loans requesting “a detailed report of the steps your...more

CARES Act Includes Provisions On Credit Reporting And Student Loans

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following provisions of particular interest to members of the consumer financial services industry...more

The CARES Act and Student Lending

The CARES Act contains several provisions related to higher education, some of which pertain to student loan relief...more

Consumer advocates send letter urging Alternative Reference Rate Committee to consider impact on student loans in implementing...

On March 6, the Student Borrower Protection Center, Americans for Financial Reform Education Fund, the National Community Reinvestment Coalition, and the National Consumer Law Center sent a letter to the Alternative Reference...more

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