The podcast we are releasing today is part 2 of a re-purposed webinar we produced on March 25 titled “The Impact of the Election on the CFPB - Part 4.” As a result of the diminishing impact of the CFPB on enforcing the...more
The podcast we are releasing today is part 1 of a re-purposed webinar we produced on March 25 titled “The Impact of the Election on the CFPB - Part 4.” As a result of the diminishing impact of the CFPB on enforcing the...more
4/24/2025
/ Artificial Intelligence ,
Banks ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Retail Banks ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
Our podcast show being released today is part 2 of a repurposed interactive webinar that we presented on March 24 featuring two of the leading journalists who cover the CFPB - Jon Hill from Law360 and Evan Weinberger from...more
4/17/2025
/ Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
New Legislation ,
Proposed Legislation ,
Regulatory Reform ,
Trump Administration
On February 18, 2025, the U.S. Court of Appeals for the Eighth Circuit—following up on its August 2024 unsigned order—resolved an expedited appeal concerning a district court injunction preventing the U.S. Department of...more
2/26/2025
/ Administrative Procedure Act ,
Appeals ,
Biden Administration ,
Constitutional Challenges ,
Department of Education ,
Educational Institutions ,
Loan Forgiveness ,
Loan Repayment Issues ,
Preliminary Injunctions ,
SAVE Act ,
Standing ,
Statutory Interpretation ,
Student Loans ,
Trump Administration
The CFPB and the National Collegiate Student Loan Trusts—a group of fifteen securitization trusts that acquire, pool, and securitize student loans—have entered into a proposed final consent judgment that, if approved, would...more
1/29/2025
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Services Industry ,
Lenders ,
Securitization Standards ,
Student Loans ,
Unfair or Deceptive Trade Practices
In an unsigned order dated August 9, 2024, the U.S. Court of Appeals for the Eighth Circuit signaled its frustration with the U.S. Department’s ongoing efforts to proceed with implementation of its much-debated SAVE repayment...more
Two federal judges recently said that the Education Department lacked the power to reduce or cancel federal student loans under the SAVE program; an appeals court subsequently lifted the injunction in one case....more
On February 20, 2024, Director Samuel Levine of the Federal Trade Commission’s Bureau of Consumer Protection (Bureau) issued a statement promoting the use and acceptance of tolling agreements. Tolling agreements pause the...more
With federal student loans approaching $1.7 trillion, private student loans approaching $129 billion, strident consumer group advocacy, and national elections on the horizon, student loan origination and servicing continues...more
In a blog post published earlier this week titled “The CFPB’s enforcement work in 2023 and what lies ahead,” the CFPB discussed its 2023 enforcement activity and highlighted its plans to expand its enforcement capacity in...more
The CFPB recently announced the settlement of a bankruptcy court adversary proceeding filed jointly with the Attorneys General of 11 states against Prehired, LLC (Prehired) and two affiliated companies (Prehired Affiliates)...more
12/1/2023
/ Bankruptcy Court ,
Chapter 11 ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt ,
FDCPA ,
Final Judgment ,
Financial Services Industry ,
Income Share Agreements ,
Loans ,
Regulatory Oversight ,
State Attorneys General ,
Statutory Violations ,
Truth in Lending Act (TILA)
The White House signaled last week that, with the resumption of federal student loan payments, federal student loan servicers can expect to face increased scrutiny. The Department of Education issued a “Framework for Student...more
11/14/2023
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Education ,
Federal Student Loans ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Lenders ,
Loans ,
New Guidance ,
Student Loan Servicers Regulation ,
Student Loans
Less than six weeks after the U.S. Supreme Court held that President Biden lacked authority to advance his signature effort to forgive upwards of $430 billion in federal student loans, a new challenge has been filed to other...more
8/10/2023
/ Article III ,
Biden Administration ,
Colleges ,
Consumer Financial Products ,
Department of Education ,
Financial Aid ,
Financial Services Industry ,
Loan Forgiveness ,
Public Service Loan Forgiveness program (PSLF program) ,
SCOTUS ,
Standing ,
Student Loans ,
Students ,
Universities
On June 30, 2023, the U.S. Supreme Court announced long-awaited opinions in two cases challenging the Biden Administration’s authority to proceed with its plan to forgive approximately $430 billion in federal student loans. ...more
Last Friday, the U.S. Supreme Court ruled that the Biden Administration did not have the legal authority to proceed with its plan to forgive approximately $400 billion in federal student loans. After reviewing the background...more
On February 28, 2023, the U.S. Supreme Court heard nearly four hours of oral argument in two separate cases challenging the Biden Administration’s authority to proceed with its plan to forgive approximately $400 billion in...more
On February 28, 2023, the Supreme Court heard oral argument in two separate cases challenging the Biden Administration’s authority to proceed with its plan to forgive approximately $400 billion in federal student loans. In...more
On December 12, 2022, the Supreme Court announced that it would grant a petition for certiorari as to the separate loan-forgiveness challenge pending before the Fifth Circuit Court of Appeals and calendar the matter for...more
After reviewing the background of the current moratorium on federal student loan payments and the Biden Administration’s decision to grant loan forgiveness, we discuss two recent decisions that have paused the...more
On December 1, 2022, the U.S. Supreme Court addressed an application by the Biden Administration to vacate an injunction entered by the Eighth Circuit Court of Appeals that currently prevents the administration from enacting...more
Yesterday, a three-judge panel of the U.S. Court of Appeals for the Eighth Circuit granted a request to enjoin the Biden Administration’s federal student loan forgiveness program pending resolution of an appeal filed by state...more
On November 10, 2022, a federal district court in the Northern District of Texas entered judgment in favor of two plaintiffs on an Administrative Procedure Act (APA) claim seeking vacatur of the Biden administration’s plan to...more
On the evening of Friday, October 21, 2022, the U.S. Court of Appeals for the Eighth Circuit put a halt—albeit a potentially temporary one—to the Biden Administration’s federal student loan forgiveness program, which had been...more
On April 19, one day before the release of a highly critical performance audit by the U.S. Government Accountability Office, the Department of Education (ED) announced a series of actions it is taking to “address[] historical...more
The CFPB has filed a new lawsuit against TransUnion, two of its subsidiaries (TransUnion Interactive, Inc. (TUI) and TransUnion, LLC (TULLC)), and a former TUI executive alleging that the defendants violated the CFPB’s 2017...more