Over the past year, there have been numerous efforts by federal regulators - in particular the Consumer Financial Protection Bureau - to rein in "junk fees." The CFPB defines a "junk fee" to be an unnecessary and unavoidable...more
11/3/2023
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Accounts ,
Excessive Fees ,
Fees ,
New Legislation ,
NYDFS ,
Overdraft Fees ,
Regulatory Oversight ,
User Fees
New York has been the American epicenter for the exploding coronavirus pandemic. Informed by recent systemic challenges to the financial services sector, New York's regulators have responded.
Among the responses is an...more
4/24/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Credit Reporting Agencies ,
Default ,
Department of Education ,
Forbearance Agreements ,
Late Fees ,
Late Payments ,
Lenders ,
Licensing Rules ,
Loan Servicing ,
NYDFS ,
Private Student Loans ,
Relief Measures ,
Student Loans
The New York Department of Financial Services ("DFS") has finalized the last piece of the Empire State's student loan servicer puzzle. On October 1st, the DFS issued a Student Loan Servicers Regulation (the "Regulation") that...more
12/27/2019
/ Debt Collection ,
Federal Student Loans ,
Higher Education Act ,
Loan Servicer ,
New Regulations ,
NYDFS ,
Private Student Loans ,
Regulation Z ,
State Regulators ,
Student Loan Servicers Regulation ,
Student Loans
The May 2019 issue of Insights included discussion of a growing trend to regulate student loan servicers. Currently, there are a handful of states that impose requirements specifically on such parties. However, the ranks of...more