News & Analysis as of

Borrowers Loan Servicing

Ballard Spahr LLP

CFPB says examiners have uncovered a variety of illegal practices in student loan markets

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CFPB examiners have identified a variety of illegal practices across student loan markets, the bureau said, in a special edition [add the link here] of its Supervisory Highlights. The report covers alleged violations related...more

Troutman Pepper Locke

CFPB Releases Supervisory Highlights Focusing on Student Loan Practices

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On December 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights, detailing a range of activities identified by CFPB examiners across the student loan...more

Orrick, Herrington & Sutcliffe LLP

CFPB sues student loan servicer over discharged student loan collections

On May 31, the CFPB announced its lawsuit against a Pennsylvania-based student loan servicer (the defendant) for allegedly collecting on discharged loans. According to the complaint, the defendant lacked policies and...more

Ballard Spahr LLP

Trend to watch: New legislation may blur lines between student loan servicing and debt collection

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The New York state legislature is currently considering a pair of companion bills which would impose detailed notice and records requirements upon student loan servicers. New York Senate bill S5136B, which was passed by the...more

Spilman Thomas & Battle, PLLC

Student Loans: Stressors and Pitfalls as Repayments Begin and CFPB Actions Against Alleged Fraudulent Conduct

On Mach 13, 2020, near the beginning of the pandemic in the U.S., the CARES Act included a pause for all federal student loans. Nearly 90 percent of student borrowers accepted “the option of pressing the pause button on...more

Goodwin

2021 Year in Review: Consumer Finance

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[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more

Troutman Pepper Locke

An Inconvenient Decision on ‎Convenience Fees

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Last month, the Fourth Circuit Court of Appeals rendered a decision regarding convenience fees in Alexander v. Carrington Mortgage Services, LLC, 23 F.4th 370 (4th Cir. 2022), which potentially spells trouble for loan...more

Alston & Bird

[Webinar] Fair Lending Webinar Series Part Three – Fair Servicing - February 8th, 2:00 pm - 3:00 pm ET

Alston & Bird on

This program will discuss the key components of a fair servicing compliance program, and practical considerations for implementation. In particular, the discussion will focus on the fair and consistent treatment of borrowers...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Mortgage Servicing FAQs

The CFPB recently released new FAQs regarding the Mortgage Servicing Rule and Regulation X and Regulation Z relating to escrow account guidance and analysis. Putting it Into Practice: Some key takeaways include the...more

Goodwin

Lessons (Still Being) Learned Regarding Hospitality Finance in the Covid-19 Age

Goodwin on

The COVID-19 pandemic wreaked havoc across the real estate portfolios of investors and lenders, perhaps most disastrously in the hospitality sector. A recent American Hotel & Lodging Association report shows the industry lost...more

Alston & Bird

District Courts Split on Convenience Fees Under Debt Collection Laws

Alston & Bird on

A&B ABstract: In a number of recent decisions, district courts have split on the issue of whether a mortgage servicer violates the Fair Debt Collection Practices Act (“FDCPA”) and related state debt collection statutes by...more

White & Case LLP

COVID-19 Response: US Financial Services Regulatory: U.S. State/Local (Updated April 24, 2020)

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In response to the global COVID-19 crisis, US financial regulators at the state level are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US...more

Hudson Cook, LLP

New York Department of Financial Services Extends Student Loan Relief to Private Student Loans

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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

Ballard Spahr LLP

CFPB Winter 2020 Supervisory Highlights looks at debt collection, mortgage servicing, payday lending, student loan servicing

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The CFPB has released the Winter 2020 edition of its Supervisory Highlights.  The report discusses the Bureau’s examinations findings in the areas of debt collection, mortgage servicing, payday lending, and student loan...more

Hinshaw & Culbertson LLP

Business Records Exception Used to Attack Foreclosure Action in Maine Supreme Court

The Maine Supreme Court, using a recent interpretation of the business records exception to the hearsay rule under Maine law, has raised questions regarding mortgage loan servicers' ability to foreclose on defaulted...more

Bradley Arant Boult Cummings LLP

The looming student debt crackdown: compliance and enforcement lessons from the foreclosure crisis

Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more

MoFo Reenforcement

CFPB Lays Down the Gauntlet on Student Loan Servicing

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The CFPB and the U.S. Departments of Education and the Treasury have released a Joint Statement of Principles on Student Loan Servicing, accompanied by a CFPB report. In the CFPB’s press release announcing the publications,...more

Ballard Spahr LLP

Director Cordray targets payday and student lenders in remarks to Consumer Advisory Board

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Director Cordray’s prepared remarks for yesterday’s meeting of the CFPB Consumer Advisory Board contained some particularly ominous signs for student and payday lenders. ...more

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