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Consumer Financial Protection Bureau (CFPB) Student Loans

Sheppard Mullin Richter & Hampton LLP

CFPB Settles Action Against Student Loan Servicer with Industry Ban

On September 12, 2024, the Consumer Financial Protection Bureau (CFPB) filed a proposed order which, if entered by the court, will ban a student loan servicer from servicing federal student loans and require it to pay $120...more

Hudson Cook, LLP

Nonbank Student Loan Servicer Agrees to a CFPB-Imposed Ban and to Pay $120 Million

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After more than seven years of litigation, on September 12, 2024, the CFPB filed the Stipulated Order reflecting its settlement with the Company over alleged violations of the CFPA, FCRA, and FDCPA....more

Orrick, Herrington & Sutcliffe LLP

U.S. SDNY dismisses FDCPA case against student loan trusts for time-barred violations

On August 16, the U.S. SNDY dismissed as time-barred a student loan debt class-action brought against student loan trusts, servicing agents and a law firm. The suit, brought by a class of New York residents holding student...more

Wiley Rein LLP

Wiley Consumer Protection Download (July 30, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Hudson Cook, LLP

CFPB Bites of the Month Webinar Recap: The CFPB and the Dust of June

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In this month's article, we share some of our top "bites" covered during the June 2024 webinar....more

Sheppard Mullin Richter & Hampton LLP

Latest CFPB Supervisory Highlights Focus on Transparency in Debt Collection Practices

On July 2, the CFPB released its Summer 2024 Supervisory Highlights, which focused on the servicing and collection of consumer debt. The report shared key findings from recent supervisory examinations of auto and student loan...more

Alston & Bird

CFPB Seeks Permanent Enforcement – Will this Further its Repeat Offender Agenda?

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On May 31, 2024, the Consumer Financial Protection Bureau (CFPB) sued student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA) for illegally collecting on student loans that have been discharged in...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

Sheppard Mullin Richter & Hampton LLP

CFPB Takes Legal Action Against PHEAA for Chasing Debt on Discharged Student Loans

On May 31, the CFPB filed suit in federal court in the Middle District of Pennsylvania against a Pennsylvania-based student loan servicer accusing it of illegally pursuing student loan debts discharged in bankruptcy and...more

Wiley Rein LLP

Wiley Consumer Protection Download (June 4, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Goodwin

CFPB Files Suit Against Student Loan Servicer

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On May 31, 2024, the CFPB announced that it had filed suit against a Pennsylvania-based student loan servicer for engaging in allegedly unfair, deceptive and abusive acts or practices in violation of the CFPA, 12 U.S.C. §§...more

Sheppard Mullin Richter & Hampton LLP

CFPB Shuts Down Debt Relief Provider Over Fraudulent Student Loan Practices

On May 20, the CFPB settled an enforcement action against a California-based telemarketing firm for practices related to student loan debt relief services. The Bureau has ordered the firm to permanently halt operations and...more

Cozen O'Connor

The State AG Report – 5.23.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •New York AG Secures Record $2 Billion Settlement in Crypto...more

Goodwin

CFPB Enters Consent Order Over Student Loan Debt Relief Services

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​​​​​​​On May 20, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based telemarketer that offered student loan debt relief services resolving...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - May 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Hudson Cook, LLP

CFPB Issues Order Against Student Loan Debt Relief Telemarketer

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On May 20, 2024, the CFPB announced a settlement with a telemarketing company that offers student loan debt relief services to resolve allegations that it violated the Telemarketing Sales Rule ("TSR") and the Consumer...more

Orrick, Herrington & Sutcliffe LLP

Student loan servicer and trust could pay more than $5M in enforcement action with CFPB

On May 6, the CFPB filed a complaint against a Pennsylvania-based student loan servicer and 15 student loan trusts for alleged failure to properly respond to various borrower requests in violation of the CFPA. The complaint...more

Cozen O'Connor

The State AG Report – 5.9.2024

Cozen O'Connor on

Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • Republican AGs Seek to Unplug DOE’s Appliance Efficiency...more

Sheppard Mullin Richter & Hampton LLP

CFPB Settles Action Against Student Loan Servicer and Securitization Trusts

On May 6, 2024, the CFPB resolved an enforcement action against a group of Delaware student loan trusts and a loan servicer (found here and here) for their failures to adequately respond to borrowers’ requests for relief,...more

Goodwin

CFPB Files Complaint and Proposed Final Judgments Against Higher Education Assistance Agency and National Collegiate Student Loan...

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​​​​​​​On May 6, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint ​and two proposed stipulated final judgments to resolve its claims against the National Collegiate Student Loan...more

Saul Ewing LLP

CFPB Finds For-Profit Coding School Misrepresented Nature of Its Lending Products and Job Placement Rates

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The Consumer Financial Protection Bureau continues to expand its presence into different businesses, including for-profit colleges. On April 17, 2024, the CFPB issued a consent order against a for-profit college for computer...more

Wiley Rein LLP

Wiley Consumer Protection Download (April 30, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Troutman Pepper

CFPB Enters Consent Order Against BloomTech Over Misleading Income-Share Agreements

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On April 17, the Consumer Financial Protection Bureau (CFPB or Bureau) entered a consent order against BloomTech, a for-profit vocational school, and its CEO, Austen Allred, for deceptive marketing practices related to...more

Cadwalader, Wickersham & Taft LLP

Third Circuit Decides Statutory Trusts Are Covered Persons: What This Means for the Securitization Market

On March 19, 2024, the Third Circuit handed down a decision that statutory trusts used as issuing entities for securitizations are considered “covered persons” for purposes of the Consumer Financial Protection Act ("CFPA"),...more

Ballard Spahr LLP

CFPB Publishes Consumer Response Annual Report

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The CFPB published its Consumer Response Annual Report for 2023, which discusses the consumer complaints received by the CFPB in that year and how companies responded to those complaints. The CFPB monitors consumers’...more

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