Consumer Finance Monitor Podcast Episode: Recent Developments Affecting Student Loan Origination and Servicing
State AG Pulse | Action By MN AG Ellison Could Ripple Through Debt Servicing Industry
The Federal Trade Commission (FTC) recently announced that it has filed proposed orders against the owners and operators of Financial Education Services (FES), a credit repair operation accused of running a pyramid scheme and...more
Since I served as Commissioner of Corporations in the 1990s, the Department of Corporations has consolidated with the Department of Financial Institutions and changed its name twice. It is now known by the unwieldy name of...more
On July 11, the Federal District Court for the Middle District of Florida granted the FTC’s request for a temporary restraining order against operators of a debt relief enterprise that unlawfully charged consumers illegal...more
In this month's article, we share some of our top "bites" covered during the June 2024 webinar....more
On May 20, the CFPB released its consent order and stipulation against a debt relief provider for alleged deceptive acts and practices in violation of the CFPA and for alleged deceptive telemarketing practices and collection...more
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
In this month's article, we share some of our top "bites" covered during the February 2024 webinar....more
The Federal Trade Commission (“FTC”) recently entered into proposed stipulations with a group of student loan debt relief providers to resolve allegations that the group conducted deceptive marketing and sales practices in...more
On February 8, 2024, after nearly a decade of litigation, the CFPB announced a final settlement for a total of $12 million with a Foreclosure Relief Company and four individual attorneys. The settlement resolves litigation...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
The White House recently announced that approximately 813,000 borrowers whose accounts were adjusted in August 2023 will receive an email from President Biden that their loans are being forgiven. This is based on the U.S....more
Borrower Defense to Repayment (BDR) refers to the administrative process by which borrowers apply to the U.S. Department of Education (ED) to have their federal Direct Loans discharged based on allegations of school...more
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
Student loans have been much in the news and with federal loan payments restarting next month. Chris Allen and Keturah Taylor take a dive into the debt servicing world. They contend that an investigation by Minnesota AG Keith...more
On May 5, 2023, the CFPB announced it would be sending $22.3 million in refund checks to consumers who lost money in credit card relief schemes. The CFPB sent 6,523 refund checks to damaged consumers...more
In this month's article, we share some of our top "bites" for the prior month covered during the May 2023 webinar....more
On May 8, the FTC announced that the U.S. District Court for the Central District of California recently issued temporary restraining orders (TROs) against two student loan debt relief companies that allegedly tricked...more
On May 1, three individuals accused of allegedly participating in a credit card debt relief scheme agreed to court orders permanently banning them from telemarketing and selling debt relief products and services...more
In this month's article, we share some of our top "bites" for the prior month covered during the April 2023 webinar....more
On February 16, the DOJ filed a complaint on behalf of the FTC against several corporate and individual defendants for alleged violations of the FTC Act and the Telemarketing Sales Rule (TSR) in connection with debt relief...more
On November 21, 2022, the U.S. District Court for the Middle District Of Tennessee granted the Federal Trade Commission's (FTC’s) ex parte motion for, among other relief, a temporary restraining order (“TRO”) to shut down an...more
Last week, the Department of Justice (DOJ) and the Department of Education (DOE) distributed guidance to the legal community clarifying the process for the discharge of federal student loans in bankruptcy proceedings. The...more
Late on Friday, October 21, the 8th Circuit Court of Appeals issued a stay of the Biden-Harris administration’s Student Debt Relief Plan while it considers a lawsuit brought by six Republican state attorneys general to block...more
On Thursday, October 20, the Biden-Harris Administration’s Student Debt Relief Program prevailed in two early legal cases challenging the plan. Justice Amy Coney Barrett denied an emergency bid to obstruct the program from a...more
On Thursday, September 29, the Biden-Harris administration and the Department of Education (DOE) released two updates to the three-part student debt relief plan they announced in August. These updates include guidance on...more