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
Last week, the CFPB issued a “Student Loan Servicing Special Edition” of Supervisory Highlights. In this blog post, we highlight a stealth expansion of supervisory jurisdiction and focus on the CFPB’s findings in two key...more
In a letter to Secretary of Education Miguel Cardona and Analyst Jean-Didier Gaina, a coalition of AGs from nineteen states, the District of Columbia and the State of Hawaii Office of Consumer Protection submitted comments on...more
The Consumer Financial Protection Bureau (CFPB) is “encouraging” student loan servicers to identify their military borrowers in order to conduct proactive outreach encouraging them to consolidate their loans and submit...more
On Wednesday, March 30, the Consumer Financial Protection Bureau (CFPB) announced that it fined student loan servicer Edfinancial Services (Edfinancial) $1 million for allegedly misrepresenting Federal Family Education Loan...more
On March 30, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a student-loan servicer for alleged deceptive acts and practices in violation of the CFPA, 12 U.S.C. §§...more
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule to increase market transparency regarding short selling and extended the comment period for its proposed rule requiring reporting on...more
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
Colorado AG Phil Weiser sued federal student loan servicer Pennsylvania Higher Education Assistance Agency d/b/a FedLoan Servicing (“PHEAA”) over allegations that it failed to provide information to student borrowers about...more
At the end of last week, the Department of Education announced that Education Secretary Betsy DeVos has directed Federal Student Aid (FSA) to extend until December 31, 2020 the relief that was provided to federal student loan...more