News & Analysis as of

Student Loans Civil Investigation Demand

Orrick, Herrington & Sutcliffe LLP

CFPB denies petition to set aside investigative demand in student loan discharge probe

On September 19, the CFPB published a recent decision and order denying the petition of one of the nation’s largest private student loan servicers to set aside the CFPB’s civil investigative demand (CID) in connection with...more

Cadwalader, Wickersham & Taft LLP

CFPB Suit Against Student Loan Trusts Dismissed

On March 26, 2021, Judge Maryellen Noreika of the U.S. District Court for the District of Delaware dismissed a lawsuit brought by the Consumer Financial Protection Bureau (“CFPB”) in Consumer Financial Protection Bureau v....more

Manatt, Phelps & Phillips, LLP

CFPB News: Kraninger Affirms CIDs, Payday Rule Delayed

Director Kathy Kraninger is in the news, taking a hard line on civil investigative demands (CIDs), backing two new settlements and issuing a further delay of the payday loan rule. Meanwhile, consumer groups criticized the...more

Davis Wright Tremaine LLP

Third Circuit Says CFPB May Investigate the Totality of a Target’s Business Conduct

Earlier this week, the Third Circuit rejected student loan servicer Heartland Campus Solutions, ECSI’s challenge to a CFPB civil investigative demand (CID), which sought information concerning ECSI’s “servicing of student...more

Dorsey & Whitney LLP

Federal Court Orders Loan Servicer to Comply with CFPB’s CID Investigating Potential UDAAP and FCRA Violations

Dorsey & Whitney LLP on

On February 28, 2018, the U.S. District Court for the Western District of Pennsylvania granted a petition by the Consumer Financial Protection Bureau (“CFPB”) to enforce a civil investigative demand (“CID”) against a student...more

Cozen O'Connor

The State AG Report Weekly Update

Cozen O'Connor on

AG Elections- Illinois Attorney General Will Not Seek Reelection in 2018; Democrats Scott Drury and Kwame Raoul Announce Bid for Seat- Illinois AG Lisa Madigan, a Democrat, announced on her campaign website that she will...more

Troutman Pepper

D.C. Circuit Rebukes CFPB in Civil Investigative Demand Enforcement Decision

Troutman Pepper on

On April 21, the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion in CFPB v. Accrediting Council for Independent Colleges & Schools, affirming a decision by the D.C. district court to deny...more

Bradley Arant Boult Cummings LLP

CFPB and Two States File Suit Against Student Loan Company Navient

The CFPB announced on Wednesday that it had filed a lawsuit against Navient Corporation, formerly part of Sallie Mae, and two of its subsidiaries for alleged “systematic” failures in student loan servicing. The complaint...more

Morrison & Foerster LLP

Financial Services Report, Summer 2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

WilmerHale

CFPB Examinations and Investigations: Defense Strategies and Best Practices

WilmerHale on

The pursuit of examinations and enforcement actions by the Consumer Financial Protection Bureau (CFPB) has created new challenges for entities that provide consumer financial products and services. Given the CFPB’s broad...more

Burr & Forman

CFPB Receives Strategy Lesson—Court Holds it Overreached by Investigating For-Profit School Accreditation

Burr & Forman on

The CFPB received a lesson in the importance of specificity on April 21st when the United States District Court for the District of Columbia’s Judge Richard J. Leon found that it overreached in its attempt to enforce a Civil...more

K&L Gates LLP

CFPB Expands Its Targeting of For-Profit Schools and Pushes Jurisdictional Limits

K&L Gates LLP on

After suing two of the nation’s largest for-profit school chains, ITT and Corinthian, the Consumer Financial Protection Bureau (CFPB) is continuing its push to police the for-profit school industry....more

Ballard Spahr LLP

CFPB files petition in D.C. federal court to enforce CID issued to college accrediting organization

Ballard Spahr LLP on

On October 29, 2015, the CFPB filed a petition in D.C. federal court to enforce the CID it issued on August 25, 2015 to the Accrediting Council for Independent Colleges and Schools (ACICS). ACICS’ petition to modify or set...more

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