News & Analysis as of

Student Loans Fair Credit Reporting Act

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

by 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

Consumer Financial Services: What to Expect in 2018

by Hinshaw & Culbertson LLP on

2017 was a highly volatile year for the consumer financial services industry, featuring significant court rulings, regulatory changes and other developments....more

Financial Services Weekly News - September 2017

by Goodwin on

Editor's Note - The Roundup has been on hiatus since its August 23 edition. Since then, we have had the misfortune to witness the widespread devastation inflicted by Hurricanes Harvey and Irma. Our hearts go out to the...more

Financial Services Report - Spring 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

Student Loan Servicers Still Looking for Clarification on Reporting Obligations

There is surprisingly little guidance for student loan servicers when it comes to credit reporting. The only recent guidance directed at loan servicers came by way of an announcement from the U.S. Departments of Education and...more

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

CFPB Files Lawsuit Against Largest U.S. Student Loan Servicer Over Deceptive Practices

by Goodwin on

On January 18, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court for the Middle District of Pennsylvania against a servicer of private and federal student...more

CFPB issues Fall 2016 Supervisory Highlights

by Ballard Spahr LLP on

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more

CFPB Focuses on Servicing in Update to Student Loan Examination Procedures

by Ballard Spahr LLP on

On Monday the CFPB released updated examination procedures for student loans.  This update revises and expands on a previous update that was released in December 2013 in conjunction with the CFPB’s “larger participants” rule...more

Financial Services Weekly News - August 2016 #4

by Goodwin on

Editor's Note - Friend the Fed! As is the case every August, our federal government and regulators are hard at work, laser focused on the important issues of the day. In this regard, on August 18, the Federal Reserve...more

CFPB Issues Consent Order Regarding National Bank’s Student Loan Servicing Practices

by Goodwin on

On August 22, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a large national bank in relation to the company’s private student loan servicing practices. The CFPB...more

Prevailing in an Era of Regulatory Enforcement – Balancing Risk and Compliance [Expect Focus – Vol. II, July 2016]

by Carlton Fields on

IN THE SPOTLIGHT - - SEC Sanctions Unregistered EB-5 Investments Broker SECURITIES - - FINRA to Assess Member Firms’ Culture - SEC Seeks Fund Responses to Distribution-In-Guise Guidance...more

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank...more

What’s Next for Student Loans at the CFPB?

The Consumer Financial Protection Bureau (CFPB) will not be flexing its rulemaking muscles in the student loan arena for some time to come, according to the CFPB’s spring 2016 rulemaking agenda. The fall 2015 rulemaking...more

CFPB issues Winter 2016 supervisory report

by Ballard Spahr LLP on

In its Winter 2016 Supervisory Highlights, which covers supervision work generally completed between September and December 2015, the CFPB highlights violations found by CFPB examiners involving consumer reporting, debt...more

Supervisory Highlights, Fall 2015: Totally Sanitized Limerick Edition!

by MoFo Reenforcement on

Don’t know about you, but we’ve been dreaming about wrapping ourselves in a big cabled sweater, drinking a pumpkin-spiced beverage and cozying up to the Fall 2015 issue of Supervisory Highlights. Usually haiku is how we roll,...more

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

by BakerHostetler on

On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

Financial Services Report, Fall 2015

by Morrison & Foerster LLP on

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Supervisory Highlights

by MoFo Reenforcement on

In This Issue: - Introduction - Supervisory observations ..Consumer reporting ..Debt Collection ..Deposits ..Mortgage servicing ..Student loan servicing ..Fair Lending: CFPB’s HMDA...more

Institutions of Higher Education and the Fair Credit Reporting Act: Third Circuit Holds Higher Education Amendments Offer No Safe...

In a recent precedential opinion, the Third Circuit has held that the Higher Education Act provides no safe haven from strict adherence to the Fair Credit Reporting Act for colleges and universities. Moreover, the Court...more

Banking & Financial Services E-Note - October 30, 2013

by Burr & Forman on

In This Issue: - Fed Proposes Rule Requiring Banks to Stay Liquid During Crisis - Simulation Tests Banks' Survival Against Cyber Attacks - Largest Banks Close to Meeting Mortgage Settlement Obligations -...more

Banking & Financial Services E - Note - May 30, 2013

by Burr & Forman on

In This Issue: - New Suits Filed as Credit Card Swipe Fee Settlement Deadline Looms - Sec. Lew Tells Senate Committee of Plans to Accelerate Dodd-Frank - New Mortgage Rule to Block Access to Credit, Witnesses...more

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