News & Analysis as of

Student Loans Lenders

Did You Know? Connecticut Revises Several Secured and Unsecured Lending Provisions

by Ballard Spahr LLP on

Connecticut has revised several provisions involving secured and unsecured lending laws, including, but not limited to, the following...more

The looming student debt crackdown: compliance and enforcement lessons from the foreclosure crisis

Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more

New California Laws for Financial Institutions

As the California legislative session wound down, Governor Jerry Brown signed multiple bills into law that will impact financial institutions. What happened - Financial institutions in California should prepare...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers - This past Thursday, September 22, a federal district court in the...more

Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers

This past Thursday, September 22, a federal district court in the Central District of California dismissed an action raising usury claims against several student loan servicers, rejecting the plaintiffs' arguments based on...more

Senator Warren to address student loan activists

by Ballard Spahr LLP on

Senator Elizabeth Warren is scheduled to be the keynote speaker today for “National Student Debt Day,” an event in Washington, D.C. for “student loan activists from around the country.” The event is sponsored by Young...more

Helpful News from IRS on Student Loan Bonds

On November 13, the IRS issued Notice 2015-78, providing favorable guidance on topics of interest to providers of “supplemental” or “alternative” student loans financed with tax-exempt bonds and to underwriters of such...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

CFPB Issues Statement Following Reports of Widespread Student Loan Servicing Failures

by Carlton Fields on

The Consumer Financial Protection Bureau (CFPB) recently focused its attention on the student loan industry following alleged widespread servicing failures reported by borrowers and found by the CFPB's examinations and...more

CFPB Singles Out Class Action Waivers for Elimination from Consumer Financial Arbitration Agreements

by Moore & Van Allen PLLC on

The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more

CFPB Lays Down the Gauntlet on Student Loan Servicing

by MoFo Reenforcement on

The CFPB and the U.S. Departments of Education and the Treasury have released a Joint Statement of Principles on Student Loan Servicing, accompanied by a CFPB report. In the CFPB’s press release announcing the publications,...more

Treasury Department Starts the Regulatory Ball Rolling for Marketplace Lenders

by Pepper Hamilton LLP on

The Treasury Department’s notice and request poses 14 detailed questions to gather public information concerning the role of marketplace lending in the financial services industry. On July 16, 2015, the U.S. Department...more

Guidance on Private Student Loans With Graduated Repayment Terms Released

On January 29, federal financial regulatory agencies in partnership with the State Liaison Committee (SLC) of the Federal Financial Institutions Examination Council, issued guidance for financial institutions on private...more

CFPB seeks information from industry on student loan modification options and issues guidance on private student loans with ...

by Ballard Spahr LLP on

As a follow up to a January 2014 meeting with private student loan lenders and servicers convened by Director Cordray and Education Secretary Arne Duncan, the CFPB sent letters last week to certain “market participants”...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

Oklahoma Enacts Private Student Loan Requirements

by Ballard Spahr LLP on

Oklahoma has enacted new requirements for private student loans that become effective on July 1, 2013. The requirements are set forth in the Oklahoma Private Student Loan Transparency Act, a part of House Bill No. 1829....more

CFPB “brain drain” continues

by Ballard Spahr LLP on

The CFPB’s leadership ‘brain drain” seems to be continuing, with Politico reporting that Richard Hackett, the Bureau’s Assistant Director for installment and liquidity lending markets, is planning to leave the CFPB later this...more

Bill on Bankruptcy: What's in the $83M ResCap Examiner's Report?

by Bloomberg Law on

May 29 (Bloomberg) -- The examiner in the Residential Capital bankruptcy has charged approximately $83 million to create his report, but it remains under seal. Berkshire Hathaway has asked the judge to unseal the report...more

CFPB issues student loan exam procedures

by Ballard Spahr LLP on

The CFPB has issued its examination procedures for student lenders. The procedures will be used by the CFPB’s examiners in examinations of large banks that make private student loans (meaning banks with total assets of more...more

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