News & Analysis as of

Student Loans Ombudsman

Ballard Spahr LLP

CFPB education loan ombudsman report foreshadows active and wide-ranging engagement by “new CFPB” in student loan market

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The CFPB Education Loan Ombudsman has issued his annual report covering the period from September 1, 2020 through August 31, 2021....more

McGlinchey Stafford

Massachusetts Enacts Student Loan Servicer License Requirement

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On January 14, 2021, the governor of Massachusetts signed H 5250 into law, which includes a licensing requirement applicable to student loan servicers, and other requirements related to the regulation and supervision of...more

Ballard Spahr LLP

CFPB Private Education Loan Ombudsman issues annual report (UPDATED)

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The CFPB Private Education Loan Ombudsman has issued an annual report containing an analysis of approximately 5,000 federal student loan complaints, 1,900 private student loan complaints, and 1,700 debt collection complaints...more

Ballard Spahr LLP

New Jersey Names Student Loan Ombudsman

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Last week, the New Jersey Department of Banking and Insurance (DOBI) announced that it was designating Raghu Kakumanu as the state’s Student Loan Ombudsman. The DOBI opted to fill the role internally, as Kakumanu currently...more

Holland & Knight LLP

California Legislative Roundup 2020: Financial Services

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Notwithstanding a pandemic-induced winnowing of legislative priorities this year, California has passed a handful of new bills to regulate discrete areas of the financial services industry, including student loan servicing,...more

Ballard Spahr LLP

Democratic Senators send letter to new CFPB student loan ombudsman setting expectations

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Democratic Senators Sherrod Brown and Patty Murray have sent a letter to Robert Cameron, the CFPB’s new Private Education Loan Ombudsman, in which they set forth their expectations for the Ombudsman’s Office.  The...more

Hudson Cook, LLP

Regulation of Student Loan Servicers - Recent Enactments and a Look Ahead at Pending Legislation

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The May 2019 issue of Insights provided high-level background information about the recent trend of state legislation targeting student loan servicers. In the June 2019 issue of Insights, we took a deeper dive into New York's...more

Manatt, Phelps & Phillips, LLP

CFPB: Settlement Agreements, Call for Payday Lending Rule, New Ombudsman

In Consumer Financial Protection Bureau (CFPB or Bureau) news, the battle over its constitutionality continues in a New York federal court, the Bureau announced more enforcement activity, student lending remained a hot-button...more

Holland & Knight LLP

New Jersey Passes New Law to Help Student Loan Borrowers: Servicers Should Take Note

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New Jersey has enacted a law, P.L. 2019, c. 200 (Act), that is designed to assist potential and existing student loan borrowers in understanding and managing their student loans. Briefly, the Act: 1) authorizes the New Jersey...more

Ballard Spahr LLP

CFPB names private education loan ombudsman

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The CFPB has announced the appointment of Robert G. Cameron to serve as the Bureau’s private education loan ombudsman.  Mr. Cameron joins the Bureau from the Pennsylvania Higher Education Assistance Agency where he was a...more

Ballard Spahr LLP

New Jersey enacts licensing and other requirements for student loan servicers

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On July 30, 2019, Acting New Jersey Governor Sheila Oliver signed into law SB 1149, which requires student loan servicers to be licensed, creates an Office of the Student Loan Ombudsman within the NJ Department of Banking and...more

White & Case LLP

Consumer financial services: The road ahead: Student loans

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In 2018, the CFPB shifted away from student lending supervision and enforcement. We anticipate this trend to continue in the year to come, with states seeking to fill any voids left by the Bureau....more

Ballard Spahr LLP

CFPB critics seek issuance of 2018 Student Loan Ombudsman annual report

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The CFPB is facing criticism for not yet having issued the 2018 annual report of its Student Loan Ombudsman.  The 2017 annual report was issued in October 2017 and, like previous reports, included student loan complaint data...more

Ballard Spahr LLP

Student loan servicers’ obligations under Maryland’s “Ombudsman Act” now in effect

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On September 28, 2018, the Maryland Commissioner of Financial Regulation issued a notice advising companies servicing student loans of Maryland borrowers to provide their contact information to the state’s new Student Loan...more

Ballard Spahr LLP

Mulvaney Responds to Resignation of CFPB Student Loan Ombudsman

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CFPB Acting Director Mick Mulvaney recently responded to former CFPB Student Loan Ombudsman Seth Frotman’s vocal departure from the Bureau.  As previously reported, Frotman tendered his resignation in a letter—also delivered...more

Bradley Arant Boult Cummings LLP

CFPB Student Loan Ombudsman Abruptly Resigns in Protest

In another move reflecting the Consumer Financial Protection Bureau’s (CFPB) shifting focus on student lending, the CFPB’s Student Loan Ombudsman announced his resignation on August 27, 2018. In his resignation letter, Seth...more

Ballard Spahr LLP

Washington D.C. publishes final student loan servicing regulations

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The District of Columbia Department of Insurance, Securities, and Banking (DISB) published its final rules under the Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016. ...more

Ballard Spahr LLP

CFPB’s Student Loan Ombudsman tenders resignation

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Seth Frotman, the CFPB’s Student Loan Ombudsman, has sent a letter to CFPB Acting Director Mulvaney tendering his resignation effective September 1, 2018.  ...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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As expected based on news over the weekend, the US and Mexico have announced a preliminary deal to revise “key portions” of the North American Free Trade Agreement. Notably, Canada is thus far left out in the cold....more

Ballard Spahr LLP

Maryland enacts law establishing Student Loan Ombudsman and significantly amends other consumer financial services statutes

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On May 15, Maryland Governor Larry Hogan signed into law a bill that, among other things, establishes the role of Student Loan Ombudsman within the Office of the Commissioner of Financial Regulation and sets forth various...more

Ballard Spahr LLP

Illinois lawmakers override governor’s veto of student loan servicing bill

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The Illinois House of Representatives and Senate have voted to override the veto by the state’s Republican governor of Senate Bill 1351, known as the Illinois Student Loan Servicing Rights Act. ...more

Ballard Spahr LLP

D.C. belatedly releases Bill of Rights for student loan borrowers

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The District of Columbia Student Loan Ombudsman Establishment and Servicing Regulation Act of 2016 (Servicing Act) became effective February 18, 2017. The Servicing Act set an October 1 deadline for the Student Loan...more

Ballard Spahr LLP

CFPB Student Loan Ombudsman issues sixth annual report

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The CFPB has released the sixth annual report of the CFPB Student Loan Ombudsman containing an analysis of approximately 12,900 federal student loan complaints, 7,700 private student loan complaints, and 2,300 debt collection...more

Ballard Spahr LLP

California and Washington, D.C. issue student loan servicing regulations

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California and the District of Columbia have recently released regulations under their respective student loan servicing laws. Each is taking comments on its regulations, but whereas California has merely issued proposed...more

Hinshaw & Culbertson LLP

Student Loan Servicing Regulations: 50 State Guide on Laws and Legislation – First Edition

Preface - The following summary of current state law and pending legislation regarding student loan servicing as of June 1, 2017, is designed to serve as a tool to assist in understanding the breadth of state regulations...more

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