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Student Loans Regulatory Oversight

Troutman Pepper

Delaware Bankruptcy Court Enters $30M Stipulated Judgment Over Deceptive Student Loan Practices

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On November 20, Delaware Attorney General (AG) Kathy Jennings, along with the Consumer Financial Protection Bureau (CFPB) and 11 other states, announced a settlement in excess of $30 million with Prehired LLC and affiliated...more

Manatt, Phelps & Phillips, LLP

Student Lending: Illinois Enacts ‘Know Before You Owe’ Law

Illinois House Bill 2746, also known as the “Know Before You Owe Private Education Loan Act,” was signed into law by Illinois Governor J.B. Pritzker on August 26, 2021, after unanimous passage in both chambers of the Illinois...more

Ballard Spahr LLP

CFPB and Dept. of Education enter into new MOU on handling complaints; Director Kraninger tells lawmakers negotiations are...

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Last Monday, the CFPB announced that it had entered into a new Memorandum of Understanding with the Department of Education to replace the MOU that was terminated by the ED effective October 1, 2017.  The new MOU, which is...more

Ballard Spahr LLP

House Financial Services Committee to hold Sept. 10 hearing on protecting student borrowers

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The Committee on Financial Services will hold a hearing entitled “A $1.5 Trillion Crisis: Protecting Student Borrowers and Holding Student Loan Servicers Accountable.” The hearing, scheduled to take place on Tuesday,...more

Ballard Spahr LLP

Congressional Chairs Concerned About State of Student Loan Industry Seek Answers from CFPB, Department of Education and Student...

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Last week, Congressional representatives Maxine Waters, D-CA, Bobby Scott, D-VA, and Elijah Cummings, D-MD, as chairs of committees with oversight responsibility for the student loan servicing market, sent letters to CFPB...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

Robins Kaplan LLP

Financial Daily Dose 8.13.2019 | Top Story: Global Volatility Sends Bonds Yields to Near-Record Lows

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A volatile August on Wall Street has insiders asking whether we should be taking our cues from 1998 or 2007. With that in mind, our financial term of the week is “countercyclical capital buffer,” a wonkish special for you...more

Hudson Cook, LLP

Regulation of Student Loan Servicers - A Review of 2019 Legislation Enacted in Colorado, Maine, Maryland, and Nevada

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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

Ballard Spahr LLP

Civil rights groups question CFPB oversight of student loan market

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Several civil rights groups have sent a letter to Director Kraninger questioning whether the CFPB is engaging in the oversight of the student loan market that they believe is necessary to “root out potentially discriminatory...more

Ballard Spahr LLP

Colorado Enacts Student Loan Servicer Licensing Law and Maryland Expands Regulation of Servicers

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Colorado and Maryland have each enacted legislation regulating student loan servicers. On May 13, Colorado Governor Jared Polis (D) signed into law SB 19-002, and that same day, Maryland Governor Larry Hogan (R) signed HB...more

Ballard Spahr LLP

CFPB relationship with Dept. of Education discussed in Kraninger letter on student loan servicer supervision

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In a letter sent to Senator Elizabeth Warren regarding the CFPB’s supervision of student loan servicers, CFPB Director Kathy Kraninger discussed the Bureau’s relationship with the Department of Education....more

Ballard Spahr LLP

Washington, D.C. Publishes Bulletin Reminding Student Loan Servicers of Annual Report

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The Washington, D.C. Department of Insurance, Securities, and Banking (DISB) has published a Bulletin reminding those who service student education loans in the District of Columbia of their obligation to file an annual...more

Ballard Spahr LLP

California publishes final student loan servicer regulations; California bill introduced to require additional information in...

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The California Department of Business Oversight has sent an email to servicers notifying them of the publication of its final student loan servicer regulations, which became effective March 28, 2019....more

Ballard Spahr LLP

House Appropriations subcommittee to hold March 6 hearing on student loan servicing

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The Labor, Health and Human Services, Education, and Related Agencies subcommittee of the House Appropriations Committee is scheduled to hold a hearing on March 6, 2019 entitled “Protecting Student Borrowers: Loan Servicing...more

Ballard Spahr LLP

Student Loan Advocacy Group Pushes Department of Education to Increase Oversight of For-Profit Colleges and Contractors

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The Student Borrower Protection Center (SBPC)—an organization established by former CFPB Student Loan Ombudsman Seth Frotman—recently published an article examining the Department of Education’s oversight of “lead...more

Ballard Spahr LLP

FDIC and Fed issue joint advisory on FCRA provision allowing voluntary private education loan rehabilitation programs

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The FDIC and the Federal Reserve Board of Governors issued a joint advisory to make financial institutions aware of a 2018 amendment to the Fair Credit Reporting Act that provides that a financial institution may, but is not...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

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

Treasury Recommends Sweeping Regulatory Changes for Consumer Financial Services

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A report issued last week by the U.S. Treasury Department recommends sweeping regulatory changes intended to promote innovation in the consumer financial services market, reduce regulatory burdens on consumer financial...more

Ballard Spahr LLP

California Releases Second Revised Student Loan Servicer Regulations

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The California Department of Business Oversight (DBO) has published a second round of modifications to its proposed regulations under the State’s Student Loan Servicing Act.  As previously covered, the DBO published its first...more

Hogan Lovells

Debt capital markets - Global insights - Summer 2018

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At Hogan Lovells, we follow industry trends very closely and we take great care to listen to our clients and contacts – to understand the issues they face and how the industry is changing. Our Debt Capital Markets – Global...more

Ballard Spahr LLP

California Releases Revised Student Loan Servicer Regulations

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The California Department of Business Oversight (DBO) has published modifications to its proposed regulations under the State’s Student Loan Servicing Act.  As previously covered, the DBO published notice of its initial...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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In what can only be described as a Lazarus-like return, the Ex-Im Bank is reportedly nearly back on its feet again. The White House has chosen Kimberly Reed to helm the agency after prior nominee Scott Garrett was rejected by...more

Ballard Spahr LLP

D.C. issues second revision to student loan servicing regulations

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The District of Columbia Department of Insurance, Securities, and Banking (DISB) has issued a second round of revised emergency and proposed rules under the Student Loan Ombudsman Establishment and Servicing Regulation...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

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