A bipartisan coalition of 30 state attorneys general led by New York AG Eric Schneiderman and Colorado AG Cynthia Coffman have sent a letter to members of Congress urging them to reject a proposed amendment to the Higher...more
Four trade groups have sent letters to the Department of Defense (DoD) asking the DoD to rescind or withdraw Question and Answer #2 (Q&A 2) from its 2016 interpretative rule for the Military Lending Act final rule (MLA Rule)...more
The CFPB released its sixth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act. ...more
1/9/2018
/ Annual Reports ,
Banking Sector ,
CARD Act ,
Colleges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Card Agreements ,
Credit Cards ,
Disclosure Requirements ,
Marketing ,
Reporting Requirements ,
Students
The CFPB has issued a “50-state snapshot of student debt,” which provides student debt data on a state-by-state basis.
The report states that the complaint data “reflects over 50,000 student loan complaints and over 10,000...more
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
10/25/2017
/ Banking Sector ,
Borrowers ,
Consumer Bill of Rights ,
Consumer Financial Products ,
Consumer Lenders ,
Federal Student Loans ,
Financial Services Industry ,
Higher Education Act ,
New Legislation ,
Ombudsman ,
Preemption ,
Regulatory Oversight ,
State and Local Government ,
Student Loans ,
Transparency
Senate Bill 1351, known as the Illinois Student Loan Bill of Rights, was vetoed at the end of last week by the state’s Republican Governor. The bill would have created a student loan ombudsman and implemented new...more
The CFPB has released a new report, “Older consumers and student loan debt by state.” The new report is intended to be a supplement to the CFPB’s January 2017 “Snapshot” report that contained statistics on the growing number...more
The CFPB has issued two new reports concerning student loans. The first report, “CFPB Data Point: Student Loan Repayment,” examines how the payment patterns of student loan borrowers have changed over the last 14 years. The...more
The Department of Defense (DoD) is reported to have rejected the request of the National Association of Federally-Insured Credit Unions (NAFCU) to extend the October 3, 2017 date for credit card compliance with the Military...more
The National Council of Higher Education Resources (NCHER), a national trade association representing higher education finance organizations, has written to the Department of Education urging the ED to issue preemption...more
The Federal Housing Finance Agency has announced that it has extended until July 31, 2017 the comment period on its Request for Input on improving language access in mortgage lending and servicing....more
Education Finance Council, a national trade association representing state-based nonprofit higher education finance organizations, has asked the Department of Education to “publicly state” that the ED’s rules governing...more
A group of Democratic Senators have introduced a bill, the “Military Consumer Protection Act” (S. 1565), that would amend the Consumer Financial Protection Act (CFPA) to include various sections of the Servicemembers Civil...more
A group of 20 state attorneys general, the D.C. attorney general, and the Executive Director of the Office of Consumer Protection of Hawaii have sent a letter to U.S. Department of Education Secretary Betsy DeVos criticizing...more
4/27/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Department of Education ,
Financial Institutions ,
Financial Services Industry ,
Loan Servicer ,
Regulatory Standards ,
Student Loans
In its new annual report covering its fair lending activities during 2016, the CFPB identifies the following three areas on which it “will increase our focus” in 2017...more
4/20/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
HMDA ,
Loans ,
Mortgages ,
Regulation B ,
Regulation C ,
Small Business ,
Student Loans
Washington, D.C., and New York recently moved forward with efforts to license and regulate student loan servicers. In Washington, D.C., servicers of student loans made to District of Columbia residents are subject to a new...more
The CFPB recently revised the prototype student loan Payback Playbook disclosures it has been developing with the Departments of Education and Treasury. These revisions were based on feedback from nearly 3,500 individual...more
The U.S. Department of Justice (DOJ) recently commenced a redlining lawsuit against KleinBank, a state-chartered Minnesota bank subject to the regulatory authority of the Federal Deposit Insurance Corporation (FDIC). The...more
1/31/2017
/ Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining
The CFPB has released a new report, “Snapshot of older consumers and student loan debt,” that provides statistics on the growing number of consumers age 60 and over (older consumers) who owe student loan debt and the growing...more
The D.C. Circuit will hear oral argument on February 2, 2017 on the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting...more
12/16/2016
/ Accreditation ,
Appeals ,
CID ,
Colleges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Aid ,
Financial Institutions ,
For Profit Colleges ,
For Profit Education ,
Statutory Authority
The CFPB has released its fifth Annual report of the CFPB Student Loan Ombudsman discussing complaints received by the CFPB about private and federal student loans and the lessons drawn by the Ombudsman from those complaints....more
10/20/2016
/ Banking Sector ,
Borrowers ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Federal Student Loans ,
Financial Institutions ,
Ombudsman ,
Student Loans
The Federal Trade Commission (FTC) has filed an action against nine auto dealerships and their individual owners in a California federal court that the FTC described as its "first action against an auto dealer for 'yo-yo'...more
10/14/2016
/ Advertising ,
Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Car Dealerships ,
Consumer Financial Products ,
Consumer Lenders ,
False Advertising ,
Federal Trade Commission (FTC) ,
Regulation M ,
Regulation Z ,
Retail Installment Sales Contracts ,
Title Loans ,
Unfair or Deceptive Trade Practices
The U.S. Department of Justice (DOJ) has announced a proposed consent order with Charter Bank to settle charges that the bank violated the Equal Credit Opportunity Act (ECOA) by discriminating on the basis of national origin...more
10/11/2016
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discretionary Functions ,
Discrimination ,
Disparate Treatment ,
ECOA ,
FDIC ,
Interest Rates ,
Loans ,
National Origin ,
National Origin Discrimination
Student loan servicers located in California servicing loans made to residents of any state and those located elsewhere servicing loans made to California residents will be subject to a new licensing requirement created by...more
In a new blog post, the CFPB states that recent research “underscores the disproportionate impact of student debt on communities of color.” According to the CFPB, federal government data shows that over 90 percent of...more