The U.S. Department of Education recently announced final regulations, effective July 1, 2023, designed to expand and improve the major student loan discharge programs authorized by the Higher Education Act. Among other...more
Last week, the CFPB issued a “Student Loan Servicing Special Edition” of Supervisory Highlights. In this blog post, we highlight a stealth expansion of supervisory jurisdiction and focus on the CFPB’s findings in two key...more
The U.S. Department of Education recently announced proposed regulations designed to expand and improve the major student loan discharge programs authorized by the Higher Education Act. Among other things, the proposed...more
The CFPB recently issued its annual fair lending report covering its fair lending activity in 2021. ...more
The CFPB has released the Spring 2022 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection,...more
On April 19, one day before the release of a highly critical performance audit by the U.S. Government Accountability Office, the Department of Education (ED) announced a series of actions it is taking to “address[] historical...more
A recent CFPB blog post endorsed part of U.S. Department of Education Secretary Cardona’s keynote address for the 2021 FSA Training Conference that issued a call to end the longstanding institutional practice of transcript...more
Student loan servicing was the focus of recent CFPB attention in the form of a blog post, “Busting myths about bankruptcy and private student loans,” and a report (labeled a “special issue brief”) titled “Student Loan...more
The CFPB has entered into a consent order with Edfinancial Services, a student loan servicer, to settle the Bureau’s allegations that Edfinancial engaged in deceptive acts and practices in violation of the CFPA UDAAP...more
The CFPB has announced that it will begin examining post-secondary schools, such as for-profit colleges, that extend private loans directly to students and/or parents to fund undergraduate, graduate, and other forms of...more
The CFPB Education Loan Ombudsman has issued his annual report covering the period from September 1, 2020 through August 31, 2021....more
The Department of Justice announced earlier this week that it has entered into a consent order with the New Jersey Higher Education Student Assistance Authority (HESAA) to settle the DOJ’s claim that HESAA violated the...more
With Colorado’s private education lender registration scheduled to take effect on September 1st, the Colorado Department of Law has just announced that they intend to bring a new group within their jurisdiction: private...more
The U.S. Department of Education has issued a new interpretation “to revise and clarify its position on the legality of State laws and regulations that govern various aspects of the servicing of Federal student loans.” The...more
Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into “a landmark agreement” with Meratas, Inc., a company that acts as a program manager of Income Share...more
The California Department of Financial Protection and Innovation announced last week that it has entered into a consent order with Lambda, Inc., which does business as Lambda School, to settle the DFPI’s claims that a...more
The Pennsylvania Attorney General recently entered into an Assurance of Voluntary Compliance with Elevation Capital Partners, LLC, a buyer of private student loans, that prohibits Elevation from engaging in any collection...more
The CFPB has created a student loan infographic to highlight the state of student loans in the pandemic. Among the statistics included in the infographic is that, based on Department of Education data current as of September...more
The Department of Education announced last week that it is changing how it determines relief for borrowers who assert “borrower defense claims.” Such claims allege that the borrower was misled by his or her school or that...more
In its third lawsuit filed under the leadership of Acting Director Uejio, the CFPB, earlier this week, sued Student Loan Pro (SLP), a student loan debt relief company, its owner, and its manager, for alleged violations of the...more
The California Department of Financial Protection and Innovation (DFPI) announced last week that it has launched an investigation into whether student-loan debt-relief companies operating in California are engaging in illegal...more
The CFPB has issued “Supervisory Highlights COVID-19 Prioritized Assessments Special Edition.”
The report indicates that in May 2020, the Bureau rescheduled about half of its planned examinations and instead conducted...more
1/29/2021
/ Automotive Loans ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Cards ,
Credit Reports ,
Debt Collection ,
Financial Services Industry ,
Forbearance Agreements ,
Loan Servicing ,
Student Loans
In response to directions from the Biden Administration, the following actions have been taken: Federal student loans. The Acting Secretary of Education has extended the following relief on ED-held federal student loans...more
Without elaborating on its authority for doing so, the Department of Education recently announced the extension, through January 31, 2021, of certain pandemic-related benefits for federal student loan borrowers....more
At the end of last week, the Department of Education announced that Education Secretary Betsy DeVos has directed Federal Student Aid (FSA) to extend until December 31, 2020 the relief that was provided to federal student loan...more