The CFPB and the National Collegiate Student Loan Trusts—a group of fifteen securitization trusts that acquire, pool, and securitize student loans—have entered into a proposed final consent judgment that, if approved, would...more
1/29/2025
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Services Industry ,
Lenders ,
Securitization Standards ,
Student Loans ,
Unfair or Deceptive Trade Practices
In an unsigned order dated August 9, 2024, the U.S. Court of Appeals for the Eighth Circuit signaled its frustration with the U.S. Department’s ongoing efforts to proceed with implementation of its much-debated SAVE repayment...more
On February 20, 2024, Director Samuel Levine of the Federal Trade Commission’s Bureau of Consumer Protection (Bureau) issued a statement promoting the use and acceptance of tolling agreements. Tolling agreements pause the...more
With federal student loans approaching $1.7 trillion, private student loans approaching $129 billion, strident consumer group advocacy, and national elections on the horizon, student loan origination and servicing continues...more
In a blog post published earlier this week titled “The CFPB’s enforcement work in 2023 and what lies ahead,” the CFPB discussed its 2023 enforcement activity and highlighted its plans to expand its enforcement capacity in...more
The CFPB recently announced the settlement of a bankruptcy court adversary proceeding filed jointly with the Attorneys General of 11 states against Prehired, LLC (Prehired) and two affiliated companies (Prehired Affiliates)...more
12/1/2023
/ Bankruptcy Court ,
Chapter 11 ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt ,
FDCPA ,
Final Judgment ,
Financial Services Industry ,
Income Share Agreements ,
Loans ,
Regulatory Oversight ,
State Attorneys General ,
Statutory Violations ,
Truth in Lending Act (TILA)
The White House signaled last week that, with the resumption of federal student loan payments, federal student loan servicers can expect to face increased scrutiny. The Department of Education issued a “Framework for Student...more
11/14/2023
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Education ,
Federal Student Loans ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Lenders ,
Loans ,
New Guidance ,
Student Loan Servicers Regulation ,
Student Loans
Less than six weeks after the U.S. Supreme Court held that President Biden lacked authority to advance his signature effort to forgive upwards of $430 billion in federal student loans, a new challenge has been filed to other...more
8/10/2023
/ Article III ,
Biden Administration ,
Colleges ,
Consumer Financial Products ,
Department of Education ,
Financial Aid ,
Financial Services Industry ,
Loan Forgiveness ,
Public Service Loan Forgiveness program (PSLF program) ,
SCOTUS ,
Standing ,
Student Loans ,
Students ,
Universities
After reviewing the existing types of federal student loans and forgiveness programs, we discuss the current political debate over forgiveness, including the Education Dept.’s upcoming analysis of the President’s forgiveness...more
The Connecticut federal district court has ruled in Pennsylvania Higher Education Assistance Agency v. Perez that demands by the Connecticut Department of Banking (DOB) to the Pennsylvania Higher Education Assistance Agency...more
Earlier this week, Governor Andrew Cuomo again advanced controversial legislation that would establish a state licensing regime for student loan servicers....more
On Monday, January 8, 2018, the United States Department of Justice weighed in with a Statement of Interest under 28 U.S.C. § 517 in a pending state-court action (No. 1784CV02682) brought by the Commonwealth of Massachusetts...more
1/10/2018
/ Consumer Financial Products ,
Consumer Protection Laws ,
Department of Education ,
Department of Justice (DOJ) ,
Federal Grants ,
Federal Student Loans ,
Financial Services Industry ,
Motion to Dismiss ,
Preemption ,
State and Local Government ,
Student Loans ,
Unfair or Deceptive Trade Practices