News & Analysis as of

Consumer Financial Protection Act (CFPA) Borrowers Student Loans

Ballard Spahr LLP

CFPB, National Collegiate Student Loan Trusts resolve case that Supreme Court declined to consider

Ballard Spahr LLP on

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

Orrick, Herrington & Sutcliffe LLP

CFPB to ban servicer from federal student loan servicing and pay $120M

On November 12, the CFPB filed a proposed stipulated final judgment and order against a student loan servicer (the defendant) for alleged violations of the CFPA, the FCRA and the FDCPA. As previously covered by InfoBytes, the...more

Alston & Bird

CFPB Seeks Permanent Enforcement – Will this Further its Repeat Offender Agenda?

Alston & Bird on

On May 31, 2024, the Consumer Financial Protection Bureau (CFPB) sued student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA) for illegally collecting on student loans that have been discharged in...more

Cozen O'Connor

CFPB Sanctions Student Loan Servicer for Misleading Borrowers About Loan Forgiveness

Cozen O'Connor on

The CFPB sanctioned student loan servicing company Edfinancial Services, LLC for allegedly making deceptive statements and misrepresenting the eligibility of student loan borrowers for loan forgiveness under the Public...more

Ballard Spahr LLP

CFPB Files Lawsuit Against Student Debt Relief Company, Along With Its Owner And Manager

Ballard Spahr LLP on

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

Carlton Fields

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

Carlton Fields on

In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

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