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Troutman Pepper Locke

Illinois Amends Student Loan Servicing Rights Act to Include Educational Income Share Agreements

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On August 15, Illinois Governor JB Pritzker approved Public Act 104-0383. This legislation, effective immediately, amends the Student Loan Servicing Rights Act and introduces Article 7, focusing on Educational Income Share...more

Cadwalader, Wickersham & Taft LLP

The CFPB's Race Against the Clock

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While many Federal agencies, including the prudential bank regulators, have decided to hold back moving forward with initiatives until after the inauguration in January, the Consumer Financial Protection Bureau ("CFPB") has...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

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

Student loan servicers seek to clarify federal preemption of state student loan servicing regulations in suit to enjoin...

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The Student Loan Servicing Alliance, a trade group representing student loan servicers, has sued the District of Columbia to enjoin the operation of Law 21-214, the Student Loan Ombudsman Establishment and Servicing...more

Ballard Spahr LLP

D.C. belatedly releases Bill of Rights for student loan borrowers

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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

Ballard Spahr LLP

Controversial NY lender and student loan servicer licensing proposals removed from budget bill

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A New York lender licensing proposal that threatened to create new regulatory burdens for financial service providers and to potentially adversely affect credit availability to New York residents and businesses, has been...more

Ballard Spahr LLP

Student Loan Servicing Laws Enacted in Washington, D.C., Proposed in New York

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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

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