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Enforcement Actions Borrowers Student Loans

Goodwin

Massachusetts Attorney General Settles with Student Loan Lender for Unlawful Practices Related to the Use of AI

Goodwin on

This Thursday, July 10, Massachusetts Attorney General Andrea Joy Campbell announced a $2.5 million settlement with a company that offers education financing products based in Delaware. ...more

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

Ballard Spahr LLP

Federal Judge issues injunction against student loan servicer Superior Servicing

Ballard Spahr LLP on

A federal judge has issued a temporary injunction against Superior Servicing and its operator Dennise Merdjanian, following FTC allegations that the company claimed to be affiliated with the Department of Education, collected...more

Ballard Spahr LLP

CFPB bans private dispute resolution platform Ejudicate from arbitrating consumer financial product disputes

Ballard Spahr LLP on

The CFPB has banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products, saying that the company had misled student borrowers about the company’s neutrality and initiated...more

Sheppard Mullin Richter & Hampton LLP

CFPB Settles Action Against Student Loan Servicer with Industry Ban

On September 12, 2024, the Consumer Financial Protection Bureau (CFPB) filed a proposed order which, if entered by the court, will ban a student loan servicer from servicing federal student loans and require it to pay $120...more

Sheppard Mullin Richter & Hampton LLP

CFPB Settles Action Against Student Loan Servicer and Securitization Trusts

On May 6, 2024, the CFPB resolved an enforcement action against a group of Delaware student loan trusts and a loan servicer (found here and here) for their failures to adequately respond to borrowers’ requests for relief,...more

Sheppard Mullin Richter & Hampton LLP

CFPB Targets Student Loan Debt Relief Scam Reboot

On June 9, the CFPB filed a complaint and proposed order in California federal district court seeking final judgment against the owner of a student loan debt relief company for allegedly withdrawing more than $240,000 from...more

Sheppard Mullin Richter & Hampton LLP

CFPB Fines Student Loan Servicer $1 Million to Settle Alleged UDAAP Violations

On March 30, the CFPB settled with a student loan servicer to resolve allegations that the servicer made deceptive statements to student loan borrowers and misrepresented their forgiveness and repayment options, including...more

Goodwin

2021 Year in Review: Consumer Finance

Goodwin on

[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more

Sheppard Mullin Richter & Hampton LLP

Are Income Share Agreements Loans? The CFPB Says Yes

Last month we wrote a blog relating to a consent order entered into by the California Department of Financial Protection and Innovation (DFPI) with a servicer of income share agreements. The DFPI determined that, despite...more

Goodwin

Biden Administration Issues Regulatory Freeze On New Agency Rules

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In this Issue. In one of its first acts after being installed on January 20, the Biden Administration issued a regulatory freeze on new agency rules that have been adopted but are not yet effective; in one of its final acts...more

BakerHostetler

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

BakerHostetler on

On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

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