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Enforcement Actions Student Loans Financial Services Industry

Sheppard Mullin Richter & Hampton LLP

Massachusetts AG Settles with Student Loan Lender on AI-Based Fair Lending Violations

On July 10, Massachusetts Attorney General Andrea Joy Campbell announced a $2.5 million settlement with a student loan company to resolve allegations that its underwriting practices violated the Massachusetts Consumer...more

Hudson Cook, LLP

No AI Law? No Problem. How Massachusetts Attacked AI Underwriting Under Existing State Statutes

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On July 10, 2025, the Massachusetts Attorney General (AGO) entered into an Assurance of Discontinuance (AOD) with a private student loan lender (the Company), resolving allegations that the Company's underwriting practices...more

Ballard Spahr LLP

Massachusetts AG reaches settlement with student loan company, Earnest Operations LLC

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Massachusetts Attorney General Andrea Joy Campbell has reached a $2.5 million settlement with Earnest Operations LLC, a Delaware-based student loan company....more

Orrick, Herrington & Sutcliffe LLP

CFPB reopens case against student loan debt-relief company

On June 9, the CFPB filed a motion to vacate a stay of proceedings and reopen a case that had been administratively closed since February. In response to the CFPB’s request, the court scheduled a hearing on July 11. The...more

Ballard Spahr LLP

FTC takes action against student loan debt relief companies

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The FTC has recently taken action against two student loan debt relief companies and their owners....more

Ballard Spahr LLP

Citing CFPB cutbacks, Pennsylvania Governor is beefing up consumer protection efforts

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Citing cutbacks at the federal level, Pennsylvania Governor Josh Shapiro has launched a new centralized consumer protection hotline, website and email address to make it easier for state residents to report allegations of...more

Mayer Brown

What to Expect in Licensing in 2025

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With the currently revolving door of directors at the federal Consumer Financial Protection Bureau (CFPB)—which may soon be on its fourth director in 2025 alone—and an order issued by Acting CFPB Director Russell Vought to...more

Ballard Spahr LLP

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

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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

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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 takes action to ban Student Loan Pro from offering consumer financial products

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The CFPB has taken action to permanently ban Student Loan Pro and its owner, Judith Noh, from offering consumer financial products or services....more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2024 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Hudson Cook, LLP

CFPB Settles with Online Student Lender for Alleged Deceptive Marketing Practices and Miscalculated and Undisclosed Annual...

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On October 17, 2024, the CFPB filed a lawsuit against the Companies claiming violations of the CFPA, TILA, and Regulation Z. The CFPB alleged that the Companies engaged in deceptive acts and practices by representing that it...more

Goodwin

CFPB Sues Online Lender of Student Loans for Alleged Violations of Federal Lending Laws

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On October 17, 2024, the Consumer Finance Protection Bureau (CFPB) announced that it had filed an action in the U.S. District Court for the Southern District of New York against an online lender of student loans, its...more

Ballard Spahr LLP

CFPB sues student lender Climb Credit

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The CFPB has filed suit against student lender Climb Credit, Inc. and its largest shareholder 1/0 (one zero), alleging that the lender induced students to take out loans by misrepresenting the quality of the training programs...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter- October 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Ballard Spahr LLP

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

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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

Hudson Cook, LLP

Nonbank Student Loan Servicer Agrees to a CFPB-Imposed Ban and to Pay $120 Million

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After more than seven years of litigation, on September 12, 2024, the CFPB filed the Stipulated Order reflecting its settlement with the Company over alleged violations of the CFPA, FCRA, and FDCPA....more

Sheppard Mullin Richter & Hampton LLP

FTC’s Shuts Down Operators of Debt Relief Enterprise

On July 11, the Federal District Court for the Middle District of Florida granted the FTC’s request for a temporary restraining order against operators of a debt relief enterprise that unlawfully charged consumers illegal...more

Hudson Cook, LLP

CFPB Bites of the Month Webinar Recap: The CFPB and the Dust of June

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In this month's article, we share some of our top "bites" covered during the June 2024 webinar....more

Sheppard Mullin Richter & Hampton LLP

CFPB Takes Legal Action Against PHEAA for Chasing Debt on Discharged Student Loans

On May 31, the CFPB filed suit in federal court in the Middle District of Pennsylvania against a Pennsylvania-based student loan servicer accusing it of illegally pursuing student loan debts discharged in bankruptcy and...more

Hudson Cook, LLP

CFPB Issues Order Against Student Loan Debt Relief Telemarketer

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On May 20, 2024, the CFPB announced a settlement with a telemarketing company that offers student loan debt relief services to resolve allegations that it violated the Telemarketing Sales Rule ("TSR") and the Consumer...more

Orrick, Herrington & Sutcliffe LLP

Student loan servicer and trust could pay more than $5M in enforcement action with CFPB

On May 6, the CFPB filed a complaint against a Pennsylvania-based student loan servicer and 15 student loan trusts for alleged failure to properly respond to various borrower requests in violation of the CFPA. The complaint...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

Goodwin

DFPI Enters Into Consent Order With Higher Education Loan Authority

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On April 24, 2024, the California Department of Financial Protection and Innovation (DFPI) announced ​that it had entered into a consent order with the Higher Education Loan Authority of the State of Missouri (MOHELA),...more

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