News & Analysis as of

Lending Student Loans

Hudson Cook, LLP

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

Hudson Cook, LLP on

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

Sheppard Mullin Richter & Hampton LLP

CFPB Bans Debt Collection Agency Over Student Loan Abuses

On December 9, the CFPB entered into a consent order with a debt collection agency for alleged unlawful student loan debt collection practices against defaulted borrowers. The debt collection agency’s allegedly improper...more

Sheppard Mullin Richter & Hampton LLP

DFPI Cracks Down on Illegal Student Loan Debt Relief Practices

On September 30, a credit repair service provider and its owner were ordered to pay $31 million in consumer redress, and a $19 million civil money penalty, when a Massachusetts federal court granted summary judgment for the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report Highlights Student Loan Struggles Facing Servicemembers

On September 24, the CFPB announced the release of its annual report on the most pressing financial concerns facing servicemembers. This edition highlights that servicemembers are encountering student debt-related...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

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

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

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 to Examine College Lending Practices

On January 20, the CFPB announced that it would begin examining the operations of post-secondary schools that offer private loans directly to students and update its exam procedures to include a new section on institutional...more

Goodwin

Consumer Financial Services Litigation - Year In Review

Goodwin on

In 2015, the consumer financial services industry continued to face increasing pressure, from regulators and government enforcement activity, and ever-more creative litigation tactics. In order to stay competitive—and to...more

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