News & Analysis as of

Regulatory Oversight Consumer Financial Protection Bureau (CFPB) Student Loans

Sheppard Mullin Richter & Hampton LLP

CFPB Shifts Supervision and Enforcement Priorities; Staff Reduction Stayed by Court

On April 16, the CFPB released an internal memo outlining major shifts in its supervision and enforcement priorities, signaling a retreat from several areas of regulatory activity. The next day, the Bureau issued formal...more

Cadwalader, Wickersham & Taft LLP

The CFPB's Race Against the Clock

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

Troutman Pepper Locke

Delaware Bankruptcy Court Enters $30M Stipulated Judgment Over Deceptive Student Loan Practices

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On November 20, Delaware Attorney General (AG) Kathy Jennings, along with the Consumer Financial Protection Bureau (CFPB) and 11 other states, announced a settlement in excess of $30 million with Prehired LLC and affiliated...more

Ballard Spahr LLP

CFPB and Dept. of Education enter into new MOU on handling complaints; Director Kraninger tells lawmakers negotiations are...

Ballard Spahr LLP on

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

Congressional Chairs Concerned About State of Student Loan Industry Seek Answers from CFPB, Department of Education and Student...

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Last week, Congressional representatives Maxine Waters, D-CA, Bobby Scott, D-VA, and Elijah Cummings, D-MD, as chairs of committees with oversight responsibility for the student loan servicing market, sent letters to CFPB...more

Ballard Spahr LLP

CFPB names private education loan ombudsman

Ballard Spahr LLP on

The CFPB has announced the appointment of Robert G. Cameron to serve as the Bureau’s private education loan ombudsman.  Mr. Cameron joins the Bureau from the Pennsylvania Higher Education Assistance Agency where he was a...more

Robins Kaplan LLP

Financial Daily Dose 8.13.2019 | Top Story: Global Volatility Sends Bonds Yields to Near-Record Lows

Robins Kaplan LLP on

A volatile August on Wall Street has insiders asking whether we should be taking our cues from 1998 or 2007. With that in mind, our financial term of the week is “countercyclical capital buffer,” a wonkish special for you...more

Ballard Spahr LLP

Civil rights groups question CFPB oversight of student loan market

Ballard Spahr LLP on

Several civil rights groups have sent a letter to Director Kraninger questioning whether the CFPB is engaging in the oversight of the student loan market that they believe is necessary to “root out potentially discriminatory...more

Ballard Spahr LLP

CFPB relationship with Dept. of Education discussed in Kraninger letter on student loan servicer supervision

Ballard Spahr LLP on

In a letter sent to Senator Elizabeth Warren regarding the CFPB’s supervision of student loan servicers, CFPB Director Kathy Kraninger discussed the Bureau’s relationship with the Department of Education....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Anbang Insurance founder Wu Xiahoui’s fall from grace now includes an 18-year prison sentence for his conviction by a Shanghai court for using Anbang to “cheat investors out of more than $10 billion”....more

Ballard Spahr LLP

Mulvaney to reorganize CFPB Office of Students and Young Consumers and take other actions

Ballard Spahr LLP on

According to media reports, CFPB Acting Director Mick Mulvaney has sent an email to Bureau staff indicating that he plans to fold the Office of Students and Young Consumers into the Office of Financial Education.  Both...more

Ballard Spahr LLP

Senate Passes Banking Bill Providing Dodd-Frank Relief

Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more

Ballard Spahr LLP

California and Washington, D.C. issue student loan servicing regulations

Ballard Spahr LLP on

California and the District of Columbia have recently released regulations under their respective student loan servicing laws. Each is taking comments on its regulations, but whereas California has merely issued proposed...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Monthly Report Highlights Consumer Complaint Increases in Mortgage and Credit Card Products

The CFPB issued its monthly report on consumer complaints this week. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product category, by...more

Polsinelli

House GOP Chairman Outlines New Dodd-Frank Reforms - Revised Replacement Bill Forthcoming

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A newly leaked memo from U.S. House of Representatives Financial Services Committee Chairman Jeb Hensarling (R-TX) to the Committee’s leadership team has provided stakeholders in the banking industry with a preview of major...more

Burr & Forman

CFPB Receives Strategy Lesson—Court Holds it Overreached by Investigating For-Profit School Accreditation

Burr & Forman on

The CFPB received a lesson in the importance of specificity on April 21st when the United States District Court for the District of Columbia’s Judge Richard J. Leon found that it overreached in its attempt to enforce a Civil...more

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