News & Analysis as of

Student Loans Debt Collection Consumer Financial Protection Bureau (CFPB)

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

Cadwalader, Wickersham & Taft LLP

Certainty and Uncertainty May 2025 - CFPB v. NCSLT Again Again Again

As if the saga of litigation involving the Consumer Financial Protection Bureau (“CFPB”) and National Collegiate Master Student Loan Trusts (“NCSLT”) that has been going on since 2017 has not been protracted and complicated...more

Mayer Brown

In Another Reversal, the CFPB Dismisses Case Against National Collegiate Student Loan Trusts

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On April 28, 2025, the District Court for the District of Delaware granted a joint motion to dismiss with prejudice a lawsuit brought by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) against the National...more

Sheppard Mullin Richter & Hampton LLP

CFPB Orders Defunct Debt-Relief Company to Pay $43 Million for Alleged Student Loan Abuses 

On May 1, the U.S. District Court for the Northern District of Illinois ordered the former owner of a now-defunct debt-relief company to pay over $43 million in restitution and penalties. The order resolves a lawsuit filed...more

Orrick, Herrington & Sutcliffe LLP

CFPB, student loan trusts agree to dismiss case with prejudice

On April 25, the CFPB filed a joint stipulation of voluntary dismissal with prejudice in the U.S. District Court for the District of Delaware. This case stems from the CFPB’s 2017 enforcement action against a collection of 15...more

Sheppard Mullin Richter & Hampton LLP

CFPB Dismisses Two Actions Against Student Loan Trusts and Subprime Auto Lender 

The CFPB recently dropped two more lawsuits it brought under the Chopra administration—one involving a student loan securitization trust and the other regarding a subprime auto finance company. Both lawsuits included...more

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

Sheppard Mullin Richter & Hampton LLP

New York Attorney General Proposes Bill to Expand Consumer Protection Law 

On March 13, New York Attorney General Letitia James announced the introduction of the Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Business Practices Act). The proposed legislation...more

Goodwin

2024 Year in Review: Student Lending

Goodwin on

Welcome to the “Student Lending” chapter of our annual report, Consumer Financial Services: 2024 Year in Review. Regulators will likely continue to focus on junk fees and purported deceptive or nontransparent practices...more

Hudson Cook, LLP

CFPB Bites of the Month - December 2024 - Run, Run Rudolph, CFPB Ain't Too Far Behind

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In this month's article, we share some of our top "bites" for the prior months covered during the December 2024 webinar....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

Orrick, Herrington & Sutcliffe LLP

CFPB highlights challenges faced by social security recipients carrying student loan debt

On January 8, the CFPB published an Issue Spotlight describing the challenges faced by student loan borrowers affected by the forced collection of Social Security benefits due to defaulted federal student loans. After a...more

Hudson Cook, LLP

CFPB Bites of the Month - 2024 Annual Review - Nondiscrimination and Military Protection Law

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2024 applicable to consumers protected by nondiscrimination and military protection laws. 2025 will likely bring more of the same, particularly in the area of...more

Ballard Spahr LLP

CFPB says examiners have uncovered a variety of illegal practices in student loan markets

Ballard Spahr LLP on

CFPB examiners have identified a variety of illegal practices across student loan markets, the bureau said, in a special edition [add the link here] of its Supervisory Highlights. The report covers alleged violations related...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter – December 2024 # 3

Troutman Pepper Locke on

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

Wiley Rein LLP

Wiley Consumer Protection Download (December 17, 2024)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Troutman Pepper Locke

CFPB Releases Supervisory Highlights Focusing on Student Loan Practices

Troutman Pepper Locke on

On December 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights, detailing a range of activities identified by CFPB examiners across the student loan...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues consent order against student loan debt collector

On December 9, the CFPB issued a consent order against a debt collector following allegations of unfair and abusive practices regarding its collection of student loan debt allegedly violating the CFPA and the FDCPA. The CFPB...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

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

Goodwin

CFPB Permanently Bans Student Loan Servicer

Goodwin on

On December 4, 2024, the CFPB announced that it entered into a proposed stip​​ulated judgment with a student loan servicer and its owner, resolving allegations that the student loan servicer violated the Telemarketing Sales...more

Troutman Pepper Locke

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

Troutman Pepper Locke on

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

Wiley Rein LLP

Wiley Consumer Protection Download (October 15, 2024)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Cozen O'Connor

CFPB Settles With Navient Over Allegedly Deceptive Student Loans

Cozen O'Connor on

The CFPB settled with student loan servicer Navient Corporation and related entities (collectively, “Navient”) to resolve allegations that its unfair and deceptive service of student loans violated the Consumer Financial...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

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