News & Analysis as of

Student Loans Unfair or Deceptive Trade Practices Consent Order

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

Saul Ewing LLP

CFPB Finds For-Profit Coding School Misrepresented Nature of Its Lending Products and Job Placement Rates

Saul Ewing LLP on

The Consumer Financial Protection Bureau continues to expand its presence into different businesses, including for-profit colleges. On April 17, 2024, the CFPB issued a consent order against a for-profit college for computer...more

Troutman Pepper Locke

CFPB Enters Consent Order Against BloomTech Over Misleading Income-Share Agreements

Troutman Pepper Locke on

On April 17, the Consumer Financial Protection Bureau (CFPB or Bureau) entered a consent order against BloomTech, a for-profit vocational school, and its CEO, Austen Allred, for deceptive marketing practices related to...more

Hudson Cook, LLP

CFPB Announces Consent Order with Student-Loan Servicer Over Alleged Misrepresentations to Borrowers Concerning Eligibility for...

Hudson Cook, LLP on

HIGHLIGHTS: CFPB announced a $1 million resolution, via administrative consent order, of allegations that a small servicing company made deceptive statements to student loan borrowers relating to their forgiveness and...more

Goodwin

CFPB Orders Student-Loan Servicer to Pay $1 Million Penalty and Remedy Miscommunications

Goodwin on

On March 30, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a student-loan servicer for alleged deceptive acts and practices in violation of the CFPA, 12 U.S.C. §§...more

Bradley Arant Boult Cummings LLP

CFPB Action Against Student Loan Originator Sends Message to Income Share Agreement Industry

On September 7, 2021, the CFPB issued a consent order against Better Future Forward, Inc., and related entities (collectively, BFF), companies that provide financing for postsecondary education to students via income share...more

Eversheds Sutherland (US) LLP

CFPB Enforcement Actions Zero in on Income Share Agreements and “Payday Alternative” Loans

In September 2021, the CFPB took action against Better Future Forward, Inc. (BFF), a provider of student income share arrangements, and LendUp, an online, subprime consumer lender. In both cases, the CFPB alleged that the...more

Goodwin

CFPB Secures Consent Order Against Student Loan Servicer for Failure to Comply with 2015 Consent Order and Alleged Deceptive Acts...

Goodwin on

On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced​ that it had secured a consent order ​against a national student loan servicer based on its failure to comply with a 2015 consent order issued by...more

Hogan Lovells

CFPB enters consent order with student loan servicer for delayed account adjustments

Hogan Lovells on

On 1 May 2019 the Consumer Financial Protection Bureau (CFPB) announced a consent order with student loan servicer Conduent Education Services LLC (CES) (the company), formerly ACS Education Services, for alleged violations...more

Goodwin

CFPB Issues Consent Order Against Education Company For Illegal Student Lending Practices

Goodwin on

On September 12, 2016, the Consumer Financial Protection Bureau (“CFPB”) announced the issuance of a consent order with a for-profit college chain that allegedly deceived its students into taking out loans that were more...more

Ballard Spahr LLP

CFPB enters into consent order with for-profit college owner

Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Bridgepoint Education, Inc., the owner of two for-profit colleges, to settle charges that the company’s representatives engaged in deceptive acts or practices...more

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