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Unfair or Deceptive Trade Practices Consumer Financial Protection Bureau (CFPB) Student Loans

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

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

Orrick, Herrington & Sutcliffe LLP

Attorneys general urge CFPB to pay consumer restitution

On May 6, the attorneys general from 11 states and the California DFPI urged the CFPB to prioritize the distribution of $4.2 million in consumer restitution, following a bankruptcy court judgment against a company for UDAP...more

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses and withdraws from several cases

Recently, the CFPB has been actively dismissing or withdrawing from multiple cases following stays and joint dismissals. These include disputes originated under the previous administration involving banking associations,...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

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

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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

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

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter – December 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

Wiley Rein LLP

Wiley Consumer Protection Download (December 17, 2024)

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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

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

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

Wiley Rein LLP

Wiley Consumer Protection Download (December 3, 2024)

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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

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

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

Wiley Rein LLP

Wiley Consumer Protection Download (October 15, 2024)

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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

The State AG Report – 09.19.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Republican AGs Urge EPA to Block CA’s Clean Fleets...more

Cozen O'Connor

CFPB Settles With Navient Over Allegedly Deceptive Student Loans

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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

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

Goodwin

CFPB Files Suit Against Student Loan Servicer

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On May 31, 2024, the CFPB announced that it had filed suit against a Pennsylvania-based student loan servicer for engaging in allegedly unfair, deceptive and abusive acts or practices in violation of the CFPA, 12 U.S.C. §§...more

Saul Ewing LLP

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

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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

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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

Cozen O'Connor

The State AG Report – 4.4.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Republican AGs Take Another Bite at the Apple in...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - March 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

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