News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Loan Servicing

Goodwin

CFPB Permanently Bans Large Student Loan Servicer from Market and Orders Redress of $120 Million

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On September 12, 2024, the CFPB announced that it entered into a stipulated proposed order with a large student loan servicer resolving allegations that the servicer forced borrowers into costly repayment options.​ Under the...more

Sheppard Mullin Richter & Hampton LLP

Latest CFPB Supervisory Highlights Focus on Transparency in Debt Collection Practices

On July 2, the CFPB released its Summer 2024 Supervisory Highlights, which focused on the servicing and collection of consumer debt. The report shared key findings from recent supervisory examinations of auto and student loan...more

Orrick, Herrington & Sutcliffe LLP

CFPB sues student loan servicer over discharged student loan collections

On May 31, the CFPB announced its lawsuit against a Pennsylvania-based student loan servicer (the defendant) for allegedly collecting on discharged loans. According to the complaint, the defendant lacked policies and...more

Goodwin

CFPB Enters Consent Order Over Student Loan Debt Relief Services

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​​​​​​​On May 20, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based telemarketer that offered student loan debt relief services resolving...more

Venable LLP

CFPB Homes in on Mortgage "Junk Fees"

Venable LLP on

Recent releases from the Consumer Financial Protection Bureau (CFPB) show that the mortgage industry is in the crosshairs of the CFPB's campaign against so-called junk fees. Earlier this year, the CFPB indicated its interest...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Debt Collection

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to debt collection. If debt collection in 2023 had a theme it would be medical debt....more

Hudson Cook, LLP

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the CFPB

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In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....more

Shipkevich PLLC

End of the Year for the CFPB? Not Yet! Another Order Obtained Against a Student Loan Service Provider

Shipkevich PLLC on

On November 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) announced that it had partnered with the 11 States of California, Delaware, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, South Carolina,...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Supreme Court Hears Challenge to Agency Tasked With Helping Students Make Informed Decisions About Paying for College

The Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector, is potentially at risk following oral argument on October 3, 2023, before the Supreme Court of the United...more

Sheppard Mullin Richter & Hampton LLP

Junk Fees Continue to be Focus of CFPB, Biden Administration

On March 8, the CFPB released a special edition of its Supervisory Highlights reporting on unlawful junk fees that were uncovered in a variety of servicing markets, including bank account deposits, auto loan servicing,...more

Goodwin

FINRA Provides Update on Social Media Influencers, Customer Acquisition and Related Information Protection

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In February, FINRA provided an update (Update) concerning the targeted exam (Sweep) launched in September 2021 to review firms’ practices concerning customer acquisition through social media channels and the way firms share...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2022

Headlines: CFPB Reminds Credit Bureaus and Furnishers of Their Obligations to Investigate Disputes The CFPB has issued guidance on the obligations of both credit bureaus and furnishers of consumer credit information,...more

Cooley LLP

CFPB Shores Up Legal Basis for Monitoring Loan Servicing Discrimination

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On May 9, 2022, the Consumer Financial Protection Bureau issued an advisory opinion declaring that the Equal Credit Opportunity Act’s prohibitions against discrimination protect borrowers in all aspects of a credit...more

Cooley LLP

CFPB Publishes Spring 2022 Supervisory Highlights

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On May 2, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) published its spring 2022 Supervisory Highlights report. As discussed in more detail below, the report addresses observations made in examinations...more

Spilman Thomas & Battle, PLLC

Student Loans: Stressors and Pitfalls as Repayments Begin and CFPB Actions Against Alleged Fraudulent Conduct

On Mach 13, 2020, near the beginning of the pandemic in the U.S., the CARES Act included a pause for all federal student loans. Nearly 90 percent of student borrowers accepted “the option of pressing the pause button on...more

Goodwin

2021 Year in Review: Consumer Finance

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[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Mortgage Servicing FAQs

The CFPB recently released new FAQs regarding the Mortgage Servicing Rule and Regulation X and Regulation Z relating to escrow account guidance and analysis. Putting it Into Practice: Some key takeaways include the...more

Epiq

New CFPB Guidance has Loan Servicers Rethinking Communication Strategies

Epiq on

On April 1, 2021, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin titled “Supervision and Enforcement Priorities Regarding Housing Insecurity”. The bulletin provided guidance on efforts that...more

Ballard Spahr LLP

CFPB issues special edition of Supervisory Highlights on COVID-19 prioritized assessments

Ballard Spahr LLP on

The CFPB has issued “Supervisory Highlights COVID-19 Prioritized Assessments Special Edition.” The report indicates that in May 2020, the Bureau rescheduled about half of its planned examinations and instead conducted...more

Hinshaw & Culbertson - Consumer Financial...

Consumer Law Hinsights – September 2020

Consumer Law Hinsights is a monthly compilation of nationwide consumer protection cases of interest to financial services and accounts receivable management companies. This edition also highlights the recently updated 50...more

Bradley Arant Boult Cummings LLP

Mortgage Servicers: Keep an Eye on the CFPB’s Advice to Borrowers Impacted by COVID-19

On March 31, 2020, the CFPB posted a “Guide to coronavirus mortgage relief options,” which provides instruction to mortgage loan borrowers who may be impacted by COVID-19 on when and how to go about obtaining assistance....more

Goodwin

CFPB Publishes its Winter 2020 Supervisory Highlights

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On February 14, 2020, the Consumer Financial Protection Bureau (CFPB) released its Winter 2020 Supervisory Highlights (Report). It summarizes the CFPB’s findings on violations in the areas of debt collection, mortgage...more

Ballard Spahr LLP

CFPB Winter 2020 Supervisory Highlights looks at debt collection, mortgage servicing, payday lending, student loan servicing

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The CFPB has released the Winter 2020 edition of its Supervisory Highlights.  The report discusses the Bureau’s examinations findings in the areas of debt collection, mortgage servicing, payday lending, and student loan...more

Manatt, Phelps & Phillips, LLP

States Tackle Student Loan Servicing

Oversight of student loan servicing remains top of mind for state regulators, with new regulations taking effect in New York, California, Colorado and Maine, and with several other states considering similar measures. ...more

Ballard Spahr LLP

Civil rights groups question CFPB oversight of student loan market

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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

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