News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Consumer Financial Products Loan Servicer

Orrick, Herrington & Sutcliffe LLP

CFPB to ban servicer from federal student loan servicing and pay $120M

On November 12, the CFPB filed a proposed stipulated final judgment and order against a student loan servicer (the defendant) for alleged violations of the CFPA, the FCRA and the FDCPA. As previously covered by InfoBytes, the...more

Hudson Cook, LLP

Nonbank Student Loan Servicer Agrees to a CFPB-Imposed Ban and to Pay $120 Million

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After more than seven years of litigation, on September 12, 2024, the CFPB filed the Stipulated Order reflecting its settlement with the Company over alleged violations of the CFPA, FCRA, and FDCPA....more

Goodwin

CFPB Files Suit Against Student Loan Servicer

Goodwin on

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

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Auto

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2023 applicable to the auto finance industry. We think it's safe to say that the auto finance industry was top of mind to the CFPB. ...more

Orrick, Herrington & Sutcliffe LLP

CFPB finds student loan servicer issues in new report

On January 5, the CFPB released a report on how student loan borrowers may face customer support challenges as their student loan payments resume. Federal student loan repayments resumed for the first time in over three...more

Troutman Pepper

CFPB and DOJ Joint Statement on Immigration Status and Credit Underwriting — The Consumer Finance Podcast

Troutman Pepper on

Join Troutman Pepper Partner Chris Willis for a solo episode where he discusses a recent joint statement from the Consumer Financial Protection Bureau and the Department of Justice regarding the consideration of immigration...more

Goodwin

CFPB Issues New Supervisory Highlights Report

Goodwin on

​​​​​​​On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report covering findings from its examinations completed between July 2022 and March 2023 (the Report), which found,...more

Hudson Cook, LLP

CFPB Bites of the Month - August 2023 - School Bells Ringing Loud and Clear, Vacation's Over, CFPB is Near

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior month covered during the August 2023 webinar. Bite 1: CFPB Publishes Report on Employer-Driven Debt - On July 20, 2023, the CFPB published a...more

Goodwin

CFPB Files Complaint Against Auto Loan Servicer

Goodwin on

On August 2, 2023, the CFPB announced that it had filed a complaint against a Georgia-based auto-loan servicer alleging “unfair acts and practices in violation of the Consumer Financial Protection Act of 2010 (CFPA), 12...more

Shipkevich PLLC

CFPB Issues Bulletin to Warn Student Loan Servicers Who Ignore Bankruptcy Court Orders

Shipkevich PLLC on

On March 16, 2023, the Consumer Financial Protection Bureau (CFPB) issued a bulletin cautioning loan servicers about their responsibility to stop any illegal activity related to private student loans that have been discharged...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

Brownstein Hyatt Farber Schreck

Hunstein Decision Informs Financial Services Industry Use of Third Party Vendors

More than a year ago on April 21, 2021, the 11th Circuit Court of Appeals issued an opinion in Hunstein v. Preferred Collection and Management Services Inc. that rocked the world of the debt collection industry, and the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Affirms that ECOA Protects Consumers After Receiving Credit

On May 9, the CFPB released an advisory opinion affirming that ECOA and its implementing rule, Regulation B, protect not only those persons actively seeking credit, but also those who have sought and received credit. The...more

Hudson Cook, LLP

CFPB Bites of the Month - March Top 10

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We thank you for reading our Top 10 and listening to our CFPB Bites of the Month webinars over the past two years. We are pleased to continue the series in 2022. In this month's article, we share some of our top "bites" for...more

Skadden, Arps, Slate, Meagher & Flom LLP

More Aggressive Consumer Financial Services Enforcement Expected

Takeaways - Redlining enforcement will be a significant priority for the CFPB, DOJ and other agencies. Loan servicers should expect increased scrutiny to prevent unnecessary defaults. Credit bureau reporting will be...more

Robins Kaplan LLP

Financial Daily Dose 2.27.2020 | Top Story: Ninth Circuit Limits First Amendment Application on Tech Platforms

Robins Kaplan LLP on

The Ninth Circuit has ruled unanimously that privately operated internet platforms are “free to censor content they don’t like”—a “not unexpected” ruling that nonetheless “marks the most emphatic rejection . . . that YouTube,...more

ArentFox Schiff

What Loan Servicers Must Know: How the CFPB’s 2020 Policy Statement on ‘Abusiveness’ Jibes with its Positions in Enforcement Cases

ArentFox Schiff on

The Consumer Financial Protection Bureau (the Bureau) recently issued an official policy statement (Policy) that illuminates how the Bureau will apply the Dodd-Frank Wall Street Reform and Consumer Protection Act’s...more

Bradley Arant Boult Cummings LLP

Data Modeling Remains Auto Finance Target in CFPB’s Fair Lending Governance

The Consumer Financial Protection Bureau made it clear that it will continue to target auto finance lenders as one of its top supervisory and enforcement priorities in the Fair Lending Report of the Bureau of Consumer...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

Hinshaw & Culbertson LLP

Take Note: Employers are Helping Pay Student Loans and Consumer Advocates are Watching Closely

A growing number of employers are offering student loan repayment assistance as a means of attracting and retaining talent. Industries like tech, financial services, and health services are among the early adopters, offering...more

Ballard Spahr LLP

CFPB Student Loan Ombudsman reports on handling of defaulted borrowers by servicers

Ballard Spahr LLP on

The CFPB’s Student Loan Ombudsman has released an update setting forth the CFPB’s “preliminary observations” based on the data it received in response to a voluntary request for information sent to several of the largest...more

Ballard Spahr LLP

State AGs criticize ED withdrawal of Obama student loan servicing policy direction

Ballard Spahr LLP on

A group of 20 state attorneys general, the D.C. attorney general, and the Executive Director of the Office of Consumer Protection of Hawaii have sent a letter to U.S. Department of Education Secretary Betsy DeVos criticizing...more

Ballard Spahr LLP

CFPB discusses handling of student loan partial prepayments by servicers

Ballard Spahr LLP on

In a new blog post by Student Loan Ombudsman Seth Frotman, the CFPB discusses its concerns regarding how student loan servicers may be responding to borrowers seeking to make partial prepayments on their student loans and...more

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