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Enforcement Actions Student Loans Loan Servicer

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

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

Orrick, Herrington & Sutcliffe LLP

Student loan servicer and trust could pay more than $5M in enforcement action with CFPB

On May 6, the CFPB filed a complaint against a Pennsylvania-based student loan servicer and 15 student loan trusts for alleged failure to properly respond to various borrower requests in violation of the CFPA. The complaint...more

Goodwin

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

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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

Goodwin

NJ Attorney General Sues National Student Loan Servicer For Deceptive Practices

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On October 20, 2020, New Jersey Attorney General Gurbir S. Grewal (“NJ AG”) and the New Jersey Division of Consumer Affairs announced that they had filed suit in New Jersey state court against a national student loan servicer...more

Jones Day

A New Frontier: Massachusetts Steps Up Its Focus on Student Loan Servicers

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The Situation: Student loan debt in the United States stands at an all-time high of approximately $1.5 trillion spread across more than 44 million borrowers. According to some observers, Massachusetts ranks 12th among states...more

Goodwin

FTC Settles with Student Debt Relief Companies for $19 Million

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On September 28, 2018, the Federal Trade Commission (FTC) announced that it had reached a settlement with loan debt relief operators in connection with the coordinated federal-state enforcement initiative to target deceptive...more

Dorsey & Whitney LLP

Federal Court Orders Loan Servicer to Comply with CFPB’s CID Investigating Potential UDAAP and FCRA Violations

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On February 28, 2018, the U.S. District Court for the Western District of Pennsylvania granted a petition by the Consumer Financial Protection Bureau (“CFPB”) to enforce a civil investigative demand (“CID”) against a student...more

Goodwin

Pennsylvania AG Files Suit Against Nationwide Student Loan Provider and Servicer

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On October 5, 2017, the Pennsylvania Attorney General’s Office (AG) announced that it had filed suit against a federal student loan provider and servicer (and its subsidiary) in the U.S. District Court for the Middle District...more

Goodwin

District Court Rejects Servicer’s Argument that CFPB is Unconstitutional

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On August 4, 2017, the United States District Court for the Middle District of Pennsylvania denied a student loan servicer’s motion to dismiss claims brought against it by the Consumer Financial Protection Bureau (CFPB),...more

Dorsey & Whitney LLP

The CFPB’s Action Against the Country’s Largest Student Loan Servicer, Navient: Four Things You Need to Know Right Now

Dorsey & Whitney LLP on

In recent posts, this blog discussed how the Consumer Financial Protection Bureau (CFPB) has tightened control over financial institutions, including an overhaul of the regulatory landscape for debt collection and banks. The...more

Goodwin

CFPB Files Lawsuit Against Largest U.S. Student Loan Servicer Over Deceptive Practices

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On January 18, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court for the Middle District of Pennsylvania against a servicer of private and federal student...more

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