News & Analysis as of

Financial Services Industry Student Loan Servicers Regulation

Sheppard Mullin Richter & Hampton LLP

CFPB Report Highlights Widespread Violations in Student Loan Sector

On December 16, the CFPB released a special edition of its Supervisory Highlights, which detailed findings from the Bureau’s recent examinations of student loan markets. The report identifies a range of violations related to...more

McGlinchey Stafford

Nevada Adopts Student Loan Servicer and Private Education Lender Regulations

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At the beginning of 2024, Nevada began to require companies that service student loans to obtain a license and comply with numerous operational requirements. The law also regulates companies that make or hold private...more

Sheppard Mullin Richter & Hampton LLP

CFPB Shuts Down Debt Relief Provider Over Fraudulent Student Loan Practices

On May 20, the CFPB settled an enforcement action against a California-based telemarketing firm for practices related to student loan debt relief services. The Bureau has ordered the firm to permanently halt operations and...more

Goodwin

DFPI Enters Into Consent Order With Higher Education Loan Authority

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On April 24, 2024, the California Department of Financial Protection and Innovation (DFPI) announced ​that it had entered into a consent order with the Higher Education Loan Authority of the State of Missouri (MOHELA),...more

Ballard Spahr LLP

CFPB Report Identifies Challenges Faced by Borrowers in Resumption of Student Loan Payments

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The Consumer Financial Protection Bureau highlighted its observations of the resumption of federal student loan payments by consumers after more than three years of a payment moratorium due to COVID-19 in a report released on...more

Ballard Spahr LLP

Dept. of Education issues framework for student loan servicer accountability

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The White House signaled last week that, with the resumption of federal student loan payments, federal student loan servicers can expect to face increased scrutiny. The Department of Education issued a “Framework for Student...more

Ballard Spahr LLP

California DFPI Finalizes Regulations Governing Student Loan Servicers

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On October 13, 2023, the California Department of Financial Innovation (DFPI) published final regulations implementing the Student Loan Servicing Act (“SLSA”) and the Student Loans: Borrower Rights Law. The final regulations...more

Troutman Pepper Locke

Nevada Enacts Law Imposing Licensing Requirements and Regulations on Student Loan Servicers

Troutman Pepper Locke on

On June 14, Nevada Governor Joe Lombardo signed into law AB 332, An Act Relating to Student Education Loans, requiring, among other things, student loan servicers to be licensed by the Commissioner of Financial Institutions...more

Orrick, Herrington & Sutcliffe LLP

DFPI modifies Student Loan Servicing Act proposal

On January 6, the California Department of Financial Protection and Innovation issued modified proposed regulations under the Student Loan Servicing Act (Act)...more

Perkins Coie

Consumer Financial Protection Bureau Issues 25th Supervisory Highlights

Perkins Coie on

On December 8th, the Consumer Financial Protection Bureau (CFPB) issued the 25th edition of its Supervisory Highlights report, which covers examinations completed in the first half of 2021. The CFPB reported on violations...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

Ballard Spahr LLP

More On Virginia’s New Law Requiring Licensure Of Student Loan Servicers

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We previously blogged about Virginia’s enactment last month of a law requiring student loan servicers to be licensed by the Virginia State Corporation Commission (“Commission”). As promised, we are providing a more detailed...more

Ballard Spahr LLP

Virginia Enacts Law Requiring Licensure of Student Loan Servicers

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One Wednesday, Virginia enacted a law that requires student loan servicers to be licensed. While Virginia opened its “Office of the Qualified Education Loan Ombudsman” in 2019, efforts to require licensure of student loan...more

Ballard Spahr LLP

Senate Dems Target For-Profit Colleges and Federal Student Loan Servicers and Collectors in Letter to Dept. of Education

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Last week, Senators Elizabeth Warren, Kamala Harris and Cory Booker sent a letter to the U.S. Department of Education’s Office of Civil Rights (OCR) requesting information about how OCR “plans to address alarming racial...more

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