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Student Loans › Loan Servicing › Borrowers

Orrick, Herrington & Sutcliffe LLP

CFPB sues student loan servicer over discharged student loan collections

Orrick, Herrington & Sutcliffe LLP on

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

Ballard Spahr LLP

Trend to watch: New legislation may blur lines between student loan servicing and debt collection

Ballard Spahr LLP on

The New York state legislature is currently considering a pair of companion bills which would impose detailed notice and records requirements upon student loan servicers. New York Senate bill S5136B, which was passed by the...more

Spilman Thomas & Battle, PLLC

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

Spilman Thomas & Battle, PLLC on

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

Goodwin on

[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

White & Case LLP

COVID-19 Response: US Financial Services Regulatory: U.S. State/Local (Updated April 24, 2020)

White & Case LLP on

In response to the global COVID-19 crisis, US financial regulators at the state level are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US...more

Hudson Cook, LLP

New York Department of Financial Services Extends Student Loan Relief to Private Student Loans

Hudson Cook, LLP on

New York has been the American epicenter for the exploding coronavirus pandemic. Informed by recent systemic challenges to the financial services sector, New York's regulators have responded. Among the responses is an...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Bradley Arant Boult Cummings LLP

The looming student debt crackdown: compliance and enforcement lessons from the foreclosure crisis

Bradley Arant Boult Cummings LLP on

Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more

MoFo Reenforcement

CFPB Lays Down the Gauntlet on Student Loan Servicing

MoFo Reenforcement on

The CFPB and the U.S. Departments of Education and the Treasury have released a Joint Statement of Principles on Student Loan Servicing, accompanied by a CFPB report. In the CFPB’s press release announcing the publications,...more

Ballard Spahr LLP

Director Cordray targets payday and student lenders in remarks to Consumer Advisory Board

Ballard Spahr LLP on

Director Cordray’s prepared remarks for yesterday’s meeting of the CFPB Consumer Advisory Board contained some particularly ominous signs for student and payday lenders. ...more

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