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Category: Press release |
Published

Consumer Financial Protection Bureau Settles with Student Loan Servicers Discover Bank, The Student Loan Corporation, and Discover Products, Inc. for Violating a Bureau Consent Order and Other Unlawful Practices

On December 22, 2020, the Consumer Financial Protection Bureau issued a consent order against Discover Bank, The Student Loan Corporation, and Discover Products, Inc. based on violations of a prior Bureau order, the Electronic Fund Transfer Act, and the Consumer Financial Protection Act of 2010.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray on the Navient Enforcement Action Press Call

Today the Consumer Financial Protection Bureau is filing a lawsuit against Navient (formerly part of Sallie Mae), which is the nation’s largest servicer of both federal and private student loans. From our extensive investigation of the matter, we found that Navient has systematically and illegally failed borrowers at every stage of repayment.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the CFPB Research Conference

On behalf of the Consumer Financial Protection Bureau, let me welcome all of you and say that we much appreciate this opportunity to discuss consumer financial markets with so many leading scholars in the field. As you share your perspectives and expertise with us, they will inform our efforts to empower and protect consumers. We look forward to having your insights.