The CFPB took action to resolve its case against the National Collegiate Student Loan Trusts for unlawfully filing defective debt collection lawsuits to collect on private student loan debt.
The CFPB released a special edition of its Supervisory Highlights describing a range of unlawful activities identified by CFPB examiners across student loan markets.
CFPB Advisor and Student Loan Ombudsman Julia Barnard delivered remarks to the Consumer Federation of America “Looking to the Future of Student Borrower Protection."
The CFPB took action against student lender Climb Credit and its investors, including 1/0 (“One Zero”), which if entered will require the companies to stop making representations in their advertising about the quality of the training programs at their partner schools and graduates’ hiring rates and salaries.
The CFPB permanently banned Student Loan Pro and Judith Noh, its owner, from providing consumer financial products after violations of the Telemarketing Sales Rule.
The CFPB released the annual report of the Student Loan Ombudsman, highlighting severe difficulties reported by student borrowers in consumer complaints.
The CFPB issued its first results from its Student Loan Borrower Survey, providing insights into the effects of student loan debt relief programs and the challenges borrowers face in navigating repayment options.
Today, the CFPB sued student lender Climb Credit and 1/0 (“one zero”) for misrepresenting the quality of the programs at their partner schools and making false claims about graduates’ outcomes.
The CFPB banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer products after it misled borrowers about its neutrality and initiated sham arbitration proceedings.
Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order against the student loan servicer Navient for its years of failures and lawbreaking.
The CFPB published an edition of Supervisory Highlights sharing findings from examinations of auto and student loan servicers, debt collectors, medical payment products, and deposit and prepaid accounts.
The CFPB sued student loan servicer Pennsylvania Higher Education Assistance Agency for illegally collecting on student loans that have been discharged in bankruptcy and sending false information about consumers to credit reporting companies.
The CFPB took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans.
The Consumer Financial Protection Bureau (CFPB) today took action against National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency for multi-year servicing failures.
The CFPB issued an order against BloomTech and its CEO for deceiving students about the cost of loans and making false claims about graduates’ hiring rates.
Many student loan borrowers have an opportunity to have their entire student loans cancelled or receive more credit towards cancellation, but they must act before April 30, 2024.
The Consumer Financial Protection Bureau (CFPB) published an issue spotlight today on the CFPB’s oversight of student loan servicing practices in the early months of the resumption of federal student loan repayments after over three years of a payment pause due to the COVID-19 emergency.
In March 2020, the federal government announced that payments in connection with federal student loans owned by the U.S. Department of Education would be suspended, and interest would be waived for the duration of the suspension.
The Consumer Financial Protection Bureau found that many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products.
I am proud of the CFPB’s work in getting consumers the resolutions they deserve, often through referrals from local organizations, Congressional offices, and many others.
