CFPB Takes Action to Shut Down Illegal Student Debt Relief Scheme
Student Loan Processing.US and Owner Charged Student Loan Borrowers Millions in Illegal Fees Today the Bureau requested that a federal district court enter...
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CFPB Recovers $107 Million in Relief for More Than 238,000 Consumers Through Supervisory Actions
Examiners Uncover Illegal Practices in Student Loan Servicing, Mortgage Origination and Servicing, Consumer Reporting, and Debt Collection Markets Today the...
CFPB Takes Action Against Nationwide Student Financial Aid Scam
Operation Ripped Off Students and Families Applying for College Financial Aid Today, the Bureau announced it is taking action to halt a nationwide student...
CFPB Wins Default Judgment Against Corinthian Colleges for Engaging in a Predatory Lending Scheme
Court Rules that Corinthian Engaged in Deceptive Lending Practices and Illegal Debt Collection Practices Yesterday, at the request of the Bureau, a federal...
CFPB Concerned About Widespread Servicing Failures Reported by Student Loan Borrowers
CFPB and U.S. Departments of Education and Treasury Issue Framework for Servicing Reforms, Bureau Prioritizes Stamping Out Illegal Actions Today, the Bureau...
CFPB Takes Action Against Student Financial Aid Services, Inc. for Illegal Recurring Billing Scheme
Company to Pay $5.2 Million For Illegally Billing Over 100,000 Consumers Today the Bureau filed a complaint and proposed consent order in federal court...
CFPB Orders Discover Bank to Pay $18.5 Million for Illegal Student Loan Servicing Practices
Discover's Illegal Servicing Practices Affected Private Student Loan Borrowers Transferred from Citibank Today the Bureau took action against Discover Bank...
CFPB Report Finds Servicemembers Continue To Face Roadblocks From Student Loan Servicers
Servicers Still Failing to Provide Legal Protections to Military Borrowers Today the Bureau released a report outlining the continued challenges faced by...
CFPB Finds 90 Percent of Private Student Loan Borrowers Who Applied for Co-Signer Release Were Rejected
Industry Inquiry Reveals Problems for Consumers Seeking to Prevent Auto-Defaults Today the Bureau Student Loan Ombudsman released a report finding high...
Prepared Remarks of CFPB Director Richard Cordray at the Field Hearing on Student Loans
Thank you all for joining us today in Milwaukee. Plato once said, "The direction in which education starts a man will determine his future life." More...
CFPB Launches Public Inquiry Into Student Loan Servicing Practices
Bureau Seeks Information On Industry Practices That Can Create Student Debt Stress Today the Bureau is launching a public inquiry into student loan...
Prepared Remarks of CFPB Director Richard Cordray at the Ohio College Presidents’ Conference
Let me start by thanking Senator Brown for inviting me to speak to you today about how our young people are seeking to finance their education and improve...
Prepared Remarks of CFPB Director Richard Cordray at the President’s Advisory Council
Earning a college degree has become increasingly important to personal and professional success in life. Yet we know it also can impose long-term burdens...
CFPB Releases Safe Student Account Scorecard
Bureau Seeks Comment on Scorecard to Help Schools Avoid Promoting Products with Tricks and Traps Today, the Bureau is seeking input on a "Safe Student...
Consumer advisory: Student loan debt relief companies may cost you thousands of dollars and drive you further into debt
We are warning all student loan borrowers who have trouble managing their student debt to watch out for scams run by companies promising “student debt relief.” These companies prey on distressed borrowers who run into trouble and struggle to figure out what comes next.
CFPB Takes Action to End Student “Debt Relief” Scams
CFPB Warns Borrowers About Companies Charging High Fees for Free Federal Loan Repayment Benefits Today, the Bureau took action to put an end to two student...
CFPB Supervision Report Highlights Risky Practices in Student Loan Servicing
Examiners Also Uncover Violations of Mortgage Servicing Laws The Bureau today issued a report highlighting illegal actions uncovered by the Bureau's...
CFPB Report Finds Distressed Private Student Loan Borrowers Driven Into Default
Today, the Bureau Student Loan Ombudsman released a report highlighting complaints by struggling private student loan borrowers who describe being driven...
Prepared Remarks of CFPB Director Richard Cordray at the Announcement on Public Service and Student Debt
Thank you. Student loan debt is one of the most significant burdens facing our young people, and it certainly hits close to home for a growing number of...
Prepared Remarks of CFPB Director Richard Cordray on the Corinthian Enforcement Action Press Call
Today we are taking a public enforcement action against Corinthian Colleges, a for-profit chain of colleges, to put an end to its illegal predatory lending...
CFPB Sues For-Profit Corinthian Colleges for Predatory Lending Scheme
Bureau Seeks More than $500 Million In Relief For Borrowers of Corinthian's Private Student Loans Today, the Bureau sued for-profit college chain Corinthian...
Written Testimony of Rohit Chopra before the Committee on the Budget
My name is Rohit Chopra, and I serve as an Assistant Director at the Bureau, where I lead an office that focuses on issues facing students and young...
Director Cordray Remarks at the 2014 Boulder Summer Conference on Consumer Financial Decision Making
Thank you for having me here today. I am very pleased to be able to join so many experts in consumer finance, a field whose interdisciplinary nature...
Consumer advisory: Co-signers can cause surprise defaults on your private student loans
Today, we released a report that describes complaints we received related to the private student loan industry’s practice of placing borrowers in default even when their loans are current and in good standing. Take a look at our consumer advisory and sample letters for borrowers and co-signers.
CFPB Finds Private Student Loan Borrowers Face “Auto-Default” When Co-Signer Dies or Goes Bankrupt
Today the Bureau Student Loan Ombudsman released a report highlighting complaints of "auto-defaults" in private student lending. Borrowers report that some...
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