On December 1, 2022, the U.S. Supreme Court addressed an application by the Biden Administration to vacate an injunction entered by the Eighth Circuit Court of Appeals that currently prevents the administration from enacting its plan to forgive approximately $400 …
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Eighth Circuit enjoins Biden Administration from proceeding with loan forgiveness plan pending state AG appeal
By Thomas Burke on
Posted in Litigation and Court Decisions, Student Loans
Yesterday, a three-judge panel of the U.S. Court of Appeals for the Eighth Circuit granted a request to enjoin the Biden Administration’s federal student loan forgiveness program pending resolution of an appeal filed by state attorneys general of six states …
Federal District Court Vacates Biden Loan Forgiveness Plan
By Thomas Burke on
Posted in Litigation and Court Decisions, Student Loans
On November 10, 2022, a federal district court in the Northern District of Texas entered judgment in favor of two plaintiffs on an Administrative Procedure Act (APA) claim seeking vacatur of the Biden administration’s plan to forgive approximately $400 billion …
Eighth Circuit halts Biden Administration’s federal student loan forgiveness program
By Thomas Burke on
Posted in Litigation and Court Decisions, Student Loans
On the evening of Friday, October 21, 2022, the U.S. Court of Appeals for the Eighth Circuit put a halt—albeit a potentially temporary one—to the Biden Administration’s federal student loan forgiveness program, which had been scheduled to result in …
Department of Education announces major revisions to IDR payment counting
By John L. Culhane, Jr. & Thomas Burke on
Posted in Dept. of Education, Student Loans
On April 19, one day before the release of a highly critical performance audit by the U.S. Government Accountability Office, the Department of Education (ED) announced a series of actions it is taking to “address[] historical failures in the administration …
CFPB files lawsuit against TransUnion and former executive alleging violations of 2017 consent order
By Thomas Burke on
The CFPB has filed a new lawsuit against TransUnion, two of its subsidiaries (TransUnion Interactive, Inc. (TUI) and TransUnion, LLC (TULLC)), and a former TUI executive alleging that the defendants violated the CFPB’s 2017 consent order with the corporate defendants.…
CFPB enters into consent order with student loan servicer to settle alleged UDAAP violations in connection with FFELP loans
By John L. Culhane, Jr. & Thomas Burke on
The CFPB has entered into a consent order with Edfinancial Services, a student loan servicer, to settle the Bureau’s allegations that Edfinancial engaged in deceptive acts and practices in violation of the CFPA UDAAP prohibition. The consent order requires Edfinancial …
Virginia federal district court denies motion to dismiss CFPB lawsuit against company providing services to immigrants held in federal detention
By Thomas Burke on
Posted in CFPB, Regulatory and Enforcement
The first enforcement action filed by the CFPB under the Biden Administration was a lawsuit filed in a Virginia federal district court jointly with the Attorneys General of Virginia, Massachusetts, and New York against Libre by Nexus, Inc. (Libre). (Also …
CFPB updates Rules of Practice for Adjudication Proceedings
By Thomas Burke & John C. Grugan on
Posted in CFPB
The CFPB has issued a procedural rule that updates its Rules of Practice for Adjudication Proceedings (Rules of Practice) and a request for comment. The procedural rule is effective February 22, 2022. However, the Bureau indicates that it “may make …
Delaware federal district court certifies questions regarding CFPB’s enforcement authority and constitutionality to Third Circuit for interlocutory appeal
By John C. Grugan & Thomas Burke on
Posted in CFPB, Regulatory and Enforcement
In CFPB v. National Collegiate Master Student Loan Trust et al., the district court rejected the Trusts’ arguments that they were not “covered persons” under the CFPA and that because the enforcement action was filed by an unconstitutionally structured …