Kentucky recently enacted HB 494, titled the “Student Education Loan Servicing, Licensing, and Protection Act of 2022,” which will require student loan servicers to be licensed in Kentucky.  The Act applies to servicers of private student loans and federal student loans.

Servicers of private student loans must submit a licensing application to the Commissioner

CFPB Director Rohit Chopra recently gave opening remarks at the joint meeting of the Community Bank and Credit Union Advisory Councils.  In them, he expressed a desire to re-direct the CFPB’s attention to the needs of financial institutions used by local businesses and to make relationship banking a key priority for the CFPB.

Director Chopra

The California Department of Financial Protection and Innovation (DFPI) recently issued an Invitation for Comments on the Proposed Second Rulemaking under the Debt Collection Licensing Act.  The Invitation for Comments seeks further information on topics relating to the scope of certain definitional terms, the types of information required on annual reports, and surety bond amounts.

The Colorado Attorney General’s Office recently published licensing applications for entities that are engaged in servicing student loans owed by Colorado residents.

There are two types of applications available: (1) a short “form” for “Federal Contractors” who hold a contract awarded by the U.S. Secretary of Education to service federal student loans; and (2) a

On November 7, 2019, the George Mason University Antonin Scalia Law School hosted an event with Brian Johnson, the CFPB’s Deputy Director, to discuss the agency, its rulemaking process, innovation programs, and goals for the near future.

Deputy Director Johnson began the discussion by acknowledging that the CFPB’s scope of authority is not well-defined given