The FTC recently published a blog post about a warning letter it sent to TAPD, Inc., which does business as Frank Financial Aid, warning the company that advertising and marketing, including on its website, may be misleading consumers about pandemic-related relief in the form of grants available to postsecondary students and a cash advance product offered by the company, in violation of Section 5 of the FTC Act. … Continue Reading

The CFPB Private Education Loan Ombudsman has issued an annual report containing an analysis of approximately 5,000 federal student loan complaints, 1,900 private student loan complaints, and 1,700 debt collection complaints related to private or federal student loans submitted by consumers between September 1, 2019 and August 31, 2020. The report notes that total student loan debt is now $1.677 trillion and is second only to home mortgages in outstanding household debt.… Continue Reading

Our webinar yesterday, “Consumer Financial Regulatory and Litigation Fallout from the COVID-19 Crisis,” in which we were joined by special guest speakers Richard Cordray, former CFPB Director, and John Roddy, Partner at Bailey & Glasser and prominent plaintiffs’ class action lawyer, highlighted the regulatory and litigation risks the crisis is expected to create for members of the consumer financial services industry.  … Continue Reading