CFPB, Federal Agencies, State Agencies, and Attorneys General
The Washington, D.C. Department of Insurance, Securities, and Banking (DISB) has published a Bulletin reminding those who service student education loans in the District of Columbia of their obligation to file an annual report.
Section 3014 of the DISB’s regulations, finalized August 10, 2018, requires that a licensee submit an annual report, on or…
The New York Department of Financial Services has announced the creation of a new “powerhouse” Consumer Protection and Financial Enforcement Division. The Division has been created by consolidating the Enforcement and Financial Frauds Division and Consumer Protection Division and will place supervision, enforcement, and consumer education under the same roof. The Division consists…
On April 1, 2019, New York enacted Article 14-A, governing servicers of student loans owed by New York residents, in connection with New York’s fiscal year 2020 budget. Though sweeping legislation has been anticipated for some time, awareness of the extensive provisions of the new legislation are critical for student loan servicers nationwide.
The legislation…
The California Department of Business Oversight has sent an email to servicers notifying them of the publication of its final student loan servicer regulations, which became effective March 28, 2019. The DBO published its initial rules on September 8, 2017 and modified the proposed rules three times. Servicers have been operating without final rules…
Last month, the Department of Education issued guidance on implementation of its “borrower defense” final rule that was issued in November 2016 and the subject of litigation that resulted in an October 2018 federal district court ruling requiring the Department to implement the rule.
Among the final rule’s provisions is a ban on all predispute…
The White House last week issued an executive order entitled “Executive Order on Improving Free Inquiry, Transparency, and Accountability at Colleges and Universities.” In addition to pronouncements regarding free speech in the higher education context, the Executive Order makes several policy statements involving federal student lending and directs the Department of Education to…
Democratic lawmakers have introduced several new bills to prohibit the use of mandatory arbitration provisions, ranging from bills that broadly target consumer transactions to bills that target schools that receive Title IV assistance under the Higher Education Act (HEA).
A bill introduced by Senator Sherrod Brown, the Senate Banking Committee’s ranking member, would amend the…
The Labor, Health and Human Services, Education, and Related Agencies subcommittee of the House Appropriations Committee is scheduled to hold a hearing on March 6, 2019 entitled “Protecting Student Borrowers: Loan Servicing Oversight.”
The witnesses for the hearing are:
…
The FDIC and the Federal Reserve Board of Governors issued a joint advisory to make financial institutions aware of a 2018 amendment to the Fair Credit Reporting Act that provides that a financial institution may, but is not required, to offer a loan rehabilitation program (Section 602 Program) to private education loan borrowers whose credit…
The Federal Reserve Board announced last week that it was launching a new article series, Consumer & Community Context, that features original analysis about the financial conditions and experiences of consumers and communities, including traditionally underserved and economically vulnerable households and neighborhoods.
According to the Fed, the series is intended “to increase public understanding…
