CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB announced that it has entered into a proposed settlement with several of the defendants in the lawsuit it filed in January 2020 in a California federal district court that alleges the defendants obtained consumer reports unlawfully, charged unlawful advance fees, and engaged in deceptive conduct.
The defendants included Chou Team Realty, LLC, which…
We previously blogged about Virginia’s enactment last month of a law requiring student loan servicers to be licensed by the Virginia State Corporation Commission (“Commission”). As promised, we are providing a more detailed summary of HB 10/SB 77, which is undoubtedly one of the most sweeping laws we’ve seem to date targeted at regulating student…
The Connecticut federal district court has ruled in Pennsylvania Higher Education Assistance Agency v. Perez that demands by the Connecticut Department of Banking (DOB) to the Pennsylvania Higher Education Assistance Agency (PHEAA) for federal student loan documents are preempted by federal law. PHEAA was represented by Ballard Spahr.
PHEAA services federal student loans made by…
One Wednesday, Virginia enacted a law that requires student loan servicers to be licensed. While Virginia opened its “Office of the Qualified Education Loan Ombudsman” in 2019, efforts to require licensure of student loan servicers had previously failed.
Identical bills HB 10/SB 77 had been sent to Governor Northam’s desk on March 12, but were…
Massachusetts, New Jersey, Connecticut, Illinois, Colorado, California, Washington, and Vermont have announced that they are participating in a multi-state initiative to provide relief to borrowers whose student loans are not covered by the CARES Act through agreements with certain student loan servicers. The announcements indicated that Virginia is…
A coalition of groups that includes the Consumer Bankers Association, the National Council of Higher Education Resources, and consumer advocates, has sent a letter to House and Senate leadership urging Congress to extend relief to federal student loan borrowers whose loans are not covered by the CARES Act.
The borrowers in question are those with…
Senator Elizabeth Warren, joined by a group of other Democratic Senators and Senator Bernie Sanders, sent a series of letters to companies that service private student loans requesting “a detailed report of the steps your company is taking in response to the COVID-19 pandemic and economic emergency to mitigate the financial burden facing your student…
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following provisions of particular interest to members of the consumer financial services industry:
Credit Reporting. Section 4021 (Credit Protection During COVID-2019) amends the Fair Credit Reporting Act to impose new COVID-19 related reporting requirements on furnishers of information to consumer reporting agencies. Under…
Today, U.S. Secretary of Education Betsy DeVos announced that the office of Federal Student Aid is executing on President Trump’s promise to provide student loan relief during the COVID-19 pandemic through several initiatives:
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On March 6, the Student Borrower Protection Center, Americans for Financial Reform Education Fund, the National Community Reinvestment Coalition, and the National Consumer Law Center sent a letter to the Alternative Reference Rates Committee (ARRC) urging the ARRC “to consider the unique risks inherent to the private student loan market and to prioritize the protection…
