California and the District of Columbia have recently released regulations under their respective student loan servicing laws.  Each is taking comments on its regulations, but whereas California has merely issued proposed regulations, the District of Columbia has issued emergency regulations that are currently in effect. A brief summary of the regulations and their effective dates appears below, with links to more detailed discussions that also note the extraordinarily small number of complaints to the CFPB from residents of these jurisdictions as well as the bizarre economic impact of these licensing regimes, which will effectively result in the Department of Education paying the administrative expenses incurred by states asserting the authority to supervise federal student loan servicers.… Continue Reading