CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB Education Loan Ombudsman has issued his annual report covering the period from September 1, 2020 through August 31, 2021.
The report includes an analysis of the approximately 5,300 complaints related to private or federal student loans that the Bureau received during that period. While complaints overall during this period trended lower, the decrease was most pronounced for federal student loan complaints which decreased approximately 32% compared to the prior year.… Continue Reading
Last week, the CFPB Ombudsman’s Office released its eighth annual report covering the Office’s activities during fiscal year 2019. The Ombudsman’s Office is intended to serve as an independent, impartial, and confidential resource that assists consumers, financial entities, consumer or trade groups, and others in informally resolving process issues with the CFPB.… Continue Reading
The CFPB Private Education Loan Ombudsman has issued an annual report containing an analysis of approximately 13,900 federal student loan complaints, 6,700 private student loan complaints, and 4,600 debt collection complaints related to private or federal student loans submitted by consumers between September 1, 2017 and August 31, 2019. The report is the first annual report issued by Robert Cameron, who became the CFPB’s new Private Education Loan Ombudsman as of August 19, 2019.… Continue Reading
Democratic Senators Sherrod Brown and Patty Murray have sent a letter to Robert Cameron, the CFPB’s new Private Education Loan Ombudsman, in which they set forth their expectations for the Ombudsman’s Office. The Bureau announced Mr. Cameron’s appointment as Ombudsman in August 2019. He replaced Seth Frotman, who has been a vocal critic of the Bureau since his departure from the Bureau in August 2018. … Continue Reading
The CFPB has announced the appointment of Robert G. Cameron to serve as the Bureau’s private education loan ombudsman. Mr. Cameron joins the Bureau from the Pennsylvania Higher Education Assistance Agency where he was a high-ranking official responsible for litigation, compliance, and risk mitigation efforts.
The ombudsman position was created by the Dodd-Frank Act. … Continue Reading
The CFPB is facing criticism for not yet having issued the 2018 annual report of its Student Loan Ombudsman. The 2017 annual report was issued in October 2017 and, like previous reports, included student loan complaint data and a discussion of such data.
The Dodd-Frank Act requires the Ombudsman to prepare an annual report “that describes the activities, and evaluates the effectiveness of the Ombudsman during the preceding year.” … Continue Reading
On May 15, Maryland Governor Larry Hogan signed into law a bill that, among other things, establishes the role of Student Loan Ombudsman within the Office of the Commissioner of Financial Regulation and sets forth various duties related to that position.
Maryland SB 1068, titled the Financial Consumer Protection Act of 2018, represents a scaled down version of an attempt by state lawmakers to regulate student loan servicers.… Continue Reading
The CFPB’s Ombudsman’s Office has issued its sixth annual report covering the Office’s activities during fiscal year 2017 (October 1, 2016 through September 30, 2017). The role of the Ombudsman’s Office is to assist in the resolution of individual and systemic issues that a depository entity, non-depository entity, or consumer has with the CFPB.… Continue Reading
The CFPB has released the sixth annual report of the CFPB Student Loan Ombudsman containing an analysis of approximately 12,900 federal student loan complaints, 7,700 private student loan complaints, and 2,300 debt collection complaints related to private or federal student loans handled by the CFPB between September 1, 2016 and August 31, 2017. … Continue Reading
The CFPB’s Student Loan Ombudsman has released an update setting forth the CFPB’s “preliminary observations” based on the data it received in response to a voluntary request for information sent to several of the largest student loan servicers in October 2016. The request, which was sent contemporaneously with the release of the Ombudsman’s 2016 annual report (2016 report), asked servicers to provide information about their policies and procedures related to servicing loans of previously defaulted borrowers. … Continue Reading
