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The Committee on Financial Services will hold a hearing entitled “A $1.5 Trillion Crisis: Protecting Student Borrowers and Holding Student Loan Servicers Accountable.” The hearing, scheduled to take place on Tuesday, September 10, 2019 at 10:00 a.m. in the Rayburn House Office Building, will also be live-streamed.

Building on the Committee’s oversight of consumer financial protections for student loan borrowers, the hearing will further explore the issues as well as discuss potential legislative remedies to increase protections for student loan borrowers.… Continue Reading

The saga of ITT Educational Services, Inc. appears to be drawing closer to an end, with ITT’s bankruptcy trustee and attorneys for former ITT students entering into a proposed class action settlement that would permanently enjoin the trustee’s “collection, assignment, or transfer” of approximately $560 million in receivables resulting from financing provided by ITT to students to pay for tuition and other costs. … Continue Reading

The U.S. Court of Appeals for the Federal Circuit has partially lifted a preliminary injunction that prevented the U.S. Department of Education (Department) from placing defaulted student loans with private collection agencies (PCAs).  Following this ruling, the U.S. Court of Federal Claims has ordered the Department to complete its efforts to reevaluate bids associated with a disputed contract procurement process by January 11, 2018.… Continue Reading

Senator Elizabeth Warren is scheduled to be the keynote speaker today for “National Student Debt Day,” an event in Washington, D.C. for “student loan activists from around the country.” The event is sponsored by Young Invincibles, which describes itself as “a national organization, working to engage young adults on issues, such as higher education, health care, and jobs.”… Continue Reading

The CFPB has announced that on May 14, 2015, it will hold  a field hearing in Milwaukee on student debt.  Similar to other field hearings, Director Cordray will give remarks and witnesses will include members of consumer groups, industry representatives, and members of the public.

Since field hearings typically coincide with a related development, such as the issuance of a report, we expect this field hearing to be accompanied by a new development related to student loans. … Continue Reading