student loan servicing

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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 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 before January 30 and in a form prescribed by the Commissioner, describing the number of student loans sold, assigned, or transferred during the preceding calendar year and any other information required by the Commissioner.… Continue Reading

The District of Columbia Department of Insurance, Securities, and Banking (DISB) published its final rules under the Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016.  The final rules became effective when published in the D.C. Register on August 10, 2018.

The rules are unchanged from the latest revisions. … Continue Reading

The California Department of Business Oversight (DBO) has published a second round of modifications to its proposed regulations under the State’s Student Loan Servicing Act.  As previously covered, the DBO published its first round of revised rules last month.

The latest revisions to the regulations clarify servicer responsibilities related to application of payments, borrower communications and handling of qualified written requests (QWRs), and recordkeeping requirements, among other miscellaneous changes.… Continue Reading

The California Department of Business Oversight (DBO) has published modifications to its proposed regulations under the State’s Student Loan Servicing Act.  As previously covered, the DBO published notice of its initial proposed rules on September 8, 2017.  A blackline of the changes is available here.

The initial regulations mandated extensive customer service obligations. … Continue Reading

The Student Loan Servicing Alliance, a trade group representing student loan servicers, has sued the District of Columbia to enjoin the operation of Law 21-214, the Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016.  The Act, which became effective February 18, 2017, established a student loan ombudsman within the D.C.… Continue Reading

Earlier this week New York Attorney General Eric Schneiderman sent a letter to select state legislators adding his backing to the creation of a licensing regime in New York for student loan servicing, similar to what has been emerging in state legislatures across the country over the past two years.

The letter provides express support for Governor Cuomo’s 2019 Executive Budget Proposal, which calls for, among other things, establishment of a Student Loan Ombudsman at the Department of Financial Services.… Continue Reading

The District of Columbia Department of Insurance, Securities and Banking (DISB) has announced a change to the way it calculates a controversial annual assessment fee on student loan servicer licensees. The change was made on December 26, 2017 through the adoption of revised emergency rules under the Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016.… Continue Reading

The District of Columbia Student Loan Ombudsman Establishment and Servicing Regulation Act of 2016 (Servicing Act) became effective February 18, 2017.  The Servicing Act set an October 1 deadline for the Student Loan Ombudsman to prepare course materials to help borrowers understand their student loans and to draft a separate student loan Bill of Rights. … Continue Reading