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The CFPB released a special edition of its Supervisory Highlights describing a range of unlawful activities identified by CFPB examiners across student loan markets.
Doing business with a delinquent customer? Applying current customer payments toward overdue accounts could cost you. Our client continued to sell to their customer, even though the customer was in arrears. However, the client changed the terms, requiring payment within a few days of shipment. The payments made were meant for the “newer” transactions.
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