Consumer Finance

MAY 5, 2024

The Consumer Financial Protection Bureau (CFPB) today took action against National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency for multi-year servicing failures.

Student loans 129

Student loans Student Loans Education Loans 129

Account Recovery

OCTOBER 11, 2024

The announcement comes after Ejudicate was found to have misled student borrowers and initiated arbitration proceedings without consent, raising concerns for those in the debt collection industry, particularly those collecting on unpaid student loans. Learn more.

Student loans 130

Student loans Student Loans Financial services Loans 130

Account Recovery

SEPTEMBER 3, 2020

A number of financial services trade organizations, including ACA International, are calling on the Federal Communications Commission to require that telecom companies notify businesses when their calls are being blocked or labeled as spam.

Student loans 246

Student loans Student Loans Healthcare Trade 246

Consumer Finance

SEPTEMBER 11, 2024

Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order against the student loan servicer Navient for its years of failures and lawbreaking.

Student loans 145

Student loans Student Loans Loans Financial services 145

Account Recovery

JUNE 20, 2024

Getting to Know Zack Ali of Cedar Financial and Remote Scouts Judge Grants MSJ For Defense in FDCPA Case Over Different Debt That Was Disputed Student Loan Debt to Have ‘Major’ Influence on How 30% of Consumers Vote: Survey Chatbots are Transforming Financial Services: Report WORTH NOTING: What we might be able to learn from […]

Student loans 147

Student loans Student Loans Financial services Loans 147

True Accord

OCTOBER 22, 2024

The delinquency rate for mortgage loans increased to a seasonally adjusted rate of 3.97% at the end of Q2, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey, an increase that corresponded with a rise in unemployment and showed up across all product types. Also in August, the CFPB responded to the U.S.

Student Loans 93

Student Loans Student loans Loans Retail 93

Better Credit Blog

NOVEMBER 2, 2020

Then you may start to hear from a company called Action Financial Services. Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. In order to pursue you for the debt, Action Financial Services has to first open up a collections account on your credit report.

Financial services 74

Financial services Debt collector Collection Agencies Collections Agency 74

Troutman Sanders

MARCH 28, 2023

Court of Appeals for the Second Circuit held that the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional — splitting from the U.S. Court of Appeals for the Fifth Circuit’s decision in Community Financial Services Association of America v. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

OCTOBER 16, 2023

State Activities: On October 12, California’s Department of Financial Protection and Innovation (DFPI), announced, in its October bulletin, that final regulations to implement the Student Loan Servicing Act and the Student Loans Borrower Rights Law have been approved and will become effective January 1, 2024.

Financial services 52

Financial services Student Loans Student loans Credit Unions 52

Better Credit Blog

SEPTEMBER 9, 2020

Have you noticed a company called Phoenix Financial Services on your credit report? If you are interested in removing Phoenix Financial Services from your credit report, check out our article below for a full how-to guide on how to clean up your report and boost your score. What is Phoenix Financial Services?

Financial services 52

Financial services Debt collector Collection Agencies Collections Agency 52

Consumer Financial Services Law

MAY 7, 2017

The CFPB’s most recent monthly report on consumer complaints spotlights student loans. Student loans continue to reflect the highest increase in change from last year– a 325% increase when comparing January-March 2017 to the same period in 2016. The report is a high level snapshot of trends in consumer complaints.

Student loans 40

Student loans Student Loans Loans Collections 40

Troutman Sanders

FEBRUARY 21, 2024

On February 15, the CFPB published a blog recounting its action against a student loan debt relief business and a debt-settlement company. The CFPB alleged that the defendants charged thousands of consumers with federal student loans approximately $9.2 For more information, click here. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Financial Institution 52

Troutman Sanders

DECEMBER 20, 2022

d/b/a Premier Student Loan Center, a student-loan debt-relief company. For more information, click here. On December 13, the CFPB distributed over $95 million in redress to over 87,000 consumers harmed by Consumer Advocacy Center, Inc., For more information, click here. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Loans 52

Troutman Sanders

FEBRUARY 23, 2022

Federal Activities: On February 18, the Consumer Financial Protection Bureau (CFPB) released a bulletin, detailing student loan servicers’ obligation to halt unlawful conduct on borrowers’ eligibility and benefits under the Public Service Loan Forgiveness Waiver. State Activities.

Financial services 52

Financial services Student loans Student Loans Government 52

Troutman Sanders

AUGUST 30, 2021

On August 26, Illinois Attorney General Kwame Raoul issued a press release applauding “Governor JB Pritzker for signing legislation Raoul initiated to protect student loan borrowers and help them select a student loan option that best meets their needs.” For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

MAY 9, 2023

For more information, click here. On May 1, Oklahoma Governor Kevin Stitt approved HB1443.

Financial services 52

Financial services Student Loans Student loans Loans 52

Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here.

Financial services 52

Financial services Manufacturing Debt Management Debtor 52

Troutman Sanders

JULY 27, 2020

On July 22, 2020, the CFPB issued tips in a blog post directed to co-signors of private student loan debt during the COVID-19 emergency. The CARES Act offers relief for those with federal student loans. Many private student loan lenders are providing options for reducing or suspending payments as well.

Financial services 52

Financial services Student Loans Student loans Garnishment 52

Troutman Sanders

FEBRUARY 21, 2023

Corp and nonbank financial service provider Zera Financial for allegedly making false and misleading statements, implying that FDIC deposit insurance protected their customers’ digital assets. Department of Education’s (DOE) proposed changes to income-driven repayment (IDR) plans for federal student loan borrowers.

Financial services 52

Financial services Student Loans Student loans Banks 52

Troutman Sanders

OCTOBER 30, 2023

On October 26, a House Financial Services subcommittee drafted legislative proposals related to the buy now, pay later (BNPL) and earned wage access (EWA) market. financial institutions. For more information, click here. For more information, click here. The letter asks the GAO to examine the role U.S.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

JANUARY 20, 2022

On January 13, a coalition of 39 state attorneys general — led by AGs from Pennsylvania, Washington, Illinois, Massachusetts, and California — reached a settlement with student loan servicer Navient over allegedly unfair, deceptive, and abusive student loan origination and servicing practices.

Student loans 52

Student loans Student Loans Loans Lender 52

Troutman Sanders

AUGUST 9, 2021

On August 5, the Consumer Financial Protection Bureau released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Troutman Sanders

JUNE 21, 2023

million to consumers harmed by Arete Financial Group, a student loan debt relief operation that tricked consumers into making illegal upfront payments by pretending to be affiliated with the U.S. Department of Education and falsely promising student loan debt relief. For more information, click here.

Financial services 52

Financial services Collection Agencies Collections Agency Trade 52

Troutman Sanders

OCTOBER 19, 2021

The Office of Enforcement will be responsible for oversight of enforcement actions against postsecondary schools that participate in the federal student loan, grant, and work-study programs. 424 would, among other provisions, place new documentation requirements on any collection activity concerning student loans for private lenders.

Financial services 52

Financial services Student Loans Student loans Debt collector 52

Troutman Sanders

SEPTEMBER 7, 2021

State Activities: On September 3, New York Attorney General Letitia James announced that her office is assessing ways to overhaul the collection of unpaid student loans, especially those incurred by individuals attending State University of New York (SUNY) schools.

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Troutman Sanders

SEPTEMBER 27, 2022

On September 15, New York Governor Kathy Hochul signed legislation to expand the reach of the federal Public Service Loan Forgiveness (PSLF) program statewide. PSLF incentivizes public service work by forgiving a portion of borrowers’ federal student loan debt. An estimated 2.7 For more information, click here.

Financial services 52

Financial services Loans Trade Student Loans 52

Troutman Sanders

AUGUST 24, 2021

Attorney General Herring stated, “More than one million Virginians are saddled with the crippling weight of student loan debt – something that negatively affects almost every aspect of their lives… My office has worked hard to help student loan borrowers in the Commonwealth, especially in instances where the loan servicer has taken advantage of borrowers (..)

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Troutman Sanders

DECEMBER 21, 2021

Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. State Activities: On December 15, the New York Department of Financial Services released a notice of proposed rulemaking (NPRM) for third-party debt collectors and debt buyers.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

Collection Industry News

OCTOBER 10, 2022

The CFPB released a special edition of Supervisory Highlights on student loan servicing practices of loan servicers and schools lending to students directly. Putting It Into Practice : This edition of Supervisory Highlights leaves educational institutions and student loan servicers with several takeaways.

Student loans 40

Student loans Student Loans Lender Loans 40

Troutman Sanders

FEBRUARY 8, 2021

On February 3, the California Department of Financial Protection and Innovation announced an investigation into whether student loan debt relief companies operating in California are engaging in illegal conduct under the new California Consumer Financial Protection Law and Student Loan Servicing Act.

Financial services 52

Financial services Foreclosure Student Loans Student loans 52

Troutman Sanders

DECEMBER 19, 2023

On December 12, Minnesota Attorney General Keith Ellison announced that his office obtained a settlement with a California student loan debt relief company. The company is alleged to have illegally collected fees from customers and misrepresented its services to consumers. For more information, click here.

Financial services 52

Financial services Banks Debt collector Government 52

Troutman Sanders

SEPTEMBER 27, 2021

House of Representatives Committee on Rules passed amendments on credit reporting and medical debt collection for service members and private student loans. For more information, click here. On September 21, the U.S. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Troutman Sanders

JULY 7, 2021

This order is effective until modified or vacated and requires licensees to comply with certain measures, including maintaining the safety of personal information and data security and operating under implemented policies and procedures.

Financial services 52

Financial services Financial Institution Student Loans Student loans 52

Troutman Sanders

MAY 23, 2023

On May 18, the House Financial Services Committee Subcommittee on Digital Assets, Financial Technology, and Inclusion hosted a hearing, titled “‘Stable’ in ‘Stablecoins’: How Legislation Will Help Stablecoins Achieve Their Promise.” administrative penalty for operating as an unlicensed student loan servicer.

Financial services 52

Financial services Banks Debtor Education 52

Troutman Sanders

OCTOBER 4, 2021

424 would, among other provisions, place new documentation requirements on any collection activity concerning student loans for private lenders. Among other provisions, S.B. For more information, click here and here. For those interested in reading the complete order, click here. million or less.

Financial services 52

Financial services Financial Institution Foreclosure Student Loans 52

True Accord

APRIL 5, 2023

Meanwhile, eyes are on the Big Apple as the New York Department of Financial Services (DFS) and the New York City Department of Consumer and Worker Protection are simultaneously engaged in amending their consumer debt collection rules. The final amended rule will go into effect on July 20, 2023.

Student loans 102

Student loans Student Loans Credit Card Debt Loans 102

Troutman Sanders

AUGUST 1, 2023

On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on Financial Services on July 26. For more information, click here.

Financial services 52

Financial services Financial Institution Debt collector Trade 52