Financial services Student Loans Third-party Debt Collectors 
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.
Troutman Sanders
MARCH 21, 2023
The bulletin details recent findings by CFPB examiners that certain loan servicers illegally returned loans to collections after bankruptcy courts discharged the loans. On March 15, the New York State Department of Financial Services (DFS) missed the deadline to publish its proposed amendments to its debt collection rule.
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Consumer Financial Services Law
JANUARY 3, 2017
Here are the highlights: Debt collection, mortgage and credit reporting continue to be the leaders in complaint volume; Debt collections complaints comprise 27% of the total cumulative complaints received to date by the CFPB; Student loan complaints showed the greatest increase over the same period for 2015 with a 120% increase.
Troutman Sanders
OCTOBER 9, 2023
The FTC alleged that the defendants pretended to be affiliated with the Department of Education, charged illegal junk fees, and offered students loan forgiveness promises that were not fulfilled. Supreme Court heard oral argument in Community Financial Services Association of America v. For more information, click here.
Troutman Sanders
DECEMBER 27, 2021
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest COVID-19 driven events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. Privacy and Cybersecurity Activities. For more information, click here.
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