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student loan servicing

New CFPB Chief Rohit Chopra Confirmed by Senate and Takes Immediate Action Against Big Tech Firms

November 10, 2021 By Josh Dhyani

A&B Abstract: On September 30, 2021, the Senate confirmed Rohit Chopra to serve as director of the Consumer Financial Protection Bureau (CFPB) in a 50-48 vote along party lines. He had been serving as a member of the Federal Trade Commission (FTC) where he had been a vocal critic of big tech companies and advocated […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Consumer Loan, Debt Collection, Dodd-Frank Act, Mortgage Servicing, Student Loans, Uncategorized Tagged With: #CFPB, #debtcollection, Mortgage Servicing, Servicing, student loan servicing

New York Proposes Student Loan Servicing Rules

September 24, 2019 By Consumer Finance Team

A&B ABstract Amid growing concerns over the federal government’s “hands off” approach to regulating the student loan business, New York Governor Andrew Cuomo released 3 NYCRR 409, a proposed regulation aimed at providing significant consumer protections for New York student loan borrowers, to the public for comment. The deadline for comment on the regulation is […]

Filed Under: Licensing, State Law, Student Loans Tagged With: #NYDFS, student loan servicing

New Jersey Joins Other States Regulating Student Loan Servicers

August 16, 2019 By Consumer Finance Team

A&B Abstract New Jersey recently enacted its own version of a Student Loan Bill of Rights, which requires the licensing of any person acting “directly or indirectly” as a student loan servicer. In light of the growing number of states enacting similar language to regulate the student loan industry, what might this mean for the […]

Filed Under: Licensing, State Law, Student Loans Tagged With: New Jersey, student loan servicing

Student Loan Servicers Remain Liable Under State Law for Affirmative Misrepresentations to Borrowers

July 30, 2019 By Sam Bragg

A&B Abstract:  The Seventh Circuit recently held that the federal Higher Education Act does not preempt state law consumer protection and tort claims where student loan servicers made affirmative misrepresentations to borrowers regarding repayment options. As such, student loan servicers should be aware that representations they make to borrowers may be subject to state consumer […]

Filed Under: State Law, Student Loans Tagged With: HEA, Nelson v. Great Lakes, student loan servicing

Will Maine begin to regulate passive, secondary market investors in student loan debt?

July 17, 2019 By Consumer Finance Team

A&B Abstract:  Maine’s New Student Loan Bill of Rights requires the licensing of any person acting as “directly or indirectly” as a student loan servicer.  What might that mean for passive, secondary market investors in student loan debt? Background On June 20, 2019, Maine Governor Janet Mills signed into law LD 995, Maine’s “Student Loan […]

Filed Under: Licensing, State Law, Student Loans Tagged With: Maine, passive investors, student loan servicing

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