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Category Archives: Student Lending

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Financial Services Report – Summer 2017

Posted in Add On Products, Arbitration, CFPB, Credit Cards, Credit Reports, Enforcement Actions, Fair Lending, Foreclosure, Investigations, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, Student Lending

Summer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien, Planet of the Apes, Transformers, Cars, Spider Man, and more Inconvenient Truths from Al Gore all coming to a theatre near… Read More

Financial Services Report – Spring 2017

Posted in Arbitration, CFPB, Credit Cards, Credit Reports, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Investigations, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, Student Lending

In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s tenure and the fate of Dodd-Frank, as it appears the Trump administration is focusing on other priorities. So… Read More

The “Payback Playbook”: CFPB Calls for Comments on Student Loan Communication Initiative

Posted in CFPB, Student Lending

On April 28, 2016, the CFPB released its “Payback Playbook” initiative proposal, which concerns loan servicers laying out student loan repayment options in communications with borrowers in order to “reduce defaults, improve borrower outcomes, and spur innovation.”  The Bureau is requesting comments in response to its proposed templates (or “Payback Playbooks”), which would require, inter… Read More

CFPB’s Two-Year Policy Priorities

Posted in Arbitration, Auto Lending, CFPB, Mortgage, Student Lending

On Thursday, February 25, 2016, the CFPB held a Consumer Advisory Board meeting in which it outlined its forward-looking supervision and enforcement priorities. After the Board meeting, the CFPB published a summary of these priorities that promises the following, among other things, during the next two years: Rulemakings related to arbitration and debt collection; Rigorous… Read More

Financial Services Report – Winter 2015

Posted in Add On Products, Arbitration, Auto Lending, CFPB, Credit Cards, Enforcement Actions, Fair Lending, Indirect Auto Lending, Military Issues, Mobile Payments, Mortgage, Payday Lending, Privacy, Regulatory Developments, Student Lending, UDAAP

We are a full service newsletter, so we offer these can’t-miss Christmas gift ideas for the hard-to-please. Hoverboards are the “It” gift this season, but what about all the poor souls who don’t own one? We’ve devised a remote that lets you seize control from a distance and slam the thing in reverse, toggle forward,… Read More

Supervisory Highlights, Fall 2015: Totally Sanitized Limerick Edition!

Posted in CFPB, Mortgage, Student Lending, Supervisory Highlights

Don’t know about you, but we’ve been dreaming about wrapping ourselves in a big cabled sweater, drinking a pumpkin-spiced beverage and cozying up to the Fall 2015 issue of Supervisory Highlights. Usually haiku is how we roll, but haiku really evokes spring, and in honor of everyone’s favorite season of decay, we’ve decided to give… Read More

CFPB Publishes Semi-Annual Rulemaking Agenda

Posted in Arbitration, Auto Lending, CFPB, Credit Reports, Mortgage, Payday Lending, Regulatory Developments, Student Lending

Just in time for the holidays, the CFPB released its Fall 2015 rulemaking agenda on Friday, November 20. The agenda does not include any major surprises, but it does slightly revise the projected timeline for several highly anticipated rulemaking activities. This alert lays out the highlights to consider between doses of turkey, football, and family…. Read More

CFPB Lays Down the Gauntlet on Student Loan Servicing

Posted in CFPB, Student Lending

The CFPB and the U.S. Departments of Education and the Treasury have released a Joint Statement of Principles on Student Loan Servicing, accompanied by a CFPB report.  In the CFPB’s press release announcing the publications, the Bureau expressed “concern” about what it calls “widespread servicing failures reported by student loan borrowers.”  It vowed to “stamp[]… Read More

CFPB Launches Official Inquiry Into Student Loan Servicing

Posted in CFPB, Student Lending

The CFPB has announced an inquiry into student loan servicing practices.  The inquiry includes a formal Request for Information from borrowers, institutions, financial service providers, and others, and call to borrowers to share their stories more informally.  Comments on the RIN are due on or before July 13, 2015.  Director Cordray, in prepared remarks at… Read More

Fall 2014 Supervisory Haiku-lights

Posted in CFPB, Mortgage, Student Lending, Supervisory Highlights

A few times a year, CFPB Supervision publishes Supervisory Highlights, which provides general information about examination findings without identifying specific institutions. We know you readers are busy—and literary!—so below we present key takeaways from Supervision’s Fall 2014 report in one of our favorite poetic forms:  haiku. student lenders must allocate payments fairly not to increase… Read More

Animal House Today, Mom’s House Tomorrow: The CFPB Reports on Struggling Private Student Loan Borrowers

Posted in CFPB, Student Lending

It’s no secret that many recent graduates have collected their diplomas only to face the one-two punch of a lean job market and mounting student loan debt. Graduation once meant independence, but for more students these days, it means crashing with their parents to make ends meet. According to the CFPB Student Loan Ombudsman’s Annual… Read More