The Consumer Financial Protection Bureau (CFPB) has filed a complaint against the National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency (PHEAA), alleging that they ignored student loan borrowers seeking payment relief.
Last summer we wrote about the notable questions of the applicability of Arizona Proposition 209, or the Predatory Debt Collection Act (the Act), due to the Act’s savings clause. On April 30, 2024, in a blow to the debt collection industry, the Court of Appeals affirmed a trial court’s ruling that the Act was in fact constitutional despite a challenge.
In March the Consumer Financial Protection Bureau (CFPB) announced a final rule intended to limit late payment fees on consumer credit cards distributed by the larger credit card issuers (the “Final Rule”). The Final Rule, which takes effect on May 14, 2024, marks a pivotal shift in the CFPB’s regulation of credit card fees.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against the National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency (PHEAA) for multi-year servicing failures. The National Collegiate Student Loan Trusts purchase and securitize student loans, and PHEAA services the loans.
Recent releases from the Consumer Financial Protection Bureau (CFPB) show that the mortgage industry is in the crosshairs of the CFPB's campaign against so-called junk fees.
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