Search Results: test Student Loans

Office of the Comptroller of the Currency Announces $30 Million Civil Penalty Against National Bank Over SCRA Violations

On August 21, 2015, the Office of the Comptroller of the Currency announced that it had concluded its investigation into several related national banks regarding alleged violations of the Servicemembers Civil Relief Act. The Act prohibits certain debt collection activities against members of the armed forces. Before proceeding with judicial…

Read More

Washington State Attorney General Obtains Judgment Against Private Student Loan Company Over Illegal Fees

​On August 18, 2015, the Washington State Attorney General’s Office announced​ the entry of summary judgment​ against a regional student loan processing company in a case involving alleged illegal fees charged to borrowers. The company offered student loan modification services, including income-based repayment plans, debt consolidation, and debt forgiveness. According…

Read More

CFPB Investigates National Bank Over Student Loan Servicing Practices

On August 3, 2015, a national bank revealed in an U.S. Securities and Exchange Commission filing that its student loan servicing practices are under investigation by the Consumer Financial Protection Bureau (“CFPB”). The bank indicated that it is cooperating with the investigation and anticipates the CFPB may order it to remediate its customers and/or…

Read More

CFPB Enters Consent Agreement with Student Loan Lender Concerning Sales and Billing Practices

On July 23, 2015, the Consumer Financial Protection Bureau (“CFPB”)​ filed a complaint and proposed consent order in the United States District Court for the Eastern District of California in connection with a settlement reached with a student loan lender that offered fee-based assistance to consumers filling out the federal government’s Free Application…

Read More

CFPB Issues Order and Penalties Against National Bank for Student Loan Servicing Practices

On July 22, 2015, the Consumer Financial Protection Bureau (“CFPB”)​ issued a consent order against a national bank and its affiliates for its servicing practices affecting private student loan borrowers.​  The order asserts that the bank violated various sections of the Consumer Financial Protection Act of 2010 (“CFPA”) and the Fair…

Read More

Illinois AG Sues Student Loan Debt Settlement Companies Under State Consumer Protection Laws

On May 4, 2015, Illinois Attorney General Lisa Madigan announced five lawsuits filed on behalf of the State against student loan debt settlement services companies based in Texas, California, Florida, Georgia, and Illinois. The complaints allege that the companies violated Illinois’ consumer protection laws by charging hundreds to thousands of…

Read More

Washington AG Sues Student Loan Debt Adjusting Company for Illegal Fees

On April 7, 2015, the Washington State Attorney General Office announced that it filed suit against a California-based student-loan debt-adjustment company, alleging that the company charged illegal fees in violation of Washington’s Consumer Protection Act and the state’s Debt Adjusting Act. According to the complaint, the company allegedly marketed services…

Read More