CFPB: Report Identifies Challenges Faced by Borrowers in Resumption of Student Loan Payments
CFPB oversight identifies long hold times, inaccurate billing statements, and processing delays The Consumer Financial Protection Bureau (CFPB) published an issue spotlight today on the CFPB’s oversight of student loan servicing practices in the early months of the resumption of federal student loan repayments after over three years of a payment pause due to the…
CFPB: New Report Finds Many College-Sponsored Financial Products Charge High and Unusual Fees
Annual student banking report highlights the steep costs and unfavorable terms of college-sponsored credit cards, deposit accounts, and other financial products The Consumer Financial Protection Bureau (CFPB) issued a reporttoday highlighting that many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products. The CFPB report identifies college-sponsored deposit accounts…
CFPB: Report Finds College Tuition Payment Plans Can Put Student Borrowers At Risk
Some payment plans can be confusing, carry expensive fees, and lead students further into debt The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments. The report, which looks at tuition payment…
CFPB: Agency Heightens Scrutiny on Unlawful Collection of Payments on Discharged Student Loans
CFPB examiners found servicers engaging in unfair practices in trying to collect on loans discharged in bankruptcy Today, the Consumer Financial Protection Bureau (CFPB) released a bulletin warning servicers of their obligation to halt unlawful conduct with respect to private student loans that have been discharged by bankruptcy courts. The bulletin details recent findings by…
CFPB: Research Uncovers Illegal Junk Fees on Bank Accounts, Mortgages, Student Loans, and Auto Loans
Many companies are updating practices and making consumers whole based on supervisory findings Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful fees corrode…
ABA: Infographic on Student Loan Forgiveness Scams and Tips to Avoid Falling Victim Released
As part of its annual Get Smart About Credit campaign, the American Bankers Association Foundation today released a new infographic providing consumers with information on the prevalence of student loan debt forgiveness scams and red flags they can look out for to avoid falling victim. The infographic is the second in a suite of four infographics the…
CFPB: Violations of Federal Law by Student Loan Services and University-Owned Lenders Found
Blanket withholding of academic transcripts to pressure borrowers to pay cited as unlawful Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights on recent examination findings covering the practices of student loan servicers, and schools that lend to students directly. The exams found that these schools had improper blanket policies of withholding…