This month, 118,101 consumers who were deceived by LendUp Loans LLC will receive checks in the mail. LendUp Loans, headquartered in Oakland, California, offered single-payment and installment loans to consumers online and marketed itself as an alternative to payday lenders.
FDCPA and FCRA cases fell, while TCPA and CFPB complaints increased in March, according to the latest report from WebRecon.
The Consumer Financial Protection Bureau filed two complaints and requests for relief against student loan servicers this week. “The National Collegiate Student Loan Trusts purchase and securitize student loans, and PHEAA (Pennysylvania Higher Education Assistance Agency) services the loans,” according to a news release from the CFPB.
NEW YORK—The Federal Reserve Bank of New York today released a report quantifying sales of loans by Community Development Financial Institutions (CDFIs). The report, “Examining the Origination and Sale of Loans by Community Development Financial Institutions,” finds the amount of loans originated by CDFIs more than doubled between 2018 and 2022, reaching $67 billion.
On May 6, 2024, the Consumer Financial Protection Bureau filed a complaint and two proposed stipulated final judgments to resolve the Bureau’s claims against the National Collegiate Student Loan Trusts (the Trusts) and the Pennsylvania Higher Education Assistance Agency d/b/a American Education Services (PHEAA), respectively. PHEAA is a student loan servicer and has been the primary servicer for loans held by the Trusts since at least 2006.
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