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.
Michigan legislators are tackling predatory lending practices, aiming to set standards for payday loans and maximum interest rates.
A ruling in a case that could overturn the Consumer Financial Protection Bureau’s rule on credit card late fees is due this week.
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