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.
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.
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.
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.
Consumer trust in the nation’s largest retail banks has declined significantly during the past two years due to unexpected fees, poor customer service, and bad press, according to the J.D. Power 2024 U.S. Retail Banking Satisfaction Study.
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