The most recent volley against the Bureau came Wednesday (Jan. 3), as the American Bankers Association, in tandem with the Independent Community Bankers of America and America’s Credit Unions — representing the nation’s smaller financial institutions (FIs) — issued a letter to CFPB Director Rohit Chopra.
The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using “any false, deceptive, or misleading representation or means in connection with the collection of any debt.”
In March 2020, the federal government announced that payments in connection with federal student loans owned by the U.S. Department of Education would be suspended, and interest would be waived for the duration of the suspension. In June 2023, Congress enacted legislation to end the pause, and a few months ago, required payments resumed.
LANSING – Michigan Attorney General Dana Nessel announced today the arrest and arraignment of Nicholas Mui, 22, of Grand Haven, in connection to the systemic theft and sale of account access information tied to ‘mPerks’ accounts. Mui was arraigned in the 59th District Court in Kent County on December 27th on one count of Conducting a Criminal Enterprise, a 20-year felony, one count of Use of a Computer to Commit a Crime, a 20-year felony, and seven counts of Identity Theft, each count a 5-year felony.
As monthly payments for federally owned student loans come due for the first time in over three years, the Consumer Financial Protection Bureau (CFPB) is actively engaged in oversight of this return to repayment. We are supervising student loan servicers, monitoring consumer complaints, and collaborating with federal and state partners to ensure that servicers are held accountable when they fail to meet their legal obligations to borrowers during this critical period.
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