In the student loan market, servicers play a critical role. These entities maintain account records regarding borrowers, send periodic statements advising borrowers about amounts due and outstanding balances, receive payments from borrowers, allocate those payments among various loans and loan holders, answer borrowers’ questions, report to creditors and investors, and strive to prevent default by
The Republican Congress’ ongoing effort to overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act, as embodied in the Economic Growth, Regulatory Relief and Consumer Protection Act, may yet extend a helping hand to struggling student loan borrowers. On March 8, Sen. Richard (“Dick”) Durbin (D-Ill.), the Democratic Minority Whip, introduced an amendment to
The Senate’s latest banking bill primarily focuses on overturning large chunks of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Somewhat unexpectedly, on March 8, the Senate’s Banking, Housing, and Urban Affairs Committee approved the addition of two bipartisan proposals that provide help to some of the nation’s forty-four million student loan borrowers to
State in the House: Bill Passed Committee, but Vote Not Scheduled
Introduced by Rep. Virginia Foxx (R-N.C.), the Promoting Real Opportunity, Success, and Prosperity through Education Reform (PROSPER) Act cleared the Committee on Education and the Workforce of the United States House of Representatives on December 13, 2017. It did so despite claims by Democrats—and
How much may a consumer reporting agency charge for a security freeze on a consumer’s credit report? The 2018 session of the Virginia General Assembly answered that question by halving the existing $10 maximum fee, dropping the fee cap to $5.
Measures passed the Senate (Senate Bill 16) and House (House Bill
On February 16, a judge in the Eastern District of New York denied a defendant collection law firm’s motion to dismiss, finding that its collection letter violated the federal Fair Debt Collection Practices Act because it did not clearly set out that interest and fees may accrue on the “current balance.”
On March 9, the Ninth Circuit affirmed dismissal of a putative FACTA class action on Article III standing grounds, citing the requirement of a “concrete injury” reinforced by the U.S. Supreme Court’s 2016 decision in Spokeo v. Robins. In Noble et al. v. Nevada Checker Cab Corp. et al., No. 16-16573, the court
On Thursday, March 22nd, from 3-4 p.m. ET, Troutman Sanders will host a webinar that will cover the legal landscape surrounding data based products.
In the last few years, the right to privacy has been hotly debated in the United States. What critics do not understand or appreciate is that the next technological paradigm is
Two major groups within the financial industry began the month of March with renewed advocacy for structural modifications to the student loan program managed by the U.S. Department of Education, which currently issues about 90% of student loans.
First, in early March, the Consumer Bankers Association, a trade organization representing financial
On February 21, the United States Department of Education, led by Secretary Elisabeth Dee DeVos, issued a memorandum indicating it was considering stepping into the debate over the standard used to determine whether a student loan can be discharged under the Bankruptcy Code. The request for public comment appears aimed in part at revisiting allowing