The Consumer Financial Protection Bureau Student Loan Ombudsman released a report last week on consumers complaints of servicing problems that make it difficult to get lower student loan payments tied to their income. Student loan borrowers seeking to take advantage of income-driven repayment plans with their federal student loans complain to the CFPB about prolonged […]
Author Archives: Allison Zieve
The Consumer Financial Protection Bureau yesterday took action against Wells Fargo Bank for illegal private student loan servicing practices that increased costs and unfairly penalized certain student loan borrowers. The CFPB identified breakdowns throughout Wells Fargo’s servicing process including failing to provide important payment information to consumers, charging consumers illegal fees, and failing to update […]
by Jenny Hyde The Federal Trade Commission and the Department of Justice’s Antitrust Division seek public comment on a proposed update of the Antitrust Guidelines for the Licensing of Intellectual Property, also known as the IP Licensing Guidelines. The IP Licensing Guidelines, which state the agencies’ antitrust enforcement policy with respect to the licensing of […]
by Jenny Hyde The Federal Trade Commission has sued 1-800 Contacts, the largest online retailer of contact lenses in the United States, alleging that it unlawfully orchestrated and now maintains a web of anticompetitive agreements with rival online contact lens sellers that suppress competition in certain online search advertising auctions and that restrict truthful and […]
The Consumer Financial Protection Bureau yesterday finalized new measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers. The updated rule requires servicers to provide certain borrowers with foreclosure protections more than once over the life of the loan, clarifies borrower protections when the servicing of a loan is transferred, and […]
National Mortgage News reports: The Consumer Financial Protection Bureau added its voice Tuesday to a chorus of other regulators in calling for sustainable foreclosure relief when the Home Affordable Modification Program expires at yearend. The bureau released "guiding principles" for mortgage servicers and investors that were almost identical to those described in a white paper […]
The Hill reports that the chairman of the Federal Communications Commission on Friday told phone companies that they should start providing free technology for their customers to block robocalls and spam texts. Last year, The Hill explains, the FCC told wireless carriers that they could provide robocall-blocking technology said without running afoul of any rules. […]
Time has this article, reporting that the Consumer Financial Protection Bureau "has reshaped the mortgage market and issued hefty penalties. But there is much to be done."
The U.S. Department of Education yesterday outlined a series of enhanced protections and customer service standards to guide the future of federal student loan servicing practices. The policies were outlined in a memorandum to Federal Student Aid (FSA) and developed in consultation with the Department of the Treasury and the Consumer Financial Protection Bureau. The […]
A Washington Post story today, entitled "Did your college mislead you about job prospects? It might become far easier to have your loans forgiven," explains: A little-known rule called Borrower Defense to Repayment, which is making its way through the regulatory process in Washington, initially was aimed at cracking down on the fraudulent behavior of […]