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2020 CFPB Student Loan Ombudsman’s Report Shows Significant Trend of Declining Consumer Complaints

USA - November 3 2020 On October 28, 2020, the CFPB’s Private Education Loan Ombudsman published its annual report on student loans, as required by the Dodd-Frank Act…

Tori K. Shinohara

CFPB Replaces Cordray-Era MSA Guidance with New RESPA Section 8 FAQs

USA - October 13 2020 The Real Estate Settlement Procedures Act (“RESPA”) in general, and Section 8 of RESPA in particular, are ambiguous. Compliance often turns on the…

Holly Spencer Bunting, Phillip L. Schulman

Key Insights From First US Public Redlining Action Against a Non-Bank Lender

USA - July 22 2020 On July 15, 2020, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) filed a lawsuit against Townstone Financial, Inc. (“Townstone” or the…

Tori K. Shinohara

Permissible Purpose & the FCRA - CFPB Reaches Settlement For Use of Consumer Reports to Market Debt Settlement Services

USA - May 20 2020 On May 14, 2020, the Consumer Financial Protection Bureau (“CFPB”) filed a proposed stipulated final judgment and order (the “Order”) against Chou…

Anjali Garg, Steven M. Kaplan, Ori Lev

Virginia Enacts One of the Broadest Student Loan Servicer Licensing Laws

USA - May 13 2020 After a number of failed efforts and amid the COVID-19 national emergency, Virginia enacted a law that requires student loan servicers to obtain a…

Costas “Gus” Avrakotos, Daniel Pearson