News – Page 28 – CFPB Journal

CFPB, Education Department strike pact to help student borrowers

The Consumer Financial Protection Bureau and the U.S. Department of Education announced a new coordination agreement in order to better serve student loan borrowers.

CFPB finally offers definition of ‘abusive’

The Consumer Financial Protection Bureau has finally offered a clarification of the ‘abusive’ standard laid out in the Dodd-Frank Act nearly a decade after its passage. The CFPB said it would focus on citing or challenging conduct as abusive in supervision and enforcement matters only when “the harm to consumers outweighs the benefit.”

CFPB adds member to consumer law taskforce

William MacLeod, a partner at Kelley Drye & Warren, LLP, will join the previously announced slate of members of the taskforce on federal consumer financial law at the Consumer Financial Protection Bureau.

Student loan debt relief companies sued

The Consumer Financial Protection Bureau filed suit against several companies and individuals involved in offering student loan debt-relief services for allegedly obtaining consumer reports illegally, charging unlawful advance fees, and engaging in deceptive conduct.

College credit card market on the decline, CFPB report shows

Marketing credit cards to college students is on the decline, according to a recent report from the Consumer Financial Protection Bureau.

Democratic senators rebuke Kraninger over handling of student loans

A group of Democratic lawmakers has rebuked Kathy Kraninger, director of the Consumer Financial Protection Bureau, in a letter.

CFPB seeks comment on remission rule

The Consumer Financial Protection Bureau issued a notice of proposed rulemaking relating to the remittance rule.

Consumer group sues CFPB over student loans

A nonprofit student loan consumer group has filed a lawsuit against the Consumer Financial Protection Bureau alleging it has manipulated federal policy and failed in its duty to regulate companies that service student loans. The lawsuit also names the Department of Education.

CFPB settles with military travel lender and servicer

The Consumer Financial Protection Bureau has settled with Edmiston Marketing, LLC, its principal Brandon Edmiston, and USA Service Finance, LLC, for a variety of violations.

CFPB issues clarification for temporary loan originators

The Consumer Financial Protection Bureau issued an interpretive rule clarifying screening and training requirements for financial institutions which employ loan originators with temporary authority, effective Nov. 24.