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Student Loan Debt

Federal Agency CFPB Offers New Tools to Student Loan Borrowers in Financial Distress

The U.S. financial watchdog Consumer Financial Protection Bureau (CFPB) Thursday released a new set of tools student loan borrowers can use if they run into trouble making payments on their accounts. The federal agency’s goal in the release is to help distressed borrowers avoid defaulting on their student loans and going into collections.


ACA Submits Comments Opposing CFPB’s Request to Collect Data Under Streamlined Process

In an effort to ensure the Consumer Financial Protection Bureau does not skirt its important obligations under the Paperwork Reduction Act, ACA International filed comments objecting to the bureau’s request to obtain special approval, called generic clearance, to use a streamlined procedure that would allow it to gather certain data for up to three years without having to go through the normal notice and comment process.


CFPB and FTC Launch Actions Against Different Payday Lenders; Debt Sales Implicated

The FTC and the CFPB both announced enforcement actions Wednesday against separate payday lenders for very similar behavior, namely funding unapproved loans for consumers who did not request them and then taking payments directly from checking accounts, also without approval. And for questionable debt sales and collection practices, of course.