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Department of Education Collections

The U.S. Department of Education currently has responsibility for all federally-backed student loans that go into default through its Federal Student Aid unit. In addition to using extensive internal resources to rehabilitate some borrowers, FSA contracts with 22 private collection agencies to help recover the debt. FSA updates the performance of each collection agency in a comprehensive report every month.

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Wells Fargo Reaches Settlement with CFPB Over Alleged Illegal Student Loan Servicing Practices

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced that it had agreed to a Consent Order with Wells Fargo Bank, N.A. (Wells Fargo) relating to Student Loan Servicing Practices.  The Consent Order was reached after the CPFB had brought an action against Wells for illegal private student loan servicing practices that increased costs and unfairly […]

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FCC Releases Rules Limiting Federal Government Debt Collection Calls

Yesterday the FCC released its Final Rules to implement an amendment passed by Congress in the Bipartisan Budget Act of 2015. Published two weeks after the CFPB published its Outline of Proposed Rules governing debt collection, we now see the possibility that rules on calls to collect government debt could be more restrictive than calls to collect other types of debt.

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Performant Financial Corporation Announces Financial Results for Q2 2016

Last Thursday, Performant Financial Corporation (PFMT) announced financial results for second quarter ending June 30, 2016. The company also hosted a conference call to discuss the results. PFMT is one of the few publicly traded companies in the ARM space. The company has also historically been one of the Department of Education’s (ED) top performing […]

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Did the FCC Even Consider the Thousands of Responses to its Rulemaking Proposal?

Last Friday, Tom Wheeler, Chairman of The Federal Communications Commission (FCC) published a blog entitled “Cutting off Robocalls.” The portion of the piece that has received the most media attention was this: “In regard to the Commission’s expectations that carriers respond to consumers’ blocking requests, I have sent letters to the CEOs of major wireless and […]

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Department of ED Releases New Student Loan Servicing Policies

Yesterday the Department of Education released new policy direction for the servicing of federal student loans. The policies were outlined in a memorandum from U.S. Under Secretary of Education Ted Mitchell to Federal Student Aid (FSA), which will implement the policy directives to strengthen student loan servicing during the ongoing procurement process. According to the announcement, these policies were developed in […]

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Student Debt Series from Reveal and Consumer Reports Highlights Disastrous System of Compound Interest

Reveal – from The Center for Investigative Reporting, has produced a series of articles related to student debt. Who got rich off the student debt crisis – A story about how, by privatizing the student loan program, Congress created a profit center for Wall Street and a system of college finance that created a kind […]

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F.H. Cann Receives ATO From Department of ED for Student Loan Collections

NORTH ANDOVER, Mass. – F.H. Cann & Associates, Inc. (FHC) announced this week that it has received an Authorization to Operate (ATO) from the U. S. Department of Education (ED). In a long and competitive process, FHC was awarded an ED contract based upon its significant experience in default collections, superior performance, outstanding customer service and strong […]