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 […]
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 […]
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 […]
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 […]
On July 12, 2016 the Court of Appeals for the Federal Circuit reviewed two U.S. Department of Education (ED) debt collector protests over their contracts not being extended in March of 2015.
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 […]
Last week, ConServe, a leading private collection agency and federal contractor that provides services to the U.S. Department of Education and the U.S. Department of Treasury, filed comments to the FCC Notice of Proposed Rulemaking TCPA. The comments were thorough and well-reasoned. Unfortunately, the deck at the FCC is likely stacked against collectors.
Just before the Memorial Day weekend I noticed a press release from Navient, the nation’s largest student loan servicing and collection company, publishing excerpts of CEO Jack Remondi’s remarks at their Annual Meeting of Shareholders. The remarks stood out for two reasons…
LAWRENCE, Mass. – Valentine & Kebartas, LLC (V&K), based in Lawrence, MA, today announced it has achieved Historically Underutilized Business Zone (HUBZone) certification through the U.S. Small Business Administration (SBA). The HUBZone program helps small businesses in urban and rural communities gain preferential access to Federal procurement opportunities. The program was enacted into law as part […]
Washington, DC — Friday evening, the Federal Communications Commission (FCC) released a Notice of Proposed Rulemaking (NPRM) to implement a provision in the Bipartisan Budget Act of 2015, signed into law by President Obama in November, amending the Telephone Consumer Protection Act (TCPA). While the legislation applies to calls “solely to collect a debt owed to or guaranteed by the United […]