The Consumer Financial Protection Bureau ("CFPB") filed a proposed stipulated final judgment and order against a nonbank student loan servicer over alleged violations of the Consumer Financial Protection Act ("CFPA"), the Fair Credit Reporting Act ("FCRA"), and the Fair Debt Collection Practices Act ("FDCPA"). The settlement includes a ban from acquiring or servicing certain direct federal student loans and requires payment of $120 million.
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The world of debt collection is never at a loss for updates, but separating the important stuff from the background noise isn't always easy. At insideARM, our goal is to help you answer those questions. We wade through the constant onslaught of updates and bring you the need-to-know highlights. Every Monday, we bring you a recap to help you stay informed and let you know why that piece of news is important.
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On August 12, the Consumer Financial Protection Bureau (CFPB) submitted a comment letter in response to a Treasury Department Request for Information on the use of AI in financial services.
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