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Troubled Servicer Navient to Exit Federal Student Loan System

September 28, 2021

September 28, 2021 Boston – In response to the announcement that the student loan servicer Navient intends to end its federal contract with the Department of Education in December and proposes Maximus Federal Services, Inc. (“Maximus”) as substitute servicer, Persis Yu, director of the National Consumer Law Center’s Student Loan Borrower Assistance Project, issued the…

Appalachian, Wheeling Power Companies Proposal Will Cause Significant Rate Increases for Low-Income West Virginians

September 24, 2021

September 24, 2021 WASHINGTON—Today, representatives from 15 West Virginia and national organizations, including Mountain State Justice, WV Center for Budget and Policy, and the National Consumer Law Center, submitted a letter to the Public Service Commission of West Virginia (PSC) urging it to reject the request by the Appalachian and Wheeling Power Companies to place…

Comprehensive New FDCPA Regulation F Takes Effect November 30

September 24, 2021

This article summarizes the Consumer Financial Protection Bureau’s (CFPB) new Regulation F and links to NCLC’s Fair Debt Collection where every Regulation F rule provision and official interpretation is examined in much more detail. This article also provides a list of Regulation F provisions addressing collectors’ use of email, text messages, and other electronic media. The article further lists CFPB resources and other free resources offering additional Regulation F guidance.

Fed Must Do More to Protect Consumers From Fraud and Mistakes in New P2P Payment System

September 9, 2021

September 9, 2021 FedNow System Must Not Launch Until it is Safe Washington — The Federal Reserve Board must do more to protect consumers, small businesses and other users from fraud and mistakes in the new “FedNow” instant person-to-person (P2P) system that it is developing, according to comments submitted today by consumer, small business, community…

Statement in Response to Education Department’s Announcement on Student Loan Discharges for ITT Tech Students

August 26, 2021

Boston – Today, the U.S. Department of Education announced that 115,000 borrowers who attended and withdrew from ITT Tech will receive more than $1.1 billion in student loan discharges based on findings that the school engaged in misconduct that allowed it to stay in business while deceiving students and luring them into taking out unaffordable…

Statement in Response to Education Department’s Announcement on Automatic Cancellation for Disabled Borrowers

August 19, 2021

Boston – In response to the announcement today by the U.S. Department of Education that 323,000 borrowers who have a total and permanent disability (TPD) will receive more than $5.8 billion in automatic student loan discharges due to a new regulation, Persis Yu, director of the National Consumer Law Center’s Student Loan Borrower Assistance Project,…

CRL and NCLC Research Reveals Two-Thirds of Navient Borrowers Enrolled in IDRs and Making Voluntary Loan Payments During COVID Student Loan Pause Are Underwater

August 16, 2021

An Analysis of Over 428,000 Borrowers in Income-Driven Repayment (IDR) Washington, D.C. — The Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC) issued a new joint policy brief revealing that almost two-thirds (63%) of student loan borrowers enrolled in Income-Driven Repayment Plans (IDR) serviced by Navient who made voluntary loan payments…

Statement of NCLC's Persis Yu Regarding Extension of Student Loan Payment Pause Until 2022

August 6, 2021

FOR IMMEDIATE RELEASE: August 6, 2021 Statement of Persis Yu, the director of National Consumer Law Center’s Student Loan Borrower Assistance Project, in response to announcement that the student loan payment suspension has been extended until January 31, 2022. Washington, D.C. – “Borrowers are collectively taking a huge sigh of relief at the news that…

Free Webinar for Thousands of Students Impacted by Sudden Closure of Online Schools

August 3, 2021

FOR IMMEDIATE RELEASE: August 3, 2021Washington, D.C. — This week, four large, national college chains are closing, stranding more than 7,000 students, most of whom are online: Independence University, CollegeAmerica, Stevens-Henager College, and California College San Diego. Now the school’s owner, the Center for Excellence in Higher Education (CEHE), is aggressively pushing impacted students to…

CFPB Moves Forward with Flawed Debt Collection Rules

August 2, 2021

Nearly One-Third of U.S. Adults with a Credit Report Have Debt in Collection WASHINGTON, D.C. – On Friday, July 30th, the Consumer Financial Protection Bureau (CFPB) announced that it would not delay the effective date of its debt collection regulations as it had originally proposed this spring. Instead, the CFPB will be moving forward with…

NCLC Advocates Applaud 36% National Rate Cap Bill to Curb High-Cost, Predatory Loans Across the Nation

July 29, 2021

FOR IMMEDIATE RELEASE: July 29, 2021 Washington, D.C. – Attorneys at the National Consumer Law Center praised the introduction yesterday of the Veterans and Consumers Fair Credit Act in the U.S. Senate, led by U.S. Senators Jack Reed (D-RI), Jeff Merkley (D-OR), Sherrod Brown (D-OH), and Chris Van Hollen (D-MD), along with seven other original…

Implications of New CFPB Bulletin on Consumer Reporting of Renters

July 16, 2021

On July 1, 2021, the Consumer Financial Protection Bureau (CFPB) issued an Enforcement Compliance Bulletin (hereafter Rental Reporting Bulletin) on consumer reporting issues involving tenant screening reports as well as the reporting of rental information on credit reports. This article outlines key aspects of this “Rental Reporting Bulletin,” highlights the most important implications for practitioners representing renters, and discusses how it supports states’ ability to enact protections related to tenant screening.

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