September 30, 2021 WASHINGTON— The United States Senate today confirmed Rohit Chopra as Director of the Consumer Financial Protection Bureau. National Consumer Law Center Associate Director Lauren Saunders made the following statement: “We welcome Rohit Chopra as Director of the CFPB. Chopra has deep experience and a track record of working to protect consumers from…
LAFLA and NCLC Advocates Testify Before House Subcommittee on Closed School Discharges September 30, 2021 Washington — Representatives from the Legal Aid Foundation of Los Angeles and the National Consumer Law Center provided testimony today before the U.S. House of Representatives Subcommittee on Higher Education and Workforce Investment — offering perspectives on improving the federal loan…
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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…
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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…
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.
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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…
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…
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,…
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…
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…
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…
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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…
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