Topic
Student Loan Servicing
72 published works
Consumer Finance Monitor
Kentucky student loan servicer license application available on NMLS
By Lisa Lanham
Last year, Kentucky enacted the Student Education Loan Servicing, Licensing, and Protection Act of 2022 (the “Act”), which requires student loan services to be licensed in Kentucky. The Act took…
Consumer Financial Services Law Monitor
Nevada Enacts Law Imposing Licensing Requirements and Regulations on Student Loan Servicers
By Chris Willis, Stefanie Jackman, Caleb Rosenberg
On June 14, Nevada Governor Joe Lombardo signed into law AB 332, An Act Relating to Student Education Loans, requiring, among other things, student loan servicers to be licensed by…
Consumer Finance Monitor
Nevada enacts licensing requirement for private education loan lenders and servicers
By Lisa Lanham
The Nevada Legislature recently passed Assembly Bill 332 (“AB 332”), which amends Nev. Rev. Stat. Title 55 relating to Banks and Related Organizations to add a new chapter regulating Private…
Consumer Financial Services Law Monitor
Massachusetts Division of Banks Fines Student Loan Servicer $500,000 for Servicing Without a License
By Paul Boller, Joseph Reilly, Alan D. Wingfield
On May 19, the Massachusetts Division of Banks entered into a consent order with Educational Computer Systems, Inc. (ECSI) to resolve allegations that ECSI was engaging in the business of…
Consumer Financial Services Law Monitor
California Publishes Notice of Second Modifications to Proposed Rulemaking Regulating Student Loan Servicing
By Stefanie Jackman, Chris Willis, Caleb Rosenberg
As reported here, on September 9, 2022, the California Department of Financial Protection and Innovation (CA DFPI) published a notice of rulemaking action, proposing amendments to the Student Loan Servicing…
Consumer Finance and Fintech Blog
CFPB Supervisory Examinations Find Violations by Student Loan Servicers and University-Owned Lenders
By Moorari Shah, A.J. Dhaliwal
On September 29, the CFPB released a special edition of Supervisory Highlights on student loan servicing practices of loan servicers and schools lending to students directly. The report highlights three…
Consumer Finance Monitor
California DFPI issues proposed rules implementing Student Loan Servicing Act
By Lisa Lanham, John Georgievski
On September 9, 2022, the California Department of Financial Protection & Innovation (the “DFPI”) released a Notice of Proposed Rulemaking Action that proposes to adopt regulations implementing the Student Loan…
Consumer Financial Services Law Monitor
California Publishes Notice of Proposed Rulemaking Regulating Student Loan Servicing
By Chris Willis, Stefanie Jackman
On August 30, the California Department of Financial Protection and Innovation (CA DFPI) published a notice of rulemaking action, proposing amendments to the Student Loan Servicing Act. According to the…
Consumer Finance Monitor
Oregon finalizes student loan servicer regulations with July 1 effective date
On June 27, the Oregon Department of Consumer and Business Services’ (“Department”) Division of Financial Regulation (“Division”) finalized new regulations implementing Senate Bill 485, which requires companies to obtain a…
Consumer Financial Services Review
Recent Student Loan Licensing Developments: Kentucky to License Student Loan Servicers, Virginia Narrows Scope of Existing Law
By Krista Cooley, Daniel Pearson, Tori K. Shinohara, James K. Williams
Earlier this month, both Kentucky and Virginia enacted significant legislation related to student loan servicing. Kentucky joined the ever-growing list of states to pass legislation regulating student loan servicing activities…