This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
12/20/2024
Student loan service providers face new allegations of illegal practices
Scripps News
Student loan servicers are facing new allegations of illegal practices after the Consumer Financial Protection Bureau (CFPB) released a report Monday detailing a range of unlawful activities across student loan markets.
The report highlights violations in refinancing, private lending, debt collection and federal loan servicing.
CFPB Director Rohit Chopra said, “Companies break the law when they mislead student borrowers about their protections or deny borrowers their rightful benefits.”
The bureau said consolidating loans through a private lender can end federal protections, but many providers misled lenders into thinking they would still have access to those benefits, like federal loan cancellation programs.
More Info
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information