According to a recent report from the Federal Reserve Bank of New York, total student loan debt reached $1.2 trillion in the fourth quarter of 2015. As student loan indebtedness has continued to increase, scam artists have emerged seeking to exploit consumers struggling to repay their loans. In some cases, these debt relief cons are perpetrated by spurious credit services organizations and credit repair companies. But increasingly it appears that such scams are also being conducted by unscrupulous lawyers and their law firms. These attorneys often advertise that they can stop administrative wage garnishments, prevent or reduce tax refund setoffs, lower or eliminate monthly payments, or even cure existing defaults. But consumers who fall victim end up with ruined credit histories, having missed out on legitimate options for deferment or forbearance, income-driven repayment, and sometimes, even various forms of loan forgiveness. Responsible companies need to be prepared to react quickly and appropriately to help their customers.

In this webinar, our panel of student loan attorneys and litigators will discuss the difficult issues facing student lenders and servicers who believe that their borrowers may be the victim of such scams. Topics will include:

  • identifying potential scams by debt relief lawyers and law firms
  • developing strategies for communicating with your customers
  • determining when to confront suspected perpetrators directly
  • considering referrals to state bar associations or state attorneys general
  • considering referrals to federal regulators such as the FTC and CFPB
  • making the tough decision to file suit when other options are not effective

Date & TIme

Tuesday, June 28, 2016
2:00 PM - 3:00 PM ET

Moderator

Alan S. Kaplinsky
Practice Leader
Consumer Financial Services

SpeakerS

John L. Culhane, Jr.
Consumer Financial Services

Beth Moskow-Schnoll
Consumer Financial Services

This program is open to Ballard Spahr clients and members of the financial services industry. There is no cost to attend. This program is not eligible for CLE credits.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact Eva M. D'Ignazio at dignazioe@ballardspahr.com.

Register