What Legal Challenges Will 2018 Bring for Student Loan Originators and Servicers?
Last year drew to a close with a flurry of ongoing legal activity in the student loan space. Among other things, we saw a dispute between the Department of Education and the Consumer Financial Protection Bureau regarding jurisdiction over federal student loan complaints and federal student loan servicing. Individual state attorneys general in Illinois, Massachusetts, Pennsylvania, and Washington filed separate lawsuits claiming that major student loan servicers had engaged in allegedly unfair, deceptive, and abusive servicing practices while groups of state attorneys general sued the Department of Education over other discrete federal student loan issues, including gainful employment and borrower defense to repayment. A few more states and the District of Columbia established new licensing requirements and performance standards for student loan servicers, while legislation that failed to pass in other states now seems ripe for reconsideration. With 2018 likely to be a watershed year in terms of the federal and state regulatory balance, join us as we identify some of the key legal challenges facing student loan originators, servicers, and collectors.
Our panelists will discuss:
- What to expect in the way of supervision and enforcement from the Department of Education.
- What to expect in the way of supervision and enforcement from the CFPB and FTC
- What to expect in the way of supervision and enforcement from state regulators and state attorneys general
- What to expect in the way of private litigation against originators, servicers, and collectors.