Guide

Student Loan Servicer Settles Predatory Lending Claims – Finance and Banking

FCA Review Of Sponsors Requests: Identifying And Managing Conflicts - Finance and Banking
Written by Publishing Team

United States of America: Student loan service settles predatory lending claims

To print this article, all you need is to register or log on to Mondaq.com.

The Student Loan Service officer has reached a settlement with 39 state attorneys general, to resolve claims of unfair lending practices and predation.

The New York attorney general’s office alleged that the company directed borrowers into costly and cumbersome loan arrangements rather than affordable payment plans. The agreement includes canceling about $1.7 billion in loans and paying $95 million in compensation. In addition, the company is adopting a series of service reforms for future loans.

The content of this article is intended to provide a general guide to the topic. It is recommended to take the advice of specialists in such circumstances.

Popular articles on: US banking and finance

LIBOR transmission update

Proskauer Rose LLP

This LIBOR Transformation Update, directed primarily at private credit lenders, provides a summary of recent trends and reflects new developments on the eve of LIBOR’s transformation of banks, including the new SOFR

.

About the author

Publishing Team

Leave a Comment