Current Industry News
AG FERGUSON: JUDGE RULES NATIONAL STUDENT LOAN SERVICER NAVIENT BROKE THE LAW IN SERVICING STUDENT LOAN DEBT
SEATTLE — A King County Superior Court judge ruled that Navient, the country’s largest student loan servicer, violated the Consumer Protection Act by engaging in unfair and deceptive conduct related to Washingtonians’ student loans. This is the first time a judge has ruled that Navient broke a consumer protection law in a student loan servicing lawsuit filed by a state’s Attorney General or federal consumer protection agency. Attorney General Bob Ferguson has been litigating this case since January 2017, seeking accountability for Navient’s conduct, legally enforceable terms to prevent future unlawful conduct and financial restitution for Washingtonians harmed by the unlawful conduct.
Servicemembers Civil Relief Act: Revised Comptroller’s Handbook Booklet and Rescissions
The Office of the Comptroller of the Currency (OCC) today issued the revised “Servicemembers Civil Relief Act” booklet of the Comptroller’s Handbook. This booklet provides information and procedures for examiners in connection with the consumer protections that servicemembers are eligible for under the Servicemembers Civil Relief Act (SCRA).
5th Circuit: Conveying information about a debt collector is not the same as conveying information about a debt
On February 26, the U.S. Court of Appeals for the Fifth Circuit affirmed a district court’s dismissal of a consumer’s FDCPA claims against a collection agency, concluding that “conveying information about a debt collector is not the same as conveying information about a debt.” According to the opinion, the collection agency (defendant) attempted to contact the plaintiff via telephone concerning an unpaid debt. When the plaintiff failed to answer the call, the defendant contacted the plaintiff’s sister and asked to speak to the plaintiff.
Federal Credit Union Regulator Should Look at Crypto Rules, Official Says
The National Credit Union Administration (NCUA) could be the next federal regulator to dip its feet into crypto-related rules.