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CFPB warning regarding unfair collection of student loans

The CFPB has released a bulletin warning servicers of their obligation to halt unlawful conduct with respect to private student loans that have been discharged by bankruptcy courts. The bulletin details recent findings by CFPB examiners that certain loan servicers were illegally returning loans to collections after bankruptcy courts had discharged the loans. The CFPB is directing these servicers to return illegally collected payments to affected consumers and immediately cease these unlawful collection tactics. The bulletin also makes clear that the CFPB will continue to examine student loan servicers’ handling of these loans to detect whether these illegal practices persist at other companies.

  • Bulletin 2023-01, "Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts"

UPDATE: Published in the 3/23/2023 Federal Register. Effective on publication.

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