May 7, 2020

CFPB Denies Claim Of A ‘Secret Rule’ For Student Loans

CFPB Denies Claim Of A 'Secret Rule' For Student Loans

Law360 (May 7, 2020, 7:05 PM EDT) — The Consumer Financial Protection Bureau asked a California federal judge Wednesday to toss a lawsuit that alleges the federal agency has adopted what is effectively a rule against supervising large federal student loan servicers, arguing the agency has no such policy.

The CFPB contested California-based nonprofit Student Debt Crisis’ claims that the agency has given up its authority to go after violations on the federal side of the student loan market, citing the organization’s “threadbare and contradictory allegations” against an “imagined rule.”

“As a matter of actual fact … the director of the bureau recently testified that the bureau has such…

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