November 23, 2020

CFPB Insists Student Loan Biz And Exec Must Cough Up $53M

CFPB Insists Student Loan Biz And Exec Must Cough Up $53M


Law360 (November 23, 2020, 10:04 PM EST) — The U.S. Consumer Financial Protection Bureau asked a California district judge on Monday — for a second time — to make a business owner and his firm pay more than $53 million for their role in an alleged $11.8 million student debt relief scheme.

The CFPB pushed back on student debt relief business owner Rick Graff’s Nov. 5 opposition to its request for default judgment, saying his previous negotiations with the agency are inadmissible because they didn’t lead to a settlement, while noting that his claimed inability to pay doesn’t absolve him of responsibility.

“Graff’s arguments are either inaccurate or irrelevant,…

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