The CFPB reviewed federal student loan servicing practices since required repayments have resumed.
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The CFPB warned student loan servicers against attempting to collect on private student loans that had been discharged in bankruptcy.
The CFPB highlighted findings from supervisory examinations completed between January 2022 and June 2022.
The CFPB filed a Complaint against a payday lender, alleging that the company (i) concealed the option of a free repayment plan to consumers struggling to repay their short-term, high-cost loans and (ii) "made electronic withdrawals of consumers’ money without their authorization."
The CFPB advisory opinion on unfair debt collection practices became effective July 5, 2022.