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ARTICLE · 10 JUNE 2020

CFPB Suffers Embarrassing Court Loss

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The CFPB suffered an embarrassing setback in federal district court earlier this week, when a federal district judge denied the Bureau's motion for entry of a consent judgment on the grounds that the proper party ...

United StatesFinance and Banking
Ori Lev
Ori Lev
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The Consumer Financial Protection Bureau ("CFPB" or "Bureau") suffered an embarrassing setback in federal district court earlier this week, when a federal district judge denied the Bureau's motion for entry of a consent judgment on the grounds that the proper party had not consented to entry of the judgment on behalf of the defendants. Back in September 2017, shortly before former Director Richard Cordray left the agency, the Bureau filed a complaint along with a consent judgment against 15 student loan securitization trusts (the "Trusts"). The complaint alleged that the Trusts, through servicers and sub-servicers, engaged in unfair and deceptive practices in connection with servicing and collection of private student loans. The action was filed the same day that the Bureau entered into an administrative consent order with one of the Trusts' successor sub-servicers, Transworld Systems, Inc.

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