Split 3rd Circ. Backs CFPB On Probe Of Student Loan Co.

By Matt Fair (August 13, 2018, 4:31 PM EDT) -- A divided Third Circuit panel rejected arguments Monday that the Consumer Financial Protection Bureau had too broadly defined the scope of its investigation as it sought documents from Heartland ESCI about potential improprieties in servicing of student loans.

The ruling upholds a district judge's conclusion that the CFPB had not improperly left ESCI in the dark about the nature of the agency's investigation by essentially naming the entirety of the company's business operations as a potential target in a formal civil investigative demand ESCI was served with last June.

"[ESCI's] contention rests on the flawed assumption that the CFPB could not investigate...

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