CFPB Deal Calls For $330M ITT Student Loan Forgiveness

Law360 (September 15, 2020, 8:37 PM EDT) -- Student lending program PEAKS will release 35,000 former ITT Technical Institute students from their $330 million in debt under a preliminary agreement with the Consumer Financial Protection Bureau filed Tuesday that settles allegations the lender violated consumer protections.

The CFPB asked an Indiana federal judge to green light the proposed settlement that would prohibit PEAKS from collecting on outstanding loans, require it to discharge all loans and ask consumer reporting agencies to delete information about PEAKS loans.

The agency filed a complaint concurrently on Tuesday, claiming that PEAKS — which was created following the 2008 financial crisis to buy and manage private...

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