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Expert Analysis

CFPB's 1st 'Abusive' Claim Against A Loan Purchaser

By Kristie Kully, Ori Lev, Tori Shinohara and James Williams (September 26, 2017, 10:57 AM EDT) -- A desire to make a profit by purchasing high-risk student loans is abusive, according to a recent filing by the Consumer Financial Protection Bureau. Claiming that a loan purchaser is a "covered person" over which it has jurisdiction, on Aug. 17, 2017, the CFPB filed a complaint[1] and proposed settlement[2] related to the role of Aequitas Capital Management Inc. and certain related entities in the private student loan program of Corinthian Colleges Inc. This appears to be the first time the CFPB has used its authority over "abusive" acts and practices against a third-party loan purchaser....

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