CFPB Wants Truce In Student Loan Servicing Oversight Suit

Law360 (June 10, 2021, 6:45 PM EDT) -- Citing the "change of administrations," the Consumer Financial Protection Bureau and consumer advocates said Thursday that they want to take time to mull potentially settling a Trump-era California federal court case alleging the agency improperly pulled back from federal student loan servicing oversight.

The CFPB and Student Debt Crisis, a nonprofit advocacy group for student borrowers, moved jointly for a 90-day stay of the group's 2019 lawsuit against the agency, whose Trump-appointed former Director Kathleen Kraninger was replaced by acting CFPB Director Dave Uejio, a Biden appointee, in January.

"This stay will allow the parties to consider the resolution of the...

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