CFPB Demands Emails That May Tie Co. To Student Debt Plot

Law360 (March 5, 2021, 10:02 PM EST) -- A Minnesota-based student loan guaranty agency is withholding dozens of emails that could tie it to a scheme that aims to put off debt rehabilitations and consolidations to unfairly maximize collections costs, according to a petition from the Consumer Financial Protection Bureau demanding the company fork over those emails.

In a petition filed with a Minnesota district court on Thursday, the CFPB said that Educational Credit Management Corp., or ECMC, has withheld at least 70 emails and likely "many more" that may show that the company purposely delayed borrower loan rehabilitations to ramp up collection costs.

"The bureau has reason to...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!