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...

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