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CFPB imposes $21.6M fine, cites UDAAP over student loan debt collection lawsuits
The CFPBtook action yesterday against two companies and cited unfair, deceptive or abusive acts and practices (UDAAP) involving the filing or more than 2,000 illegal student loan debt collection lawsuits.
The judgment against the National Collegiate Student Loan Trusts will only become effective if approved by the presiding judge. The consent order against its debt collector, Transworld Systems, Inc., is effective immediately.
The CFPB argued that the companies sued consumers without the necessary documentation proving debt and loan ownership. Almost 500 of the collections lawsuits were filed after the applicable statute of limitations had expired and many had false and misleading affidavits.
In addition to the $21.6 million fine, the CFPB is mandating an independent audit of the trusts' 800,000 student loan accounts in their portfolios. They are obligated to pay restitution to any additional consumers identified through the audit who were harmed.
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