Publications & Presentations
February 1, 2021

Student Loan Servicer to Pay $35M in Fines and Redress for Violating Consent Order

Author, ARM Compliance Digest

The Consumer Financial Protection Bureau yesterday issued a consent order against a student loan servicing company for violating a prior consent order in which it was accused of mis-stating minimum amounts due on billing statements and engaging in illegal debt collection practices. In this newest consent order, Discover Bank, the Student Loan Corp., and Discover Products will have to repay $10 million to affected consumers and a civil money penalty of $25 million.