CFPB enters consent order with student loan servicer for delayed account adjustments

On 1 May 2019 the Consumer Financial Protection Bureau (CFPB) announced a consent order with student loan servicer Conduent Education Services LLC (CES) (the company), formerly ACS Education Services, for alleged violations of sections 1031 and 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 in connection with servicing loans for borrowers under the Federal Family Education Loan Program, 20 U.S.C. §§ 1071 et seq.

The CFPB alleges that the company engaged in unfair acts or practices for failing to timely process adjustments to borrower loan accounts in connection with forbearance, deferment, and income-based repayments, thereby causing errors to the principal amount balances.

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