A student loan servicer’s decision to self-report and try to remediate consumer harm was reflected in its settlement with the Consumer Financial Protection Bureau (CFPB). However, the company’s failure to timely remediate all consumers harmed by its actions resulted in a $3.9 million fine.
This case could shed light on how the bureau will approach similar cases in the future, given CFPB Director Kathy Kraninger’s recent statements about wanting to do less enforcement and to help companies build a “culture of compliance.”
Find out what factors the bureau took into account in this matter.