Student Loans

Discover Bank to Refund $16 Million & pay $2.5 Million Penalties – Student Loans Collection Practices

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The Consumer Financial Protection Bureau (CFPB) carries a big stick.  CFPB told Discover Financial Services’ banking unit to pay $16 million in refunds to more than 100,000 borrowers and $2.5 million in penalties. What happened? CFPB alleged that Discover conducted illegal practices tied to the servicing of student loans. Overstated minimum amounts due on billing […]