Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: Pennsylvania Higher Education Assistance Agency
Penalty: $1,750,000
Year: 2024
Date: May 6, 2024
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: The Consumer Financial Protection Bureau took action against the National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency (PHEAA) for multi-year servicing failures. The National Collegiate Student Loan Trusts purchase and securitize student loans, and PHEAA services the loans. The CFPB alleged that the defendants failed to respond to borrowers seeking relief from student loan payments, including during the COVID-19 national emergency. The CFPB filed proposed stipulated final judgments, which would require the National Collegiate Student Loan Trusts and PHEAA to pay $400,000 and $1.75 million in penalties, respectively, to the CFPB's victims relief fund.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.