Consumer Financial Protection Bureau Settles with Student Loan Servicers Discover Bank, The Student Loan Corporation, and Discover Products, Inc. for Violating a Bureau Consent Order and Other Unlawful Practices

December 22, 2020

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The CFPB issued a consent order against student loan servicers for violations of a prior Bureau order, the Electronic Fund Transfer Act (EFTA), and the Consumer Financial Protection Act of 2010 (CFPA), resulting in at least $10 million in consumer redress and a $25 million civil money penalty.

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