Advisory | WASHINGTON, D.C. — Tomorrow at 11:00 a.m. ET, top experts from the Student Borrower Protection Center (SBPC) and Consumer Federation of America (CFA) will join the former head of enforcement from the Consumer Financial Protection Bureau (CFPB) to respond to the news that Trump leadership at the CFPB dismissed a slew of enforcement actions totaling billions of dollars in consumer harm. The cases include:
- Banking behemoth Capital One for cheating savings account holders out of $2 billion
- Student loan servicer Pennsylvania Higher Education Assistance Agency for illegally collecting on student debt that was discharged in bankruptcy and sending that junk info it to credit reporting agencies
- Rocket Homes for its illegal mortgage broker kickback scheme
- Vanderbilt for setting manufactured home buyers up to fail with unaffordable loans
- Heights Finance for illegal loan-churning practices that harvested hundreds of millions in loan costs and fees
- SoLo Funds for deceiving borrowers about the total cost of loans
The dismissal of these cases “with prejudice” means the CFPB will never be able to pursue these cases again and Americans will never see relief from a wide range of alleged lawbreaking from these corporate entities. Starting in early February, the Trump Administration muzzled the CFPB, ordering a halt to all supervisory and investigative activities; all law enforcement work, including new investigations as well as lawsuits related to enforcement actions already initiated by the agency; and all communication with the public.
Who:
- Eric Halperin, former associate director for enforcement, CFPB
- Mike Pierce, executive director, SBPC; former deputy assistant director, CFPB
- Erin Witte, director of consumer protection, CFA; former Assistant Attorney General for the Commonwealth of Virginia
What: Consumer experts react to Trump CFPB dismissal of enforcement actions and resulting harm to Americans
When: Friday, February 28, 2025 at 11:00 a.m. ET
Where: By Zoom: https://us02web.zoom.us/webinar/register/WN_ktNSkMA2Qtiy4Btp0eF94Q
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About Student Borrower Protection Center
Student Borrower Protection Center (SBPC) is a nonprofit organization focused on eliminating the burden of student debt for millions of Americans. We engage in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance racial and economic justice.
Learn more at protectborrowers.org or follow SBPC on Twitter @theSBPC.