06Mar
2014
2014
The federal government steps in to stop predatory lending
Student Loan Lawyer / 0 Comments /The newly created federal agency known as the Consumer Protection Financial Bureau (“CPFB”) has taken a significant step to rein in predatory lending by filing a lawusuit on February 26, 2014 against ITT Educational Services, Inc. Itt is a for profit educational provider and has been under scrutiny for some time. The lawsuit contends that throughout a variety of schemes. ITT forced students into high interest loans, difficult to repay student loans and exercised pressure tactics in doing so.I am sure that this will be the first of many cases brought by the CPFB. And if by chance you were a borrower throught ITT you should check with the CPFB about your ability to obtain some restitution as part of the case.
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