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Violation Tracker Individual Record

Company: Edfinancial Services
Penalty: $1,000,000
Year: 2022
Date: March 30, 2022
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: The Consumer Financial Protection Bureau sanctioned Edfinancial Services, a student-loan servicer, for making deceptive statements to student loan borrowers and misrepresenting their forgiveness and repayment options to them. Edfinancial deceived borrowers, with Federal Family Education Loan Program (FFELP), loans about their eligibility for Public Service Loan Forgiveness (PSLF). The Bureau ordered the company to contact all affected borrowers, provide them with accurate information, and pay a $1 million civil money penalty.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.