nj.com 5 months, 3 weeks ago
Frotman resigned last week, accusing Acting CFPB Director, Mick Mulvaney and the Trump administration of "siding with predatory lenders over consumers and enacting policies that will lead to 'far-reaching harm." In 2017, the CFPB and several state Attorneys General sued Navient, one of the nation's largest student-loan servicers, for failing to put borrowers into income-based repayment plans for which they qualified. Recognizing the urgency bill sponsors, state Sen. Sandra Cunningham, D-Hudson, and Assemblyman Gary Schaer, D-Passaic, reintroduced it early this year. The Senate passed the bill (S1149) in February, which would license student servicers and give the state the authority to prohibit misrepresentations, payment misapplications and false credit reports.