Corinthian Colleges Sells Student Loans

Career College Central Summary:

  • Last week Corinthian sold a set of student loans for approximately $19 million to an unnamed third party.
  • The very next day, the company met with attorneys for the Consumer Financial Protection Bureau.
  • Now the CFPB has accused Corinthian of violating both the Dodd-Frank Act and the Fair Debt Collections Practices Act, the company said in the filing.
  • The agency is willing to enter settlement talks, according to the filing, as long as Corinthian agrees to stop selling or transferring private student loans, and agrees to halt “certain in-school collection efforts the CFPB considers unlawful,” among other conditions.
  • The CFPB has also requested information about the student loans that Corinthian already sold and the loans it still holds.
  • A spokesperson for the CFPB declined to comment on the proceedings outlined in the filing.

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