CFPB Takes Action to Require National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency to Pay More than $5 Million for Student Loan Servicing Failures

Based on the document provided, here is a summary of the key points in a concise and professional manner:

Summary:

The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against the National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency (PHEAA) for allegedly failing to properly respond to borrower requests for payment relief, including during the COVID-19 pandemic. The CFPB alleges that the defendants did not ensure timely responses to borrower requests, misrepresenting information to consumers, and incorrectly denying forbearance requests. The proposed stipulated judgments require the defendants to:

Pay nearly $3 million in redress to borrowers
Correct outstanding requests
* Pay a $2.15 million fine, with a $400,000 penalty for the National Collegiate Student Loan Trusts and a $1.75 million penalty for PHEAA

These penalties will be deposited into the CFPB's victims relief fund. Consumers can submit complaints about student loan servicing by visiting the CFPB's website or calling (855) 411-CFPB. Employees who believe their company has violated federal consumer financial protection laws can report potential industry misconduct to whistleblower@cfpb.gov.