Connecticut regulator fines licensed student loan servicer for alleged unlicensed small loan company activity

On August 7, the Connecticut Department of Banking issued a consent order against a Nebraska-based licensed student loan servicer for allegedly receiving payments on at least 1,114 small loans from January 2022 through March 2026 without a small loan company license. According to the consent order, the servicer had been licensed as a student loan servicer in Connecticut since November 2016 but did not obtain a small loan company license until March.... By: Orrick, Herrington & Sutcliffe LLP