In December 2016, the Secretary of Education issued a decision adopting the decision of the Department of Education’s Senior Department Official terminating and withdrawing the Department’s recognition of the Accrediting...more
2/24/2017
/ Accreditation ,
Banking Sector ,
CID ,
Colleges ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Education ,
Educational Institutions ,
Preliminary Injunctions ,
Restraining Orders ,
Secretary of Education ,
Title IV
The D.C. Circuit will hear oral argument on February 2, 2017 on the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting...more
12/16/2016
/ Accreditation ,
Appeals ,
CID ,
Colleges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Aid ,
Financial Institutions ,
For Profit Colleges ,
For Profit Education ,
Statutory Authority
The D.C. federal district court has ruled that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015....more
On October 29, 2015, the CFPB filed a petition in D.C. federal court to enforce the CID it issued on August 25, 2015 to the Accrediting Council for Independent Colleges and Schools (ACICS). ACICS’ petition to modify or set...more
Director Cordray is reported to have defended the CFPB’s authority to investigate a college accrediting organization at a recent Politico event. On October 8, 2015, the CFPB issued a decision and order denying the petition of...more
11/6/2015
/ Accreditation ,
Bank Service Providers ,
CID ,
Colleges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Education ,
Educational Institutions ,
Enforcement Actions ,
Financial Institutions ,
Unfair or Deceptive Trade Practices
Senator Lamar Alexander and Representative John Kline sent a letter to Director Cordray on October 23, 2015 requesting that he “immediately rescind the issuance of a civil investigative demand to the Accrediting Council for...more
11/5/2015
/ Accreditation ,
Civil Investigation Demand ,
Colleges ,
Compliance ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Education ,
Department of Energy (DOE) ,
Educational Institutions ,
Financial Institutions ,
Higher Education Act ,
UDAAP ,
Universities