John L. Culhane, Jr.

John L. Culhane, Jr.

Ballard Spahr LLP

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Brookings student loan study updated; CBA launches website to dispel student loan myths

We previously wrote about the June 2014 Brookings Institution report which suggested that charges coming from various quarters, including the CFPB, that student loan debt is causing young adults to postpone home ownership are...more

9/12/2014 - CFPB Student Loans

Department of Education adopts new procedures for lenders and servicers of federal student loans to use to determine SCRA...

This past May, we wrote about the $60 million Servicemembers Civil Relief Act (SCRA) settlement announced by the Department of Justice (DOJ) and Department of Education (ED) with a major student loan servicer and expressed...more

9/5/2014 - Department of Education DOJ Loans SCRA Student Loans

Media reports on student loan debt: distortions abound

Two recent articles highlight how student loan debt is often the subject of distorted reporting. An article from Hamilton Place Strategies observed that news stories often include anecdotal stories about families...more

8/15/2014 - Debt Student Loans

CFPB calls out banks for not publicly disclosing campus financial product marketing agreements

According to a new blog post about “secret banking contracts” by Rohit Chopra, the CFPB’s Student Loan Ombudsman, the CFPB is sending letters to colleges and universities “to make sure they know that their bank partner has...more

8/8/2014 - Banks CFPB Colleges Disclosure Requirements Enforcement Student Loans Universities

Another report debunks comparison between student debt and mortgage loan crisis

A new report from The Vanguard Group disagrees with those who seek to draw comparisons between the current level of student debt and the level of mortgage debt that led to the housing crisis. Titled “No bubble to...more

8/7/2014 - Debt Mortgages Student Loans

More on the debate over the impact of student loan debt on home ownership

We recently wrote about a new Brookings Institution report which suggested that charges coming from various quarters, including the CFPB, that student loan debt is causing young adults to postpone home ownership are...more

7/24/2014 - CFPB Debt Student Loans

New studies challenge CFPB claims that student loan debt is discouraging homeownership

The charge that student loan debt is causing young adults to postpone home ownership has come from various quarters, including the CFPB. However, two new studies, one the subject of an article released earlier this year and...more

6/27/2014 - CFPB Debt Student Loans

Obama takes action to increase assistance to student borrowers

President Obama issued a Presidential Memorandum last Monday directing the Secretary of Education to issue regulations that allow additional students to take advantage of a program to cap their student loan payments at 10...more

6/18/2014 - Student Loans Students

Senate holds hearings on student loans

Last Wednesday, the Senate Budget Committee and the Senate Banking Committee held separate hearings about student loans. Interestingly, the CFPB was represented in only one of the hearings. The Senate Budget Committee...more

6/9/2014 - CFPB Predatory Lending Student Loans

Has the SCRA been amended for everyone?

Not only student loan servicers, but all companies, particularly those subject to the CFPB’s supervisory authority, face new compliance risk under the Servicemembers Civil Relief Act (the “SCRA”) as a result of the stunning...more

5/15/2014 - Active Duty CFPB Department of Education DOJ Interest Rate Adjustments Loan Servicer Military Service Members SCRA Settlement Student Loans

DOE rulemaking on student aid disbursement reported to be stalled

As we reported last month, the Department of Education (DOE), with active CFPB participation, is currently engaged in a negotiated rulemaking process that is considering, among other things, revisions to the DOE’s Title IV’s...more

5/15/2014 - Department of Education Federal Student Aid Student Loans Students Title IV

For-profit education company sued by CFPB seeks dismissal of complaint

ITT Educational Services, the defendant in the CFPB’s first enforcement action against a for-profit education company, has filed a motion seeking dismissal of the CFPB’s complaint. Filed this past February in an Indiana...more

5/1/2014 - CFPB Colleges Dodd-Frank Enforcement Actions Itt Educational Services Student Loans Students UDAAP

CFPB student loan complaints report highlights alleged co-signer issues

The CFPB’s Student Loan Ombudsman has released a report entitled “Mid-year update on student loan complaints” that highlights issues related to co-signers of private student loans. In particular, the report focuses on...more

4/28/2014 - CFPB Cosigners Default Student Loans

CFPB supervision of student loan servicers to begin March 1

Later this week, on March 1, the CFPB’s final rule defining larger participants of the student loan servicer market becomes effective. We expect the CFPB to immediately begin examining entities that qualify as larger...more

2/25/2014 - CFPB Loan Servicer Student Loans

CFPB issues findings on handling of extra payments by private student loan servicers

In November 2013, the CFPB sent a letter to private student loan servicers asking them for information about their practices for handling extra payments from borrowers (i.e., payments in excess of the minimum amount due)....more

2/5/2014 - CFPB Student Loans

A numbers game?

In written testimony for his appearance before the House Financial Services Committee yesterday, CFPB Director Cordray advised that the CFPB has received “thousands of student loan complaints.” When we sorted the student loan...more

1/30/2014 - CFPB Richard Cordray Student Loans

CFPB continues push for more private student loan refinancings

Private student loan lenders and servicers who met last week with CFPB Director Cordray, Education Secretary Arne Duncan, and Acting Deputy Treasury Secretary Mary Miller got the “memo” that the regulators think they should...more

1/14/2014 - CFPB Refinancing Student Loans

CFPB sends enforcement action “early warning” to for-profit postsecondary education provider

In a Form 8-K filed with the SEC on December 27, 2013, ITT Educational Services, Inc. disclosed that it has received a CFPB “early warning” letter stating that the CFPB’s Enforcement Office is considering recommending that...more

12/31/2013 - CFPB Dodd-Frank Enforcement Enforcement Actions Private Student Loans Regulation Z SEC Student Loans TILA

CFPB’s hand seen in student loan bill

Four Senate Democrats (Senators Boxer, Warren, Durbin and Reed) recently introduced a bill entitled the “Student Loan Borrower Bill of Rights.” On March 1, 2014, the CFPB will begin overseeing servicers of federal and private...more

12/19/2013 - Arbitration CFPB Disclosure Requirements Loan Servicing Proposed Legislation Student Loans TILA

CFPB calls for public disclosure of campus financial product marketing agreements

The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial...more

12/18/2013 - CFPB Credit Cards Financial Aid Financial Products Marketing Prepaid Payment Products Student Loans

CFPB asks private student loan servicers for information on handling extra payments

The CFPB recently sent a letter to private student loan servicers asking them for information about their practices for handling extra payments from borrowers (i.e., payments in excess of the minimum amount due). This past...more

12/11/2013 - CFPB Loan Servicer Student Loans

CFPB revises student loan examination procedures

In conjunction with issuing its final “larger participant” rule for student loan servicers last week, the CFPB also revised its education loan examination procedures. The revisions are intended to provide more extensive...more

12/10/2013 - CFPB Student Loans

CFPB Finalizes Rule To Supervise Student Loan Servicers

The Consumer Financial Protection Bureau has issued a final rule allowing it to supervise nonbank servicers of private and federal student loans who qualify as “larger participants” in the student loan servicing market. The...more

12/4/2013 - CFPB Loan Servicing Nonbank Firms Student Loans Students

Chopra highlights student loan repayment plans

Earlier this week, Rohit Chopra, CFPB Assistant Director and Student Loan Ombudsman, spoke to the Federal Reserve Bank of St. Louis about student loan debt. As he has on other occasions, Mr. Chopra referred to $1.2 trillion...more

11/22/2013 - CFPB Payment Plans Student Loans Students

Final student loan servicer “larger participant” rule expected by year end

In remarks to the National Council of Higher Education Loan Resource’s “2013 Knowledge Symposium” held this week in St. Pete Beach, Florida, Rohit Chopra, the CFPB’s Student Loan Ombudsman, indicated that the CFPB’s final...more

11/7/2013 - CFPB Loan Servicer Student Loans

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