A group of 20 education organizations and individuals have sent a letter to the leaders of the House Financial Services Committee and Senate Finance Committee urging Congress to pass legislation that would provide a legal...more
The CFPB released its annual report on college credit card agreements (the fifth issued by the CFPB), together with a compliance bulletin regarding the obligation of colleges and universities under the CARD Act to publicly...more
12/16/2016
/ Banking Sector ,
CARD Act ,
CFPB Bulletins ,
Colleges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Agreements ,
Credit Cards ,
Department of Education ,
Higher Education Act ,
Reporting Requirements ,
Students ,
Universities
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
The Federal Trade Commission (FTC) has filed a complaint in a California federal district court against the operators of DeVry University in which it alleges that DeVry violated the FTC Act by misrepresenting the employment...more
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
The U.S. Department of Education has issued proposed revisions to its Title IV Higher Education Act (HEA) cash management rules that include significant new restrictions on financial products used to disburse credit balance...more
The U.S. Department of Education has issued proposed revisions to its Title IV Higher Education Act (HEA) cash management rules that include significant new restrictions on financial products used to disburse credit balance...more
Student loan servicers and providers of campus financial product were the focus of remarks given yesterday by Director Cordray at the Ohio College Presidents’ Conference. Director Cordray stated that the CFPB estimates that...more
The CFPB has issued a request for information (RFI) in which it seeks comments on a draft “Safe Student Account Scorecard” to be used by colleges and universities to obtain information from prospective financial institution...more
In its fifth annual report on college credit card agreements, the CFPB takes financial institutions as well as colleges and universities to task for failing to adequately disclose their marketing agreements for campus...more
Republican Senator Mike Crapo, Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter last week to Department of Education (ED) Secretary Arne Duncan to raise several concerns with the...more
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
We recently commented that financial institutions offering financial products to college students, including debit or prepaid cards, under agreements with colleges should be planning now for the possible advent of new...more
The U.S. Government Accountability Office (GAO) has joined the CFPB’s call for more transparency in the area of campus financial products. Last week, the GAO issued a report on college debit cards in which the GAO recommended...more
Findings on campus banking products released this past Monday by the CFPB in conjunction with a Banking on Campus Forum held in Washington, D.C. appear to be a harbinger of new limitations on the marketing of these products....more
Last week, the CFPB muscled its way on campus, announcing that it will be looking at the impact of financial products marketed to students through their colleges and universities....more