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Administrative Agency Consumer Protection Education

Read need-to-know updates, commentary, and analysis on Administrative Agency issues written by leading professionals.

The looming student debt crackdown: compliance and enforcement lessons from the foreclosure crisis

Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more

FCC Issues TCPA Compliance Ruling for School-Related Calls

by Klein Moynihan Turco LLP on

Last Thursday, the Federal Communications Commission (the “FCC” or “Commission”) issued a Declaratory Ruling addressing certain Telephone Consumer Protection Act (“TCPA”) compliance concerns raised by educational technology...more

Food and Beverage News and Trends Series - August 2016

by DLA Piper on

This regular publication by DLA Piper lawyers focuses on helping clients navigate the ever-changing business, legal and regulatory landscape. USDA publishes final rules to improve quality of food served in schools. On...more

Financial Services Weekly News - April 2016 #4

by Goodwin on

Regulatory Developments - Federal Banking Regulators Propose Net Stable Funding (Liquidity) Ratio - The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation...more

CFPB Suffers First Official CID Challenge

by Morrison & Foerster LLP on

On April 21, 2016, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled on the first judicial challenge to the Consumer Financial Protection Bureau’s (“CFPB,” or “Bureau”) authority to...more

Federal Court: CFPB Overstepped Jurisdiction in Issuing CID to For-Profit Colleges Accreditor

by Holland & Knight LLP on

Judge Richard J. Leon of the U.S. District Court for the District of Columbia on April 21, 2016, ruled that the Consumer Financial Protection Bureau (CFPB) did not have authority to issue a Civil Investigation Demand (CID) to...more

CFPB Cannot Force For-Profit College Group to Comply With Investigative Demand

by BakerHostetler on

On April 21, the United States District Court for the District of Columbia ruled that due to a lack of authority under existing consumer protection laws, the Consumer Financial Protection Bureau (“CFPB”) cannot require a...more

CFPB lacked authority to issue CID issued to college accrediting organization, D.C. federal district court rules

by Ballard Spahr LLP on

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

CFPB Holds a Field Hearing on Student Loan Servicing Issues

by Ballard Spahr LLP on

On May 14th, the same day that the CFPB launched a public inquiry into student loan servicing loan practices (the “Request for Information”), the CFPB held a public field hearing in Milwaukee, Wisconsin to address issues with...more

U.S. Department of Education Fines College for Job Placement Rate Disclosure Violations

by Ballard Spahr LLP on

The U.S. Department of Education (Department) intends to fine a college more than $29 million for allegedly misrepresenting job placement rates and failing to comply with federal placement rate disclosure requirements. The...more

The Consumer Financial Protection Bureau's case against Corinthian Colleges - Blog: Consumer Financial Protection Bureau

by Nexsen Pruet, PLLC on

My most recent blog entries have been focused on the CFPB’s new mortgage servicing rules and the Flagstar Bank enforcement case. I’m going to switch gears for a moment and take a look at the Corinthian Colleges case. ...more

The CFPB & UDAAP: A ‘Know It When You See It’ Standard?

by Morrison & Foerster LLP on

The Consumer Financial Protection Bureau’s (CFPB) continued and expanded reliance on its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial...more

Food and Beverage News and Trends

by DLA Piper on

This regular publication by DLA Piper lawyers focuses on helping clients navigate the ever-changing business, legal and regulatory landscape. - Congress compromises on school lunch changes. Congress reached a...more

How to Respond to a CFPB Civil Investigative Demand

by Latham & Watkins LLP on

Under CFPB’s broad mandate, many companies outside the financial services industry may be subject to expensive civil investigations. A for-profit technical school may not appear to be a financial services company. But...more

CFPB proposes more information collections

by Ballard Spahr LLP on

Earlier this week, the CFPB published in the Federal Register a request for comments on its plans to submit a request to the Office of Management and Budget for generic clearance of an information collection to assist the...more

CFPB issues student loan exam procedures

by Ballard Spahr LLP on

The CFPB has issued its examination procedures for student lenders. The procedures will be used by the CFPB’s examiners in examinations of large banks that make private student loans (meaning banks with total assets of more...more

CFPB’s “Paying for College” site continues to evolve

by Ballard Spahr LLP on

Last week Peter Jackson, the Senior Advisor for Communications at the CFPB, put up a post on the CFPB’s blog describing the CFPB’s “Paying for College” web tools, which are currently in a beta stage and which are still...more

CFPB Releases Exam Procedures For Student Loans

The CFPB has published the procedures it will use in examining student lenders. The Student Lending Examination Procedures are an extension of the CFPB’s General Supervision and Examination Manual and will be used as a field...more

Financial aid shopping sheet gaining traction

by Ballard Spahr LLP on

The Financial Aid Shopping Sheet prepared by the CFPB and the Department of Education will now receive its litmus test. Last week, Secretary of Education Arne Duncan announced in a blog post on the DOE’s web site that more...more

Chopra keeps focus on student loan servicing problems

by Ballard Spahr LLP on

In an editorial last week in the Philadelphia Inquirer, Rohit Chopra, the CFPB’s Student Loan Ombudsman, once again made servicers of student loans the focus of his comments. In August, in remarks to the Congressional Forum...more

CFPB student loan ombudsman releases first annual report

by Ballard Spahr LLP on

Recently, the CFPB’s Consumer Response Team released its Snapshot of Complaints, providing a one-page summary of the approximately 2900 private student loan complaints received by the CFPB from March 1, 2012 through September...more

Pew report could bolster CFPB student loan concerns

by Ballard Spahr LLP on

The Pew Research Center has just released a report that seems likely to bolster the CFPB’s concerns about student loans. The report notes that “in nearly every demographic and economic category” more households are borrowing...more

Whew! CFPB reanalysis of student loan data doesn’t change findings and recommendations (but CFPB’s description of reanalysis...

by Ballard Spahr LLP on

After reanalyzing certain sample loan level data, the CFPB announced that it is not making any changes to the key findings and recommendations in its July report to Congress on private student loans. The CFPB had posted a...more

Chopra student loan remarks could signal new CFPB proposals or actions

by Ballard Spahr LLP on

Recent remarks by Rohit Chopra, the CFPB’s Student Loan Ombudsman, to the Congressional Forum on Student Loans and in an interview with Bloomberg Radio could presage new CFPB student loan recommendations to Congress or even...more

Financial aid shopping sheet for student loans finalized

by Ballard Spahr LLP on

A final model “financial aid shopping sheet,” the result of a collaborative effort by the CFPB and the Department of Education, has recently been issued by the DOE. The shopping sheet is intended to serve as a uniform...more

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