Commercial Law & Contracts, Finance & Banking, Education Law

CFPB Issues Report, Holds Field Hearing On Student Loan Relief Policy Options

by BuckleySandler LLP on 5/14/2013

On May 8, the CFPB issued a report regarding student loan affordability and related policy issues. The report summarizes and analyzes public responses to the CFPB’s request for information and discusses policy options for...more

CFPB issues report on student loan affordability

by John L. Culhane, Jr. | Ballard Spahr LLP on 5/13/2013

As we predicted at last week’s meeting of the National Council of Higher Education Resources’ Private Student Loan Committee, the CFPB field hearing held last Wednesday in Miami was devoted to student loan affordability. In...more

Bankruptcy May Become a Way Out of Student Loan Debt

by Michele Bowman | Lawyers.com on 5/8/2013

While students get breaks on their loans in some ways, filing bankruptcy has never been one of them. But if a federal appellate opinion and action in Congress are any indicators, that could be changing....more

CFPB Announces Field Hearing On Student Loan Issues

by BuckleySandler LLP on 4/29/2013

On April 18, the CFPB announced a field hearing about student loan issues, to be held in Miami-Dade County on May 8, 2013. The CFPB has not yet announced witnesses but has stated the event will feature remarks from CFPB...more

Student Loans: Nondischargeability Questioned in Seventh Circuit and Beyond

by Adam McNeile | Sheppard Mullin Richter & Hampton LLP on 4/26/2013

Conventional wisdom says that it is nearly impossible to obtain a discharge of student loan debt in bankruptcy. Indeed, Section 523(a)(8) expressly excepts student loans from discharge, unless the exception of such...more

Ninth Circuit Enforces Student Loan Arbitration Agreement

by BuckleySandler LLP on 4/24/2013

On April 11, the U.S. Court of Appeals for the Ninth Circuit, sitting en banc, held that a national bank could compel arbitration of a dispute involving student loans. Kilgore v. KeyBank, Nat’l Ass’n, No. 09-16703, 2013 WL...more

CFPB to hold student loan field hearing on May 8

by John L. Culhane, Jr. | Ballard Spahr LLP on 4/22/2013

UniversityThe CFPB has announced that on May 8, 2013, it will hold a field hearing in Miami-Dade County, Florida on student loan borrowers. CFPB Director Richard Cordray will be giving remarks at the event....more

CFPB Announces Major Update To Consumer Complaint Database

by BuckleySandler LLP on 4/8/2013

On March 28, the CFPB released tens of thousands of consumer complaints related to mortgages, student loans, bank accounts and services, other consumer loans, and credit cards. Credit reporting complaints, will be released in...more

Banking & Financial Services E-Note - March 28, 2013

by Jason Beckham, Rachel Cash, Benjamin Coulter, David Elliott, Jacquelyn Hutzell, Joseph King, Mignon Lunsford, Zachary Miller, Kristin Peters, Ed Snow, Adam Sonenshine, Frank Springfield, more +Jordan Teague | Burr & Forman on 4/3/2013

In This Issue: - Global Banking Group Calls for Several Rates to Replace Libor - U.S. Applies Money-Laundering Rules to "Virtual Currencies" - SEC Says Big Banks Don't Have to Hold Shareholder Break-Up Votes -...more

CFPB Proposes Rule to Supervise Largest Nonbank Student Loan Servicers

by Michael Mallow, Michael Thurman | Loeb & Loeb LLP on 3/27/2013

The Consumer Financial Protection Bureau has announced its intention to oversee the nation's largest nonbank loan servicers, which service more than one million accounts each year, in the higher education loan market. While...more

CFPB Proposed Rule for Nonbank Student Loan Servicers

by Orrick - Structured Finance Group on 3/27/2013

On March 14, the CFPB proposed a rule that would allow it to federally supervise certain nonbank student loan servicers. ...more

Financial Services Bulletin: CFPB Proposes Student Loan Rule

by Perkins Coie on 3/21/2013

On Thursday, March 14, 2013, the Consumer Financial Protection Bureau (the "CFPB") propoed, pursuant to Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a rule that would identify a market for student...more

Government Relations Alert: Adjusting For A Reduced Shortfall, Governor Dayton's Revised Budget Excludes Sales Tax Overhaul

by Leonard, Street and Deinard on 3/15/2013

Governor Dayton yesterday unveiled his revised budget for fiscal years 2014-2015. With Minnesota Management & Budget (MMB) recently projecting the FY 2014-15 shortfall at $627 million, down from last November's estimate of...more

CFPB proposes supervision of nonbank private and federal student loan servicers

by John L. Culhane, Jr. | Ballard Spahr LLP on 3/15/2013

The CFPB has issued a proposal to supervise nonbank student loan servicers who qualify as “larger participants” in the student loan servicing market. The CFPB already supervises student loan servicing by larger banks. It also...more

CFPB Digest – March 2013

by Suzanne Fay Garwood, Audra J. Heagney, Alexandra Megaris, Jonathan L. Pompan, Andrew D. Price, Jeffrey S. Tenenbaum | Venable LLP on 3/14/2013

In this issue: - What to Expect When You're Under a CFPB Investigation – Negotiating the Scope of the CID - CFPB Initiative to Promote Student Loan Payment Plans - Consumer Complaints Offer Insight into...more

Supreme Court Offers No Guidance On Student Loan Undue Hardship Test

by Harold Shepley & Associates, LLC on 3/12/2013

After receiving a general release from his debts under Chapter 7 bankruptcy, Roger Traversa filed for release from his $60,000 student loan debt, claiming that it would be an undue hardship for him to repay. Traversa...more

CFPB proposes more information collections

by Barbara S. Mishkin | Ballard Spahr LLP on 1/17/2013

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 Examination Procedures for Student Lenders

by Jonathan L. Pompan | Venable LLP on 1/7/2013

The Consumer Financial Protection Bureau (“CFPB”) has released procedures it will use in examining student lenders. The Student Lending Examination Procedures, available here, set forth the CFPB’s examination objectives and...more

CFPB Releases Student Lending Examination Procedures

by BuckleySandler LLP on 12/24/2012

On December 17, the CFPB released its Student Lending Examination Procedures, which are an extension of the CFPB’s General Supervision and Examination Manual and will be used as a field guide by CFPB examiners to review...more

CFPB issues student loan exam procedures

by John L. Culhane, Jr. | Ballard Spahr LLP on 12/19/2012

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 John L. Culhane, Jr. | Ballard Spahr LLP on 12/18/2012

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

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 12/18/2012

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

CFPB Launches College Credit Card Agreement Database, Releases Annual Report on College Card Agreements

by BuckleySandler LLP on 11/7/2012

On November 1, the CFPB launched a database of college credit card agreements in effect during 2011 and released an annual report to Congress on such agreements. ...more

Student Loans: Some Issues to Consider

by Cozen O'Connor on 11/2/2012

Although these are not the only aspects of student loan policy that will come up in the next legislative session, these issues will drive the discussion regarding student loans. Student loan debt is being reported as the...more

Chopra keeps focus on student loan servicing problems

by Ballard Spahr LLP on 10/31/2012

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

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Commercial Law & Contracts › Finance & Banking › Education Law