Consumer Protection Education

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CFPB’s Fall 2015 Rulemaking Agenda Includes Student Loan Servicing

On Friday, November 20, the Consumer Financial Protection Bureau (CFPB) announced it will consider writing new marketwide federal standards for student loan servicers. This marks the first time that the CFPB’s rulemaking...more

CFPB Fall 2015 rulemaking agenda includes delays for payday loan and other rules

The CFPB released its Fall 2015 rulemaking agenda last Friday. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Fall 2015 agenda gives a December 2015 date for further prerule...more

Banking & Financial Services E-Note - November 2015

In an article published on November 5, 2015 by Law360, Nick Agnello provides insight on a recent landmark decision by the Eleventh Circuit, and how it is creating a body of case law empowering local governments to bring...more

FTC Signs Memorandum of Agreement to Prevent Fraudulent and Deceptive Practices Against Servicemembers

On November 12, the FTC announced that it signed a Memorandum of Agreement with the Veterans Administration (VA) to provide mutual assistance in preventing fraudulent and deceptive acts by “institutions of higher learning and...more

FTC and VA enter into agreement for investigating educational institutions

The Federal Trade Commission and the Department of Veterans Affairs have signed a “Memorandum of Agreement” (MOA) “to provide mutual assistance in the oversight and enforcement of laws pertaining to advertising, sales, and...more

Alert: FTC Focuses on Lead Generation Practices in Higher Education and Ed Tech

On Friday, October 30, 2015, the Federal Trade Commission conducted a workshop in Washington, DC on lead generation practices, with a specific consumer protection focus on activities in the higher education sector including...more

CFPB Supervisory Highlights

The Consumer Financial Protection Bureau (CFPB) recently released its ninth supervisory highlights report, which includes new findings from its supervisory program from May – August 2015. Overall, the report focuses on...more

FOIA is FUN: Somewhat Recent Reminders from the Freedom Of Information Commission

Although it is known as the “Sunshine Law,” the idea of summer fun is usually not synonymous with the Freedom of Information Act [“FOIA”]. Nevertheless, as we lament the passing of time (and loss of daylight), Connecticut’s...more

BuckleySandler Workshop Recap: FTC Holds Workshop on Online Lead Generation

On October 30, the FTC hosted a workshop on online lead generation titled “Follow the Lead.” The workshop focused on lead generation in the mortgage and education lending space and consisted of a number of discussion panels...more

CFPB issues Fall 2015 supervisory report

In its Fall 2015 Supervisory Highlights, which covers supervision work generally completed between May and August 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving consumer...more

Privacy Tip #8 – How teachers can assist students to be safe online

It is scary to read the headlines that kids become victims of crimes, some of them horrific, because of online activity. Kids are naive and susceptible to online predators. Parents must be vigilant in educating their children...more

Director Cordray defends CFPB authority to investigate college accrediting organization

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

CFPB Files Suit Against Student Financial Aid Company

On October 29, the CFPB filed a complaint in the U.S. District Court for the Southern District of California against a California-based student financial aid operation and its owner (Defendants). According to the complaint,...more

Lawmakers seek rescission of CID issued to college accrediting organization

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

U.S. Department of Education Turns Eye to Regulating Financial Services Industry

On October 27, 2015, the United States Department of Education issued 433 pages of new regulations governing student loan programs under the Student Assistance General Provisions regulations promulgated under the Higher...more

Department of Education Finalizes Rules Affecting Federal Student Loan Borrowers

On October 27, the Department of Education announced final regulations regarding how students access Federal student aid and implementing a Revised Pay As You Earn (REPAYE) program. The new rules addressing access to Federal...more

Illinois District Court Enters Final Judgment Against For-Profit College to Resolve CFPB Litigation

On October 28, the U.S. District Court for the Northern District of Illinois filed a default judgment and order against a for-profit college company to resolve litigation with the CFPB. In a September 2014 lawsuit, the CFPB...more

CFPB sues company and owner for alleged student financial aid scam

A new lawsuit filed by the CFPB in a California federal district court alleges that the defendants, a company and its individual owner, are engaged in a nationwide student financial aid scam. In addition to injunctive relief,...more

Beating a dead horse: CFPB announces default judgment against Corinthian

The CFPB announced that it has obtained a final default judgment against Corinthian Colleges, Inc. from the Illinois federal court in which it sued Corinthian in September 2014. In May 2015, Corinthian filed a petition under...more

Colleges and Universities Are Prime Cyberattack Targets: What’s Behind the Threat?

When it comes to cyberattack targets, many think of retailers and associated credit card transactions or customer information, or perhaps healthcare providers with their ever-increasing storage and transmission of electronic...more

The Four Cornerstones: Regulatory Focus Sharpens on Student Loan Servicing Industry

We have previously written about recent regulatory focus on the student loan servicing industry. In particular, we discussed the issuance of a 151-page report issued by the Consumer Financial Protection Bureau (CFPB) titled...more

Tagging Trouble: Forays into the Regulation of Biometric Data

We leave breadcrumbs of biometric information scattered around our daily lives, which may be collected and used by private entities, often without our knowledge or consent. The sound of your voice when you call your bank’s...more

CFPB Releases Annual Report on Student Loan Complaints

On October 14, the CFPB released its annual report of the CFPB Student Loan Ombudsman, which analyzes consumer complaints submitted from October 1, 2014 through September 30, 2015 and provides an examination of issues raised...more

CFPB Student Loan Ombudsman highlights FFELP loans in fourth annual report

The CFPB released its fourth Annual Report of the Student Loan Ombudsman discussing complaints received by the CFPB about private and federal student loans and the lessons drawn by the Ombudsman from those complaints. (The...more

Jumping To Judgment on For-Profit Education

If you didn’t know any better, you might have gotten pretty fiery over for-profit education after reading one of the front page stories of Tuesday’s New York Times. The lengthy article titled “For-Profit Colleges Fail...more

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