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Why Milbank Sends 4th-Years Back To School
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How Bryan Cave Grooms Rainmakers
Consultant: Legal Ethics Rulemaking Outpaced By Technology
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Protecting Separate Property in Arizona: Basic Principles
Jobs, Funding For Courts On Agenda For New ABA President
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Jason Maloni on Schools and Education
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
Regulators and congressional leaders have identified similarities between the
lending practices that led to the subprime mortgage crisis and an escalating default
rate in the burgeoning level of student loan debt. Rather...more
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
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
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
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
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
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
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
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
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
On October 16, CFPB Student Loan Ombudsman Rohit Chopra published the first annual report on student loans, as required by the Dodd-Frank Act. ...more
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
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
On August 29, the CFPB released an updated and corrected report on private student loans. Although the updated report provides the same findings and recommendations as the original report, the revised report attempts to...more
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
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
On July 20, the CFPB released a report on private student loans, prepared in conjunction with the Department of Education. Pursuant to Section 1077 of the Dodd-Frank Act, the report covers (i) the evolution and current state...more
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
The CFPB issued today its report to Congress on private student loans as mandated by Dodd-Frank, which the CFPB describes as the “Cycle of boom and bust in private student loan market.” Issued jointly with the Department of...more
In a recent blog post, the CFPB shared some of the feedback it has received on the beta version of its “Paying for College-Cost Comparison Tool” that it launched in April. (We tried out the tool when it was launched and wrote...more
On June 13, the CFPB issued a Notice of Request for Information seeking information on existing private student loan complaints collected by state agencies, institutions of higher education, consumer and legal advocates, and...more
The CFPB has finally published the nearly 2,000 comments it received from individual borrowers, parents, and others as a result of the request for information in which it asked a series of questions to assist it in preparing...more
On June 7, Senator Richard Durbin (D-IL) and Representative George Miller (D-CA) sent letters to the CFPB and the Department of Education requesting that those agencies examine the practices associated with bank-affiliated...more
In addition to a flurry of news reports, the U.S. Public Interest Research Group Education Fund’s report on the use of debit cards to disburse federal financial aid to college students has also triggered a letter to the CFPB...more
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