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Community Colleges Not Subject to UTPCPL

It only stands to reason, yet it took almost 12 years and repeated appeals for the final determination by the Pennsylvania Supreme Court in Meyer v. Community College of Beaver County, No. 22 WAP 2012, 2014 Pa. LEXIS 1524...more

Kentucky Enacts Data Breach Notification Law - New Law Limits Cloud Service Providers’ Collection of Student Data

Kentucky is the 47th state, along with the District of Columbia, Guam, Puerto Rico and the Virgin Islands, to enact a data breach notification law requiring business entities to notify individuals of security breaches...more

The CFPB Requests That Agreements Marketing Financial Products to Students Enrolled in Institutions of Higher Education be...

As a follow up to its initial inquiry earlier this year, the Consumer Financial Protection Bureau (“CFPB”) is alerting financial institutions about the “potentially risky practice of making secret payments” to colleges and...more

CFPB’s hand seen in student loan bill

Four Senate Democrats (Senators Boxer, Warren, Durbin and Reed) recently introduced a bill entitled the “Student Loan Borrower Bill of Rights.” On March 1, 2014, the CFPB will begin overseeing servicers of federal and private...more

CFPB calls for public disclosure of campus financial product marketing agreements

The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial...more

CFPB Finalizes “Larger Participant” Rule For Student Loan Servicing, Updates Exam Procedures

On December 3, the CFPB issued a final rule that will allow the Bureau to supervise certain nonbank student loan servicers for the first time. The CFPB already oversees student loan servicing at the largest banks. ...more

CFPB asks private student loan servicers for information on handling extra payments

The CFPB recently sent a letter to private student loan servicers asking them for information about their practices for handling extra payments from borrowers (i.e., payments in excess of the minimum amount due). This past...more

Students, Loan Servicers And The Servicemembers Civil Relief Act

Over the past two years, mortgage loan servicers have faced an onslaught of regulatory scrutiny, enforcement actions and targeted litigation. The Department of Justice, state attorneys general and the federal banking...more

CFPB Issues Report on Private Student Loan Payment Processing

The CFPB Student Loan Ombudsman issued a report on more than 3,800 complaints that the CFPB received from private student loan borrowers between October 1, 2012 and September 30, 2013. The most common type of complaint...more

CFPB student loan ombudsman issues second annual report

Yesterday, Rohit Chopra, the CFPB’s Student Loan Ombudsman, released his Second Annual Report which analyzes approximately 3,800 complaints received by the CFPB from private student loan borrowers between October 1, 2012 and...more

Digital News Asia Publication - Website Terms, Contract Law and Consumer Rights – Bermuda Triangle of e-commerce, Flipkart vs eBay...

Article Source: http://www.digitalnewsasia.com/insights/terms-contract-law-and-consumer-rights-in-ecommerce Website terms create a binding contract between the buyer and the seller Although the terms are drafted to secure...more

By The Book - August 2013: Collection of Student Loans: Update on Interpretations of Fair Debt Collection Practices Act Violation

The Fair Debt Collection Practices Act (“FDCPA”) 15 U.S.C. §§ 1692-1692p (2012), passed in 1977 and effective in 1978, has undergone a series of amendments over the years, but maintains one of its primary purposes, which is...more

CFPB launches student loan initiative to help teachers and other public servants

The CFPB announced yesterday that it has launched a new initiative to help teachers and other public servants handle their student loan debts....more

CFPB issues new report on private student loan complaints

The CFPB has issued a “Mid-year snapshot of private student loan complaints” that discusses issues raised in the 2,002 complaints the CFPB received from October 2012 through March 2013....more

New federal student loan rates create TILA compliance challenges

Last week, in a move intended to lower interest rates on federal student loans, the U.S. House of Representatives passed the Bipartisan Student Loan Certainty Act, which had previously been passed by the Senate....more

DOJ confirms investigation of private student loan SCRA violations

As we reported, in the CFPB’s “Mid-year snapshot of private student loan complaints” on complaints the CFPB received from October 2012 through March 2013, one of the top servicing issues reported by consumers was the...more

CFPB Publishes Update On Student Loan Complaints

This afternoon, the CFPB published a “mid-year snapshot” of private student loan (PSL) complaints it received from October 2012 through March 2013....more

CFPB Releases Spring Rulemaking Agenda

On July 3, the CFPB released its spring 2013 regulatory agenda....more

Banking & Financial Services E - Note - May 30, 2013

In This Issue: - New Suits Filed as Credit Card Swipe Fee Settlement Deadline Looms - Sec. Lew Tells Senate Committee of Plans to Accelerate Dodd-Frank - New Mortgage Rule to Block Access to Credit, Witnesses...more

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

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

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

CFPB Announces Field Hearing On Student Loan Issues

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

CFPB to hold student loan field hearing on May 8

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

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

CFPB Proposes Rule to Supervise Largest Nonbank Student Loan Servicers

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

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