Education Law, Consumer Protection, Finance & Banking

Private Student Lenders and Servicers Face CFPB Scrutiny

by Benjamin Saul | BuckleySandler LLP on 5/20/2013

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

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

CFPB Proposes Financial Education Policies

by BuckleySandler LLP on 5/7/2013

On April 30, the CFPB published policy recommendations for advancing K-12 financial education. The paper, “Transforming the Financial Lives of a Generation of Young Americans,” identifies perceived problems for young people...more

Director Cordray urges financial education for young Americans

by Barbara S. Mishkin | Ballard Spahr LLP on 5/3/2013

In remarks given earlier this week at the Investing in Our Future Conference in Washington, D.C., Director Cordray spoke about the need to make financial education a part of the school curriculum for the nation’s children and...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

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

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans [Video]

by Bloomberg Law on 4/17/2013

April 18 (Bloomberg) -- Why and when U.S.-managed hedge funds can go bankrupt in the Caribbean, not in the U.S., is the first item discussed on the new bankruptcy video with Bloomberg Law's Lee Pacchia and Bloomberg...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

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

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

CFPB Seeks Information To Support Potential Student Loan Policies

by BuckleySandler LLP on 3/4/2013

On February 21, the CFPB Student Loan Ombudsman issued a notice and request for information regarding policy options to “increase the availability of affordable payment plans for borrowers with existing private student...more

CFPB Seeks Information on Financial Products and Services Offered to College Students

by Patrick Downes, Michael Mallow, Michael Thurman | Loeb & Loeb LLP on 2/22/2013

The Consumer Financial Protection Bureau believes positive financial decision making should be learned at a young age. The Bureau recently issued a Request for Information Regarding Financial Products Marketed to Students...more

New Legislation Introduced to Allow Discharge of Private Student Debt

by Patrick D. Dolan, John Sun | Dechert LLP on 2/15/2013

The Consumer Financial Protection Bureau (the “CFPB”) reported in 2012 that U.S. borrowers are burdened by more than $1 trillion in student debt, including over $150 billion of private student loans. According to TransUnion,...more

CFPB’s ECOA disparate impact test finds support in HUD’s FHA “Discriminatory Effects” final rule

by Barbara S. Mishkin | Ballard Spahr LLP on 2/14/2013

In April 2102, the CFPB issued a bulletin to confirm that it plans to apply a disparate impact test in exercising its supervisory and enforcement authority under the Equal Credit Opportunity Act (ECOA) and Regulation B. The...more

Is the CFPB now the BMOC?

by John L. Culhane, Jr. | Ballard Spahr LLP on 2/4/2013

Last week, the CFPB muscled its way on campus, announcing that it will be looking at the impact of financial products marketed to students through their colleges and universities....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

Weekly Brief: Lawyers Laid Off After Foreclosure Settlement [Video]

by Bloomberg Law on 1/10/2013

Jan. 10 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the legal news for the week. A major settlement between Fannie Mae and several large banks has resulted in many lawyers suddenly finding themselves...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

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Education Law › Consumer Protection › Finance & Banking

Private Student Lenders and Servicers Face CFPB Scrutiny

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

CFPB issues report on student loan affordability

CFPB Proposes Financial Education Policies

Director Cordray urges financial education for young Americans

CFPB Announces Field Hearing On Student Loan Issues

CFPB to hold student loan field hearing on May 8

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans [Video]

CFPB Announces Major Update To Consumer Complaint Database

CFPB Proposes Rule to Supervise Largest Nonbank Student Loan Servicers

CFPB Proposed Rule for Nonbank Student Loan Servicers

Financial Services Bulletin: CFPB Proposes Student Loan Rule

CFPB proposes supervision of nonbank private and federal student loan servicers

CFPB Digest – March 2013

CFPB Seeks Information To Support Potential Student Loan Policies

CFPB Seeks Information on Financial Products and Services Offered to College Students

New Legislation Introduced to Allow Discharge of Private Student Debt

CFPB’s ECOA disparate impact test finds support in HUD’s FHA “Discriminatory Effects” final rule

Is the CFPB now the BMOC?

CFPB proposes more information collections

Weekly Brief: Lawyers Laid Off After Foreclosure Settlement [Video]

CFPB Examination Procedures for Student Lenders

CFPB Releases Student Lending Examination Procedures

CFPB issues student loan exam procedures

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

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans [Video]

Weekly Brief: Lawyers Laid Off After Foreclosure Settlement [Video]

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