Education Finance & Banking

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SEC’s First Action Under the Municipalities Continuing Disclosure Cooperation Initiative

The SEC settled its first action under the Municipalities Continuing Disclosure Cooperation Initiative, launched on March 10, 2014. Under the Initiative the Enforcement Division agreed to recommend settlement on favorable,...more

New studies challenge CFPB claims that student loan debt is discouraging homeownership

The charge that student loan debt is causing young adults to postpone home ownership has come from various quarters, including the CFPB. However, two new studies, one the subject of an article released earlier this year and...more

Capital Thinking: Tax and Retirement

LEGISLATIVE ACTIVITY - SENATE FINANCE COMMITTEE Aims to MARKUP HIGHWAY FUNDING BILL - While not yet noticed, the Senate Finance Committee is expected to markup a short-term highway funding bill before the...more

Department of Education proposal on campus financial products expected in July

We recently commented that financial institutions offering financial products to college students, including debit or prepaid cards, under agreements with colleges should be planning now for the possible advent of new...more

President Obama Announces Student Loan Initiatives; Senate Student Loan Refinance Bill Fails

On June 9, President Obama announced numerous initiatives related to federal student loans and signed a presidential memorandum directing the Education and Treasury Departments to execute certain of those initiatives. The...more

Obama takes action to increase assistance to student borrowers

President Obama issued a Presidential Memorandum last Monday directing the Secretary of Education to issue regulations that allow additional students to take advantage of a program to cap their student loan payments at 10...more

Senator Hagan Introduces the Servicemember Higher Education Protection Act

New legislation, titled the Servicemember Higher Education Protection Act (the “Bill”), was introduced recently by Senator Kay Hagan (D-NC). The Bill includes several provisions that expand protections under the...more

Student Loan Refinancing Bill Stalled in Senate

Late last week, the student loan refinancing bill introduced by Senator Warren (D-MA) came up 4 votes short of the 60 needed to end debate and prevent a filibuster. If enacted, S. 2292, the Bank on Students Emergency Loan...more

Senate Committees Hold Hearings on Student Loans

In the wake of recent focus on student loan debt, the Senate Committee on Banking, Housing and Urban Affairs held a hearing on the “Student Loan Servicing: the Borrower’s Experience.” The concern shown in some testimony at...more

Weekly Update from the NC State House - June 2014: Following the GOP state convention this past weekend, House members returned to...

House Budget - Following the GOP state convention this past weekend, House members returned to Raleigh Tuesday to continue the budget process. House leadership held a press conference Tuesday morning to unveil their...more

The CFPB & UDAAP: A “Know It When You See It” Standard?

Institutions regulated by the Consumer Financial Protection Bureau (CFPB) and subject to its enforcement authority are dealing with of the agency’s sweeping authority to prohibit unfair, deceptive, and abusive acts or...more

Director Cordray testifies before Senate committee

Yesterday, the Senate Committee on Banking, Housing and Urban Affairs heard testimony from Director Cordray at its hearing titled “The Consumer Financial Bureau’s Semi-Annual Report to Congress.” Noteworthy aspects of...more

Senate holds hearings on student loans

Last Wednesday, the Senate Budget Committee and the Senate Banking Committee held separate hearings about student loans. Interestingly, the CFPB was represented in only one of the hearings. The Senate Budget Committee...more

From Second and State: Capitol Wrap – Week of June 2

It’s budget month, but the budget bill has yet to be introduced. Rep. Bill Adolph (R-Delaware), chair of the House Appropriations Committee, signaled this week that the budget debate might not begin in the House until the...more

Employment Law - June 2014

California Supreme Court Strikes Down $15 Million Employee Class Action Win and Orders Decertification in Duran V. U.S. Bank Nat’l Ass’n - Why it matters: On May 29, 2014, the California Supreme Court unanimously...more

Weekly Update from the SC State House - May 2014: The House joined the Senate for a Joint Assembly on Wednesday to elect a number...

Details from Each Chamber: HOUSE - The House worked through the Calendar this week, joining the Senate for a Joint Assembly on Wednesday to elect a number of judges. Tuesday, the House cleared some of their...more

Illinois Attorney General Files UDAAP Action Against For-Profit College

The Illinois Attorney General, who filed suit two years ago under the Illinois Consumer Fraud and Deceptive Business Practices Act against a group of entities related to for-profit college financing, amended its complaint to...more

Cordray Discusses Student Loans at Boulder Summer Conference on Consumer Financial Decision Making

Director Cordray spoke at the Boulder Summer Conference on Consumer Financial Decision Making this week, addressing student loan debt as a “pressing problem and a matter of grave importance to public policy in America.”...more

Dischargeability of Student Loan Debt in Bankruptcy

Title 11 U.S.C. § 523(a)(8) of the United States Bankruptcy Code provides that, in order to obtain a discharge of an otherwise nondischargeable student loan, an individual in bankruptcy (the “debtor”) must establish that he...more

Illinois AG wins motion to add Dodd-Frank UDAAP claim to complaint against for-profit college

Earlier this month, an Illinois state court granted the motion of the state’s Attorney General to further amend her complaint in a lawsuit filed against a for-profit college and its owners to add new counts alleging that the...more

Senator Durbin Presses Student Loan Servicers On SCRA; Consumer Group Wants More Student Borrower Information

On May 14, Senator Dick Durbin (D-IL) sent a letter to student loan servicers calling on them to voluntarily establish a liaison for servicemembers with student loan accounts to assist those servicemember with obtaining SCRA...more

2014 Legislative Short Session - Education Bills Introduced

The NC General Assembly kicked off its 2014 Short Session (adjournment goal of July 4th is reasonable) with bill introductions that are relevant...more

Has the SCRA been amended for everyone?

Not only student loan servicers, but all companies, particularly those subject to the CFPB’s supervisory authority, face new compliance risk under the Servicemembers Civil Relief Act (the “SCRA”) as a result of the stunning...more

Did the CFPB, DOJ, and ED Just Amend the Servicemembers Civil Relief Act?

Yesterday, as a result of a referral from the Consumer Financial Protection Bureau, the Department of Justice and the Department of Education announced a $60 million settlement against a major student loan servicer for...more

How to Respond to a CFPB Civil Investigative Demand

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

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