Education Finance & Banking

Read need-to-know updates, commentary, and analysis on Education issues written by leading professionals.
News & Analysis as of

U.S. Department of Education Proposes New Restrictions on Campus Financial Products

The U.S. Department of Education has issued proposed revisions to its Title IV Higher Education Act (HEA) cash management rules that include significant new restrictions on financial products used to disburse credit balance...more

Minnesota Session Ends With Governor Threatening Veto

The Minnesota legislature concluded its business last evening with Governor Mark Dayton threatening to veto a $17 billion public education funding bill – a threat he carried through with earlier today. The governor issued the...more

CFPB Launches Official Inquiry Into Student Loan Servicing

The CFPB has announced an inquiry into student loan servicing practices. The inquiry includes a formal Request for Information from borrowers, institutions, financial service providers, and others, and call to borrowers to...more

CFPB Holds a Field Hearing on Student Loan Servicing Issues

On May 14th, the same day that the CFPB launched a public inquiry into student loan servicing loan practices (the “Request for Information”), the CFPB held a public field hearing in Milwaukee, Wisconsin to address issues with...more

Minnesota Weekly Legislative Update: 05/15/2015

The focus at the Capitol this week for the Minnesota Legislature has been budget negotiations among Governor Dayton, Senate Majority Leader Bakk and Speaker Daudt. As of Friday morning, only two targets have been released —...more

Bankruptcy Trustees Target Colleges and Universities

Over the past few years, higher education institutions have seen an increase in litigation from an unexpected source: bankruptcy trustees. Trustees appointed in personal bankruptcy cases are seeking to claw back tuition...more

CFPB Announces Student Loan “Inquiry”

CFPB Director Richard Cordray announced the commencement of a CFPB “public inquiry” into the hurdles that make repayment of student loans a “stressful process and even at times a harmful one.” Speaking in Milwaukee, Wisconsin...more

CFPB issues request for information regarding student loan servicing and re-launches its “Repay Student Debt” tool

Consistent with its continued focus on student lending, the CFPB issued a new request for information regarding student loan servicing. The request for information seeks input from the public regarding all aspects of student...more

SEC Files Fraud Action Centered on Student Loans

Student loans, and the debt burdening many students at graduation, is an important political topic. It is not generally a subject for the Securities and Exchange Commission. Nevertheless, at the center of is most recent...more

See You In Court – May 2015

Seymour Dollars, the irascible Chairperson of the Nutmeg Board of Finance, gave the Board of Education a very hard time throughout the entire budget process this year. He questioned the Board down to the minutest detail of...more

Illinois Crackdown on Companies Targeting People Struggling to Repay Student Loans Continues

On May 4, Illinois AG Lisa Madigan’s office announced that it filed five lawsuits against companies that allegedly scammed borrowers into paying hundreds to thousands of dollars in upfront fees with the false hope that they...more

FY2016 Massachusetts Budget Update: The House Budget

On April 29 the Massachusetts House of Representatives approved a $38.1 billion spending plan for FY2016 by a unanimous vote of 158-0. Over roughly 28 hours of sessions, the House dispensed with over 1,000 amendments to pass...more

University of California Issues Draft RFP for UC Merced 2020 Project

The Regents of the University of California, on behalf of the University of California, Merced, issued a draft Request for Proposals (RFP) for the UC Merced 2020 Project on May 7, 2015. The draft RFP was provided to the...more

North Carolina Legislative Report

The General Assembly convened for the 2015 legislative session on January 14. Lawmakers returned to Raleigh on January 28 to begin the session in earnest. The MVA Public Affairs Legislative Report on North Carolina will be...more

CFPB Publishes Information Regarding Servicemembers’ Complaints

On April 27, the CFPB published a report regarding the trend of recent complaints submitted to the Bureau by Servicemembers entitled, A Snapshot of Complaints Received from Servicemembers, Veterans, and their Families....more

CFPB Sets Date For Student Debt Field Hearing

On April 29, the CFPB revealed via blog post that it will host a field hearing focusing on issues related to student debt. The hearing will be held in Milwaukee, Wisconsin and is scheduled to occur on Thursday, May 14....more

North Carolina Legislative Report

The General Assembly convened for the 2015 legislative session on January 14. Lawmakers returned to Raleigh on January 28 to begin the session in earnest. The MVA Public Affairs Legislative Report on North Carolina will be...more

Week In Review - May 2015

Budget Showdown - Governor Mark Dayton has expressed dismay at the direction lawmakers are veering in their budget plans. On spending state money, lawmakers are widening the chasm. The May 18 legislative...more

The Nevada Data Breach Law

Nevada, like most states, has a data security statute that addresses what to do when there’s a data breach. Here’s a quick summary of the Nevada law, which is found at N.R.S. § 603A.010 et seq, “Security of Personal...more

CFPB to hold May 14 field hearing on student debt

The CFPB has announced that on May 14, 2015, it will hold a field hearing in Milwaukee on student debt. Similar to other field hearings, Director Cordray will give remarks and witnesses will include members of consumer...more

Corinthian Colleges: Part Two - the "Perfect Storm" - Blog: Consumer Financial Protection Bureau

Corinthian Colleges (“Corinthian”) announced this past Sunday, April 26 that Corinthian was ceasing operations at its remaining physical campuses. This April 26 announcement specifically refers to the remaining 30 or so...more

North Carolina Legislative Report

The General Assembly convened for the 2015 legislative session on January 14. Lawmakers returned to Raleigh on January 28 to begin the session in earnest. The MVA Public Affairs Legislative Report on North Carolina will be...more

Rating Agency Developments

On April 23, Fitch released its updated criteria for rating operational risk of U.S. servicers of RMBS and small balance commercial securities. On April 23, Fitch released its updated criteria for rating operational risk of...more

Access on the Table: the ChAFTA and Lessons for Canada

On November 17, 2014, the governments of Australia and the People’s Republic of China signed a declaration of intent on the China-Australia Free Trade Agreement (ChAFTA), bringing to a close 24 rounds of negotiations...more

Minnesota Weekly Legislative Update: 04/2015

All week, both chambers and their respective finance committees have been working toward tonight’s third deadline of the session, by which committees must act favorably on major appropriation bills....more

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