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Education Finance & Banking

Read need-to-know updates, commentary, and analysis on Education issues written by leading professionals.

D.C. Circuit affirms denial of CFPB petition to enforce CID issued to college accrediting organization

by Ballard Spahr LLP on

The D. C. Circuit has affirmed the D.C. federal district court’s April 2016 denial of the CFPB’s petition to enforce a CID issued to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015....more

Regular CFPB Service Provider Examinations Have Begun; More Service Providers to Face Examinations

by Ballard Spahr LLP on

At the program held on April 7 titled “The State of Consumer Protection Initiatives” at the American Bar Association Business Law Section Consumer Financial Services Committee 2017 Spring Meeting, Peggy Twohig, the CFPB’s...more

CFPB’s Fair Lending Report Indicates Increased Focus for 2017 on Servicing and Small Business Lending

For many of us, the mention of fair lending enforcement immediately brings us to the origination side of the industry, specifically conjuring thoughts of redlining and Home Mortgage Disclosure Act (HMDA) data. While these...more

CFPB identifies 2017 priorities in annual fair lending report

by Ballard Spahr LLP on

In its new annual report covering its fair lending activities during 2016, the CFPB identifies the following three areas on which it “will increase our focus” in 2017...more

Blog: Avoiding Common Legal Issues at Coding Schools: Marketing

by Cooley LLP on

This is the first of a series of posts on common legal and regulatory pitfalls that alternative education providers must proactively avoid. Today’s topic is avoiding sloppy or overly aggressive marketing....more

Secretary DeVos withdraws Dept. of Education’s policy direction for student loan servicing

by Ballard Spahr LLP on

In a memorandum issued last week, U.S. Department of Education Secretary Betsy DeVos withdrew various memoranda issued by the Obama Administration ED Secretary and the ED’s Financial Student Aid Division (FSA) that provided...more

OCC Publishes New “Retail Lending” Booklet

by Ballard Spahr LLP on

Last week the Office of the Comptroller of the Currency published a “Retail Lending” booklet, a new addition to the Safety and Soundness Asset Quality category of the Comptroller’s Handbook, which discusses the risks...more

CFPB Issues its Annual Fair Lending Report and Sets its 2017 Agenda

The CFPB has issued its 2016 Fair Lending Report which provides a summary of the Bureau’s efforts in fair lending for 2016. The Report also includes an indication of the Bureau’s fair lending priorities for 2017. Here are...more

North Carolina Legislative Update - April, 2017 #2

by Brooks Pierce on

This week at the Legislature, House members filed dozens of bills and tried to get as much accomplished as possible prior to the legislature's spring recess. Confirmations - The Senate continued the process of...more

Controversial NY lender and student loan servicer licensing proposals removed from budget bill

by Ballard Spahr LLP on

A New York lender licensing proposal that threatened to create new regulatory burdens for financial service providers and to potentially adversely affect credit availability to New York residents and businesses, has been...more

FAFSA Data Retrieval Tool Remains Down Over Security Concerns

Last week, the Internal Revenue Service (IRS) and Federal Student Aid (FSA) announced that the Data Retrieval Tool (DRT) on fafsa.gov and StudentLoans.gov will be unavailable until extra security protections could be added....more

CFPB Monthly Report Highlights Consumer Complaint Increases in Mortgage and Credit Card Products

The CFPB issued its monthly report on consumer complaints this week. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product category, by...more

The Supreme Court - March, 2017 #3

by Dorsey & Whitney LLP on

The Supreme Court of the United States issued decisions in three cases today: Czyzewski v. Jevic Holding Corp., No. 15-649: Respondent Jevic Transportation filed for Chapter 11 bankruptcy. This spawned two lawsuits. ...more

VIE Validity Still Unsure - It may be premature to conclude that the decision of China’s Supreme People’s Court in last year’s...

A 2016 judgment (the “Judgment”) made by the Supreme People’s Court of China (the “Supreme Court”) was believed by some scholars and practitioners to confirm judicial recognition of the VIE structure. We believe the Supreme...more

OIG: U.S. Department of Education Must Do More to Police the Financial Condition of Colleges and Universities

by Hogan Lovells on

Last week, The Chronicle of Higher Education reported that it had analyzed data released by the U.S. Department of Education (“ED”) and concluded that 177 private colleges and universities failed ED’s financial responsibility...more

Student Loan Servicers Still Looking for Clarification on Reporting Obligations

There is surprisingly little guidance for student loan servicers when it comes to credit reporting. The only recent guidance directed at loan servicers came by way of an announcement from the U.S. Departments of Education and...more

Student Loan Servicing Laws Enacted in Washington, D.C., Proposed in New York

by Ballard Spahr LLP on

Washington, D.C., and New York recently moved forward with efforts to license and regulate student loan servicers. In Washington, D.C., servicers of student loans made to District of Columbia residents are subject to a new...more

Court declines to enjoin Dept. of Education termination of recognition status of college accrediting organization challenging CFPB...

by Ballard Spahr LLP on

In December 2016, the Secretary of Education issued a decision adopting the decision of the Department of Education’s Senior Department Official terminating and withdrawing the Department’s recognition of the Accrediting...more

What to Expect under Secretary of Education Betsy DeVos

by Jackson Lewis P.C. on

DeVos has a record of promoting charter schools and school vouchers at the K-12 level, but little is known about her priorities for higher education. Her prepared comments and responses during her Senate confirmation hearing...more

D.C. Circuit hears oral argument on CFPB authority to issue CID to college accrediting organization

by Ballard Spahr LLP on

Last week, the D. C. Circuit held oral argument in the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for...more

Governor Baker Files FY2018 Budget

On Wednesday, January 25th, Governor Charlie Baker announced a $40.508 billion budget for FY2018 that increases state spending by a projected $1.65 billion, or 4.3 percent, over FY2017 levels. The budget proposal, Baker’s...more

CFPB continues work on student loan payback playbook disclosures

by Ballard Spahr LLP on

The CFPB recently revised the prototype student loan Payback Playbook disclosures it has been developing with the Departments of Education and Treasury. These revisions were based on feedback from nearly 3,500 individual...more

SC Public Policy Update - January 2017 #3

by Nexsen Pruet, PLLC on

What's New - JUDICIAL ELECTIONS - A Joint Assembly is scheduled to take place on Wednesday, February 1, at noon for the election of a number of judges, including a race for a vacant seat on the South Carolina...more

The looming student debt crackdown: compliance and enforcement lessons from the foreclosure crisis

Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more

[Webinar] New Audit Guidelines for Higher Educational Institutions - February 1st, 11:00am CT

by Thompson Coburn LLP on

On Wednesday, February 1, Mike Wherry, a CPA with 25 years of experience in the public sector to postsecondary schools will join Aaron Lacey in presenting a webinar focusing on the four main changes that were issued in the...more

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