Education Finance & Banking

Read need-to-know updates, commentary, and analysis on Education issues written by leading professionals.
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Class Action Roundup: Fall 2016

In this edition of Class Action Roundup, we feature decisions from the third quarter of 2016, covering everything from pizza delivery and Uber drivers to payday lenders, canned tuna manufacturers, and even...more

The Forgotten Face of Student Lending

Mention student loans and the face that comes immediately to mind is probably someone in their early twenties. A recent report from the CFPB sheds light on an overlooked segment of the student loan population – consumers 60...more

SC Public Policy Update - January 2017

What's New - Members of the South Carolina General Assembly returned to Columbia on Tuesday, January 10th, to begin the first year of the 122nd Legislative Session. The top priorities facing lawmakers entering the new...more

2017 May Be an Eventful Year for Student Loan Industry

As expected, student loans were a major issue in 2016, as the presidential election brought the issue to the forefront and regulatory scrutiny continued to rise. 2017 is now upon us, and the CFPB wasted no time getting the...more

Cybersecurity and Data Privacy: New York State Department of Financial Services to Implement Regulations Applicable to All...

Following a public comment period, the New York State Department of Financial Services (DFS) has published a modified version of new regulations, previously issued on September 13, 2016, aimed at creating higher cybersecurity...more

CFPB releases report on student loan debt owed by older consumers

The CFPB has released a new report, “Snapshot of older consumers and student loan debt,” that provides statistics on the growing number of consumers age 60 and over (older consumers) who owe student loan debt and the growing...more

CFPB releases report on college credit card agreements and compliance bulletin

The CFPB released its annual report on college credit card agreements (the fifth issued by the CFPB), together with a compliance bulletin regarding the obligation of colleges and universities under the CARD Act to publicly...more

D.C. Circuit to hold Feb. 2 argument on CFPB authority to issue CID to college accrediting organization

The D.C. Circuit will hear oral argument on February 2, 2017 on 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...more

GAO report highlights gap in SCRA oversight for private student loans; encourages CFPB to seek additional statutory authority

On November 18, the GAO released a report examining issues related to implementation of the Servicemembers Civil Relief Act (SCRA) interest rate cap for student loans. The Senate Committee on Homeland Security and...more

Year-End Tax Planning with Tax Credit-Funded Scholarships

The Alabama Accountability Act provides state income tax credits to certain donors who make contributions to a state-approved scholarship granting organization (SGO). Alabama’s neediest school children can be helped at little...more

[Webinar] The Elimination of Pre-Dispute Arbitration Clauses and the New Repayment Rates for Proprietary Schools - Dec. 8th,12pm...

The fourth webinar in our "Decoding the FINAL Borrower Defense Rule" series will examine the ban on pre-dispute arbitration agreements and class action waivers. We’ll discuss the impact of these rules on past and future...more

[Webinar] Changes to Closed School and False Certification Discharge - December 6th, 12:00pm CT

In our third webinar of the "Decoding the FINAL Borrower Defense Rule" series, we’ll examine the changes the new regulation makes to the closed school and false certification discharge rules. In particular, we’ll focus on the...more

Vermont AG Settles Lawsuit with California Student Loan Debt Consolidation Company

On November 18, 2016, the Attorney General for the State of Vermont (Vermont AG) announced that it had entered into a settlement with a California student loan debt consolidation company related to the company’s business of...more

Make college great again: Higher education in the Trump era

Much has already been written about President-elect Donald Trump’s unanticipated victory and the GOP retention of Congress last week. But what should the nation’s institutions of higher education — and the students they serve...more

Saudia Arabia’s new finance minister faces questions over implementing Vision 2030 in education sector

Saudi Arabia last week appointed Mohammed al-Jadaan as the country’s new finance minister. Al-Jadaan has reinforced his commitment to the country’s Vision 2030 initiative, which was revealed earlier this year to serve as a...more

Alert: All Institutions Face New Risks Under ED’s Final Borrower Defense Rule

In this, the first in a series of client alerts that will explain the workings of the new Borrower Defense to Repayment Rule (BDTR), we explore what promises to be a series of rules, procedures and interpretations to be...more

[Webinar] The Revised Financial Responsibility Standards - December 1st, 12:00pm CT

Among the significant changes made by the new rules are revisions to the financial responsibility standards that apply to private institutions (both nonprofit and proprietary). The regulation creates a significant number of...more

[Webinar] The New Borrower Defense Framework - November 29th, 12:00pm CT

In this first webinar of the "Decoding the FINAL Borrower Defense Rule" series, we’ll closely examine the new borrower defense framework, with particular attention to what constitutes a valid “claim,” the risk of...more

CFPB issues Fall 2016 Supervisory Highlights

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more

Department of Education Adopts Rules Increasing Student Loan Risk for Schools

As we previously reported, in June the Department of Education (DOE) proposed new rules relating to when students could assert a borrower defense to repayment, effectively a discharge of student loans. On November 1, DOE...more

Dept. of Ed. Bans Pre-Dispute Arbitration Agreements by Title IV Schools

The U.S. Department of Education has issued a final rule that broadly addresses the ability of a student to assert a school's misconduct as a defense to repayment of a federal student loan. The final rule includes a ban on...more

CFPB Focuses on Servicing in Update to Student Loan Examination Procedures

On Monday the CFPB released updated examination procedures for student loans.  This update revises and expands on a previous update that was released in December 2013 in conjunction with the CFPB’s “larger participants” rule...more

New California Laws for Financial Institutions

As the California legislative session wound down, Governor Jerry Brown signed multiple bills into law that will impact financial institutions. What happened - Financial institutions in California should prepare...more

CFPB Student Loan Ombudsman’s fifth annual report highlights complaints about transition from default to income-driven repayment...

The CFPB has released its fifth Annual report of the CFPB Student Loan Ombudsman discussing complaints received by the CFPB about private and federal student loans and the lessons drawn by the Ombudsman from those complaints....more

CFPB: The Quarterly Review, Q3 2016

White & Case’s Financial Institutions Advisory (FIA) practice is pleased to share its most recent quarterly newsletter on the Consumer Financial Protection Bureau’s ("CFPB” or "Bureau”) oversight of the consumer financial...more

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