Education Finance & Banking

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

House Committee Advances Higher Education Bills

This summary is the first installment in a series examining the five bipartisan bills in greater detail. As much of the attention in Washington this week was concentrated on the sit-in by House Democrats over gun control...more

Alert: ED Issues Sweeping Proposed Rules on Borrower Defense

Almost four months after the marathon negotiated rulemaking ended in March without consensus, the US Department of Education (ED) has released a massive Notice of Proposed Rulemaking describing how it plans to refocus the...more

What’s Next for Student Loans at the CFPB?

The Consumer Financial Protection Bureau (CFPB) will not be flexing its rulemaking muscles in the student loan arena for some time to come, according to the CFPB’s spring 2016 rulemaking agenda. The fall 2015 rulemaking...more

Legislative Update

With negotiations on the budget bill (HB 1030) still continuing outside the public view, this week the General Assembly focused on other issues. Tax Proposals; Services Tax Clarifications and New Market Jobs Act - ...more

Ban Proposed on Mandatory Pre-Dispute Arbitration Agreements by Schools Receiving Title IV Aid for Student Borrowers

The U.S. Department of Education has issued a proposed rule that includes a ban on mandatory pre-dispute arbitration agreements by schools receiving Title IV assistance under the Higher Education Act (HEA) and a new federal...more

SEC’s First Action Based On Dodd-Frank Muni Adviser Fraud Section

The SEC has been focusing on municipal bond offerings, filing a series of enforcement actions. An action brought this week is the first, however, based on the Dodd-Frank fraud section related to municipal advisers. The action...more

SEC Brings First Action under Dodd-Frank Municipal Advisor Antifraud Rules

Two California-based municipal advisory firms and their executives have agreed to settle SEC charges that they used deceptive practices when soliciting the business of five California school districts....more

Naming Rights, Sponsorships, Advertising and Other Private Business Use Relating to Texas Public High School Stadiums and Other...

In addition to building some of the nation's largest high school football stadiums, Texas public school districts are following a national trend – the sale of naming rights to football stadiums and other district facilities....more

Alert: Rulemaking Panel Proposes Process for Student Debt Forgiveness Under BDTR

This is the third in a series of Cooley client alerts that discuss issues raised during the Borrower Defense to Repayment (BDTR) Negotiated Rulemaking. Our first alert discussed the Negotiated Rulemaking itself, and the...more

News from Second and State

This was the last week of session before high-budget season starts in June, and all of the action was in the House of Representatives. Though it’s never really certain how the state spending plan will shake out until it’s...more

CFPB Releases Spring 2016 Rulemaking Agenda

The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not...more

CFPB May 2016 complaint report highlights credit reporting complaints, complaints from New Mexico consumers

The CFPB has issued its May 2016 complaint report which highlights complaints about credit reporting  and complaints from consumers in New Mexico and the Albuquerque metro area.  The CFPB began taking complaints about credit...more

Court Grants Student Loan Debt Relief to a Graduate of a Non-Accredited Medical School

On April 4, 2016, the U.S. Bankruptcy Court for the Eastern District of New York issued a decision that may significantly change the landscape of student debt relief. In re Decena, No. 15-72903, 2016 WL 1371031 (Bankr....more

CFPB releases Spring 2016 rulemaking agenda

The CFPB has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not reflect the CFPB’s release of its proposed...more

Higher Learning: A Potentially Expensive Lesson About 529 Plans

A “529 qualified tuition plan” is an education savings plan designed to encourage and help families set aside funds for future college costs. It’s named after Section 529 of the Internal Revenue Code, which created this type...more

Department of Education Cash Management Regulations To Become Effective

Final regulations promulgated last year by the United States Department of Education (the “Department”) become effective July 1, 2016. The Department stated that the purpose of the regulations is “to address recent changes in...more

Alert: New Student Debt Standards Could Allow Massive Loan Forgiveness

While the Negotiated Rulemaking has concluded, the issues embedded in the Borrower Defense to Repayment regulation (BDTR Rule) remain under active discussion within the US Department of Education and promise to change the...more

School Districts: Tax Cap Upheld Over Strong Dissent - Next Stop N.Y.’s Highest Court (5/16)

The Appellate Division, Third Department today upheld a constitutional challenge to New York’s tax cap. The suit, brought by NYSUT, asserted several different legal theories challenging the constitutionality of the statute....more

Financial Services Weekly News - May 2016

Regulatory Developments - CFPB Responds to Industry Concerns on Know Before You Owe Rule - On April 28, the CFPB issued a letter to banking and industry groups in response to an inquiry by the Mortgage Bankers...more

The “Payback Playbook”: CFPB Calls for Comments on Student Loan Communication Initiative

On April 28, 2016, the CFPB released its “Payback Playbook” initiative proposal, which concerns loan servicers laying out student loan repayment options in communications with borrowers in order to “reduce defaults, improve...more

Dept. of Education announces student loan credit reporting and servicing initiatives

Last week, the CFPB announced that it had issued a Request for Information seeking comment on a set of prototype disclosures (the “Payback Playbook”) to assist federal student loan borrowers in selecting between alternative...more

Financial Services Weekly News - April 2016 #4

Regulatory Developments - Federal Banking Regulators Propose Net Stable Funding (Liquidity) Ratio - The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation...more

Stanford declines to divest fossil fuels

Should university endowments be invested in fossil fuel companies? Or should they divest such holdings? Universities across the U.S. are considering these questions....more

CFPB seeking comment on new repayment plan disclosures for federal student loan borrowers

The CFPB has issued a Request for Information (RFI) seeking comment on a set of prototype disclosures to assist federal student loan borrowers in selecting between alternative repayment plans.  Comments are due on or before...more

CFPB Suffers First Official CID Challenge

On April 21, 2016, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled on the first judicial challenge to the Consumer Financial Protection Bureau’s (“CFPB,” or “Bureau”) authority to...more

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