Education Finance & Banking

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Senator Cautions Education Department On Student Aid Disbursement Products Rulemaking

On August 12, Senate Banking Committee ranking member Mike Crapo (R-ID) sent a letter to Education Secretary Arne Duncan to express concern that an ongoing Education Department rulemaking regarding student loan disbursement...more

Class Action Plaintiffs Look to Fair Credit Reporting Act for Private Relief from Data Breaches Involving Health Information

A recent class action brought against the University of Miami (“University”) previews what could become an emerging trend among plaintiffs’ class action attorneys to seek damages for the unauthorized disclosure of personal...more

Senator Crapo raises concerns with Department of Education campus financial product rulemaking

Republican Senator Mike Crapo, Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter last week to Department of Education (ED) Secretary Arne Duncan to raise several concerns with the...more

CFPB Pressures Banks To Disclose Campus Marketing Agreements

On August 6, the CFPB’s Student Loan Ombudsman, Rohit Chopra, published a blog post addressing the financial arrangements between financial institutions and institutions of higher education that market financial products to...more

Media reports on student loan debt: distortions abound

Two recent articles highlight how student loan debt is often the subject of distorted reporting. An article from Hamilton Place Strategies observed that news stories often include anecdotal stories about families...more

Discharging the Brunner Test: Student Loan Debt in Bankruptcy

Twenty-seven years ago the Second Circuit was faced with a debtor who proposed to use the Bankruptcy Code to avoid her student loan debt – only five months after graduation. The Second Circuit came down harshly on Ms. Brunner...more

Deadlines Applicable to Colleges and Universities Approaching for Participation in SEC’s Continuing Disclosure Cooperation...

On March 10, 2014, the Securities and Exchange Commission (“SEC”) announced a voluntary self-reporting program for issuers and underwriters of municipal bonds for reporting of inaccurate statements made in offering documents...more

CFPB calls out banks for not publicly disclosing campus financial product marketing agreements

According to a new blog post about “secret banking contracts” by Rohit Chopra, the CFPB’s Student Loan Ombudsman, the CFPB is sending letters to colleges and universities “to make sure they know that their bank partner has...more

Another report debunks comparison between student debt and mortgage loan crisis

A new report from The Vanguard Group disagrees with those who seek to draw comparisons between the current level of student debt and the level of mortgage debt that led to the housing crisis. Titled “No bubble to...more

Members Of Congress Caution Education Department On Aid Disbursement Rulemaking

Over the past week, members of Congress from both parties have sent several letters to the Department of Education (DOE or ED) regarding its ongoing rulemaking related to the ways higher education institutions request,...more

Capital Thinking: Education

Regulatory Activity - Online Skills Academy - Last week, the Department of Education announced its collaboration with the Department of Labor to develop a $25 million grant competition for an Online Skills...more

ML Strategies FY2015 Massachusetts Budget Update: Conference Committee Budget

On June 30th, the eve of the Commonwealth’s new fiscal year, the House and Senate both approved the joint conference committee report on the FY2015 spending plan. Governor Deval Patrick, who left to attend the Panamanian...more

SEC Announces First Settled Proceeding Against Municipal Issuer under MCDC Initiative

The SEC announced July 8 its first settled administrative proceeding against a municipal issuer under its Municipal Continuing Disclosure Cooperation (“MCDC”) Initiative. In its Order, the SEC charged Kings Canyon Joint...more

Education Department OIG Reports On Borrower Complaints Against Collection Agencies

On July 15, the Department of Education’s Office of Inspector General (OIG) published a report on its audit of the Department’s Federal Student Aid (FSA) office, which revealed that the FSA has failed to effectively: (i)...more

Illinois AG Sues Student Debt Relief Firms

On July 14, Illinois Attorney General (AG) Lisa Madigan announced that her office filed separate civil lawsuits in state court against two student debt relief firms and their principals. The lawsuits allege that the...more

Congress Considers Multiple Proposals in Advance of Higher Education Act Reauthorization

Recently, there have been a number of bills issued and proposals made as the U.S. Congress begins the process of reauthorizing of the Higher Education Act (“HEA”). Although a final reauthorization bill is not anticipated...more

Federal Reserve Takes Action Against Bank For Vendor’s Allegedly Deceptive Practices

On July 1, the Federal Reserve Board announced a joint enforcement action with the Illinois Department of Financial and Professional Regulation against a state bank that allegedly failed to properly oversee a nonbank...more

ML Strategies FY2015 Massachusetts Budget Update: Governor Patrick Issues Vetoes, Signs Budget

On Friday, Governor Deval Patrick signed into law a $36.5 billion state budget for FY2015, which is nearly $10 billion larger than the budget he proposed back in January 2014. Before signing off on his eighth and final annual...more

SEC Resolves First Case Under New Municipalities Continuing Disclosure Cooperation Initiative

On July 8, 2014, the SEC announced that it had settled charges that a school district in California misled bond investors about its failure to comply with its continuing disclosure obligations under Rule 15c2-12 of the...more

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

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