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North Carolina Legislative Report

The General Assembly adjourned “sine die” on Wednesday, August 20. During the interim, the MVA Public Affairs Legislative Report on North Carolina will be distributed biweekly to keep you up to date on the latest legislative...more

The 198th Session Snapshot

As we say goodbye to 2014, we also say goodbye to the 2013-2014 legislative session. And while we’re looking forward to what’s to come in 2015-2016, we thought we’d take a moment to recap some of the best parts of the past...more

CFPB report highlights inadequate disclosure of campus financial products

In its fifth annual report on college credit card agreements, the CFPB takes financial institutions as well as colleges and universities to task for failing to adequately disclose their marketing agreements for campus...more

Student Debt Relief Services Slapped with TSR and UDAAP Claims

On December 11, 2014, the CFPB filed two actions against debt relief companies. Complaint for Permanent Injunction and Other Relief, Consumer Fin. Prot. Bureau v. IrvineWebWorks, Inc., No. 8:14-cv-1967 (C.D. Cal. Dec. 11,...more

CFPB announces lawsuits against student loan debt relief companies

On December 11, the CFPB announced lawsuits against two student loan debt relief companies alleged to have deceived borrowers into paying upfront fees for federal student loan repayment benefits that are available for free....more

Saving for college is also good for your estate plan

A 529 plan is one of the most powerful and flexible tools available for college savings, but it also provides some unique estate planning benefits. This article explains how 529 plans work for savings purposes, but also notes...more

How to project gainful employment rates – Part 4

By this point our Gainful Employment Series, you will have determined the scope of your institution and the programs that qualify as “GE Programs” (Part 1), created your student cohort (Part 2), and started calculating...more

How to project gainful employment Rates – Part 3

On October 31, 2014, the U.S. Department of Education promulgated its new “gainful employment” or “GE” regulations. The new regulations prominently feature two metrics intended to assess whether a program offers graduates a...more

CFPB’s Supervisory Highlights Document Mortgage, Student Loan Violations

Why it matters In the latest edition of The Bureau of Consumer Financial Protection (CFPB) Supervisory Highlights, the Bureau reported continuing violations in several markets. The Fall 2014 report, which covers...more

Supervisory Highlights

In This Issue: - Introduction - Supervisory observations ..Consumer reporting ..Debt Collection ..Deposits ..Mortgage servicing ..Student loan servicing ..Fair Lending: CFPB’s HMDA...more

CFPB highlights alleged credit reporting errors relating to discharged student loans of disabled veterans

In a new blog post, the CFPB provides credit reporting advice to service-disabled veterans who take advantage of federal student loan forgiveness available from the Department of Education for veterans who receive a 100...more

Murphy School District No. 21 to Pay $138,000 to Settle EEOC Age Discrimination Lawsuit

Federal Agency Says School Used Retirement Plans That Were Facially Discriminatory - PHOENIX -- Murphy School District No. 21 used an early retirement incentive plan which granted greater economic benefits to employees...more

CFPB Report Highlights Errors In Mortgage And Student Loan Servicing

On October 28, the CFPB released the fifth edition of its Supervisory Highlights report. The report highlighted the CFPB’s recent supervisory findings of regulatory violations and UDAAP violations relating to consumer...more

CFPB Report Finds Distressed Private Student Loan Borrowers Driven Into Default

On October 16, the CFPB released a report highlighting complaints by struggling private student loan borrowers who describe being driven into default....more

Banking & Financial Services E-Note - October 2014

In This Issue: - Obama Issues Order to Improve Data Security - Fed Official Calls for U.S. to Stop Bailing Out Banks - Global Regulators Crack Down on Shadow Banking to Curb Risks - CFPB Reports...more

Tax Increment Financing and Tax Abatement Programs: The Part You Play

School districts in Ohio play a very important role in tax increment financing and tax abatement programs. At a minimum, school districts receive notice that a city, county, or township will be approving a property tax...more

CFPB Report Analyzes Private Student Loan Borrowers’ Complaints

On October 16, the CFPB announced the findings of its annual student loan ombudsman report. Analyzing over 5,000 private student loan complaints that the CFPB received from October 1, 2013 through September 30, 2014, the...more

CFPB Student Loan Ombudsman Files Third Annual Report Highlighting Bureau’s Hot Button Issues in Student Lending

The CFPB released its third Annual Report of the Student Loan Ombudsman, Rohit Chopra, discussing complaints received by the CFPB about private student loans and the lessons drawn by the Ombudsman from those complaints....more

Boston Ordinances Proposed to Address Student-Athlete Safety and Scholarships - Ordinances May Lead Other Cities and States to...

The Boston City Council has entered the ongoing national debates and reform efforts concerning collegiate student-athlete issues, including safety and scholarships. Colleges and universities across the United States, athletic...more

Deputy Treasury Secretary Remarks On Student Loans Include Focus On Delinquent Borrower

On September 29, Deputy Treasury Secretary Sarah Bloom Raskin delivered remarks on student loans and their macroeconomic consequences at the National Association for Business Economics. With over $1 trillion in outstanding...more

Why colleges in bankruptcy should have access to federal financial aid

With the reauthorization of the Higher Education Act (HEA) in full swing, the time is ripe for Congress to reconsider current laws prohibiting postsecondary institutions that declare bankruptcy from participating in the...more

Eighth Circuit Reverses Summary Judgment, Directs Trial Court to Determine Whether Consent Was Revoked

In an unpublished, per curiam decision, the Eighth Circuit recently reversed the entry of summary judgment in favor of a defendant and directed the district court to address whether the plaintiff had revoked his consent to...more

New Jersey

A superior court judge will reportedly issue an opinion within the next 30 days in a case brought over a subpoena issued by the state attorney general against a team of MIT students, who developed an experimental software...more

Restructuring in Higher Education

Since 2011, there have been an increasing number of restructurings in higher education. What may have started with the foreclosure and sale of ATI Schools and Colleges has continued this year with last month’s conversion of...more

Year-End Tax Planning and Scholarship Tax Credits

The Alabama Accountability Act of 2013 provides state income tax credits to certain donors who make contributions to a qualified scholarship granting organization operating within Alabama, including our client, the Alabama...more

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