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CFPB promotes online student financial aid resources

In a new blog post, the CFPB promotes its online financial aid resources to students who are now in the process of choosing which school to attend this fall. The blog post directs students to a just-launched “crisp new...more

Municipal Bond Market Absorbs Puerto Rico Supreme Court’s Decision that Teacher Pension Reform Legislation is Unconstitutional...

The latest swerve in the rollercoaster that is Puerto Rico public finance occurred on April 11 with the release of the Puerto Rico Supreme Court’s ruling striking down as unconstitutional the bulk of the territory’s teacher...more

Financial Services Law

D.C. Circuit Court Upholds Fed’s Debit Card Fee Cap, Antiexclusivity Rules - Dealing a blow to merchants nationwide, the D.C. Circuit Court of Appeals reversed a lower court and upheld the rules promulgated by the...more

Closing The Gap Between Privacy Policies And The Use Of Portable Storage Devices

The Office of the Privacy Commissioner of Canada has released its Report of Findings from a year-long investigation into a significant incident involving the loss of personal data at the former Ministry of Human Resources and...more

For-Profit Colleges and the Student Loan Industry Should Take Note of CFPB's Recent Enforcement Action

In a recently filed lawsuit, the Consumer Financial Protection Bureau (CFPB) has demonstrated its willingness to assert its authority over both the student loan industry and for-profit colleges. The defendant in that lawsuit,...more

New York Launches Student Lending Resource Center

On March 13, the New York DFS launched a new website to provide student borrowers with information about (i) the types of financial aid available; (ii) what to do in the event of default...more

Gainful Employment Rule and Student Loan Debt Counseling: A Perfect Match?

New regulations that will impose severe requirements on for-profit colleges and career training programs may open the door to an increased need for independent third-party student loan debt counseling. On March 14, 2014, the...more

New Law Restricts Ability of School Districts to Issue Capital Appreciation Bonds

KMTG continues our series of updates on new legislation signed by Governor Brown. All laws became effective January 1, 2014, unless otherwise stated....more

CFPB Sues For-Profit College Giant ITT, Alleging Strategy of Abusive Lending Practices

After signaling its intention to crack down on deceptive marketing and predatory lending practices by for-profit colleges, the Consumer Financial Protection Bureau has filed its first enforcement action in this arena. The...more

CFPB Files Complaint Against Private Student Loan Lender

The CFPB announced that it had filed a complaint against a nationwide for-profit college’s student lending program for unfair and abusive practices. According to the CFPB, the college’s lending program extended in short-term...more

College Debit Cards

PLA today posts the GAO’s report, issued last month, analyzing the market for college debit cards and expressing concern about “students’ access to no-fee ATMs, schools’ influence over students’ banking and payment choices,...more

We’ve Only Just Begun - Lessons From the CFPB’s First 35 Enforcement Cases

Few agencies have generated as much controversy as the Consumer Financial Protection Bureau. The brainchild of Senator Elizabeth Warren when she was still a professor and the product of the Dodd-Frank Wall Street Reform and...more

Institutions of Higher Education and the Fair Credit Reporting Act: Third Circuit Holds Higher Education Amendments Offer No Safe...

In a recent precedential opinion, the Third Circuit has held that the Higher Education Act provides no safe haven from strict adherence to the Fair Credit Reporting Act for colleges and universities. Moreover, the Court...more

CFPB files enforcement action against for-profit education company over alleged predatory lending tactics

After hinting for months that it intends to use its enforcement powers to police lending in the higher education arena, the CFPB dropped the hammer on ITT Educational Services, filing suit against the for-profit college over...more

Lessons for Marketers from the CFPB Attack on For-Profit Education

We have written recently about the stepped-up scrutiny that the Consumer Financial Protection Bureau (the CFPB) and the Federal Trade Commission (FTC) are placing on for-profit education and related marketing. The opening...more

CFPB Sues For-Profit Educational Institution Over Private Student Loan Origination Practices

On February 26, the CFPB filed its first enforcement action against a for-profit higher-education company, alleging that the company engaged in unfair and abusive private student loan origination practices....more

Alabama Legislative Update - Week 6: Halfway Through the Session, Tax Bills Take Center Stage

Last week marked the halfway point in this legislative session, with Tuesday being the 15th of 30 legislative days. Legislative leaders still expect the 2014 session to end on April 7....more

CFPB supervision of student loan servicers to begin March 1

Later this week, on March 1, the CFPB’s final rule defining larger participants of the student loan servicer market becomes effective. We expect the CFPB to immediately begin examining entities that qualify as larger...more

CFPB Focus on For-Profit Educational Providers Intensifies

The for-profit educational giant ITT Educational Services, Inc., recently revealed in a filing with the Securities and Exchange Commission that it is the target of anticipated legal action from the Consumer Financial...more

Scrutiny of campus financial products grows

The U.S. Government Accountability Office (GAO) has joined the CFPB’s call for more transparency in the area of campus financial products. Last week, the GAO issued a report on college debit cards in which the GAO recommended...more

CFPB Student Loan Ombudsman Questions Marketing Of Student Financial Products; GAO Recommends More Transparency

On February 13, CFPB Student Loan Ombudsman Rohit Chopra published on the CFPB’s blog an update on the CFPB’s review of student financial products and raised concerns about certain marketing arrangements between financial...more

CFPB Reports Results Of Student Loan Payment Allocation Practices Inquiry

On February 3, the CFPB’s student loan ombudsman, Rohit Chopra, released a summary of student loan servicers’ responses to questions the CFPB posed last November about the application of borrower payments. ...more

CFPB Joins With DOD, VA, And Others To Launch Servicemember Education Complaint System

On January 30 the CFPB, the Department of Defense (DOD), the Department of Veterans Affairs (VA), the FTC, and other federal agencies announced the launch of a new online system designed to collect information from veterans,...more

North Carolina Legislative Report - January 31, 2014

The General Assembly has officially completed its business for the 2013 long session. The 2014 short session will begin on Wednesday, May 14, 2014. The MVA Public Affairs Legislative Report on North Carolina will be...more

Private Sector Schools and Third-Party Student Recruitment under FTC and CFPB Scrutiny

The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) are intensifying their regulatory and enforcement focus on proprietary schools and third-party marketing companies. In the fall of...more

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