Education Finance & Banking

Read need-to-know updates, commentary, and analysis on Education issues written by leading professionals.
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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

CFPB Consumer Advisory Board to meet on Oct. 27

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board (CAB) will be held on October 27, 2016. The notice indicates that the CAB will discuss student loan...more

California Enacts New Licensing Requirements for Student Loan Servicers

Student loan servicers located in California servicing loans made to residents of any state and those located elsewhere servicing loans made to California residents will be subject to a new licensing requirement created by...more

CFPB Flunks For-Profit Education Company, Orders $31M Payment

Continuing its recent focus on student lending, the Consumer Financial Protection Bureau (CFPB) ordered a for-profit college company to provide loan forgiveness and refunds of more than $23 million, adding an $8 million civil...more

CFPB discusses handling of student loan partial prepayments by servicers

In a new blog post by Student Loan Ombudsman Seth Frotman, the CFPB discusses its concerns regarding how student loan servicers may be responding to borrowers seeking to make partial prepayments on their student loans and...more

CFPB September 2016 complaint report highlights money transfer complaints, complaints from Pennsylvania consumers

The CFPB has issued its September 2016 complaint report which highlights complaints about money transfers and complaints from consumers in Pennsylvania and the Philadelphia metro area.  The CFPB began taking money transfer...more

New California Law Requires Increased Private Fund Fee and Expense Disclosure

Recent state legislative developments in California will require disclosure of certain information by private investment fund managers, primarily in the area of fees and expenses incurred by state and local pension and...more

Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers

This past Thursday, September 22, a federal district court in the Central District of California dismissed an action raising usury claims against several student loan servicers, rejecting the plaintiffs' arguments based on...more

New True Lender Case Provides Support for the Bank Partnership Model

The court explicitly acknowledged that making it difficult for banks to assign or sell their commercial property to the secondary market impedes good public policy. On September 20, the U.S. District Court for the...more

The CFPB's Latest: Student Loans and Fix-It Forms

The Consumer Financial Protection Bureau has taken two actions that are worthy of note. First, the Student Loan Ombudsman released his mid-year report, in which he focused his attention on complaints about servicer activity...more

CFPB highlights impact of student debt on communities of color

In a new blog post, the CFPB states that recent research “underscores the disproportionate impact of student debt on communities of color.” According to the CFPB, federal government data shows that over 90 percent of...more

CFPB enters into consent order with for-profit college owner

The CFPB announced that it has entered into a consent order with Bridgepoint Education, Inc., the owner of two for-profit colleges, to settle charges that the company’s representatives engaged in deceptive acts or practices...more

CFPB Midyear Update Signals 3 Steps Student Loan Servicers Should Consider Taking Now

As regulatory pressure on student loan servicing continues to increase, servicers are paying close attention to the steady stream of news and publications issuing from the CFPB and the Department of Education. The most recent...more

Absolutely no shock Universities being sued over their Plans

There has been an influx of participant lawsuits against private universities for the 401(k) and/or 403(b) plans they sponsor for their employees. That’s like shooting fish in a barrel....more

The Trend Reverses: College Tuition Payments Shielded from Avoidance in Bankruptcy - Bankruptcy Court Rules in Favor of University...

It is the start of a new semester, and all across the country, parents are writing tuition checks to the colleges and universities that their children attend. Colleges accept the checks on behalf of the students, the tuitions...more

[Webinar] The Proposed Repayment Rate for Proprietary Schools (Proposed Borrower Defense Rule Series) - September 14th, 12:00pm...

Our final webinar will focus on the new repayment rate the Department proposes for proprietary institutions. We will examine in detail the methodology the Department suggests it would use, and the penalty associated with a...more

California's Legislature Puts Additional Disclosure Pressure on Fund Managers with the Passage of AB 2833

On August 24th, the California Legislature approved Assembly Bill No. 2833 (“AB 2833”), which is now headed to Governor Jerry Brown’s desk for signature. If Governor Brown signs the bill, as is expected, all public pension...more

IRS Relaxes Restrictions on Management Contracts for Bond-Financed Facilities

The IRS on August 22, 2016 released long-anticipated Revenue Procedure 2016-44 (Rev. Proc. 2016-44), which substantially increases flexibility in, and provides a less formulaic approach to, the ability of a tax-exempt bond...more

Student loan complaint update highlights IDR plan application issues

The CFPB’s Student Loan Ombudsman has released a new “Mid-year update on student loan complaints” that highlights issues related to income-driven repayment plan (IDR) application issues. The update covers complaints...more

[Webinar] Proposed Elimination of Arbitration Clauses (Proposed Borrower Defense Rule Series) - September 7th, 12:00pm CST

The third webinar in our series will examine the proposed elimination of arbitration clauses in agreements between students and institutions. We will discuss the particulars of the proposal, to include the potential impact...more

Heal Thyself: Insider Threats to Heed, Especially for Industries with Large Amounts of Personal Information

A recent study by the Ponemon Institute found that insider threats due to malicious or negligent employees are the leading cause of private-sector cybersecurity incidents. Of the over 600 information security professionals...more

Multiple Universities Sued Over 403(b) Retirement Plan Investment Fees

In the last several days, a number of large private universities have been sued regarding the investment fees in their 403(b) retirement plans. The lawsuits claim that these universities breached their fiduciary duties under...more

[Webinar] Proposed Changes to the Financial Responsibility Standards - August 31st, 12:00pm CST

Among the significant changes proposed by the Department are revisions to the financial responsibility standards. The proposed regulation would create a significant number of new “triggering events” that would automatically...more

Colleges and Universities Targeted in Class Action Lawsuits over Operation of Retirement Plans

Multiple class action lawsuits seeking millions of dollars in damages were filed last week against eight nonprofit universities challenging the administration of their 403(b) retirement plans. The lawsuits, which were all...more

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