Consumer Protection Education

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Student Aid Enforcement Unit Formed To Protect Students, Borrowers, And Taxpayers

On February 8, 2016, the Obama Administration’s Department of Education announced the creation of a Student Aid Enforcement Unit to respond more quickly and efficiently to allegations of illegal actions by institutes of...more

Is your institution of higher education covered by HIPAA?

It comes as no surprise that virtually every postsecondary administrator is familiar with the Family Educational Rights and Privacy Act (FERPA) (20 U.S.C. § 1232g; 34 CFR Part 99). After all, FERPA, the primary federal law...more

U.S. Government Reminds Colleges and Universities to be Prepared to Defend Advertised Statistics

The Federal Trade Commission (“FTC”) and U.S. Department of Education (“ED”) recently reminded all colleges and universities to review their online and print materials not only for the accuracy of any employment statistics...more

FTC files suit against Devry University for deceptive advertisement from data

The FTC filed suit against Devry University on January 27th, alleging that its ads, stating that 90 percent of its graduates obtained jobs in their field of study, and were making 15 percent more than graduates from other...more

CFPB Jan. 2016 complaint report highlights “other financial services complaints,” complaints from NY State/NY metro area consumers

The CFPB has issued its January 2016 complaint report which highlights “other financial service” complaints and complaints from consumers in New York State and the New York metro area. In addition to the major complaint...more

Senator Warren to address student loan activists

Senator Elizabeth Warren is scheduled to be the keynote speaker today for “National Student Debt Day,” an event in Washington, D.C. for “student loan activists from around the country.” The event is sponsored by Young...more

University Faces Action for Alleged Deceptive Advertising of Graduates' Employment, Earning Prospects

The Federal Trade Commission (FTC) has filed a complaint in a California federal district court against the operators of DeVry University in which it alleges that DeVry violated the FTC Act by misrepresenting the employment...more

CFPB in 2016

A new year is upon us and what better resolution for the financial services industry than thinking ahead and planning for the CFPB's potential agenda in 2016? After the flurry of mortgage activity in both 2014 and 2015,...more

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

Former CFPB student loan ombudsman joins Education Dept.

Politico has reported that Rohit Chopra, the CFPB’s former student loan ombudsman, has joined the Education Department in a senior leadership position focused on protecting student borrowers. Politico also reported that in...more

Privacy Tip #16 – Top privacy tips for 2015

In response to our clients, colleagues, readers and friends’ requests, we started publishing weekly privacy tips 16 weeks ago. We hope that you have found them to be helpful, both in your personal and professional life....more

Higher One, Inc. Enforcement Actions Remind Nonbank Service Providers of Their Legal Obligations When Partnering With Banks

On December 23, 2015, the Federal Reserve Board (“Federal Reserve”) and the Federal Deposit Insurance Corp. (“FDIC” and, collectively with the Federal Reserve, the “Agencies”) announced settlements with Higher One, Inc....more

New Regs Will Change How Colleges Offer Bank Accounts to Students

On October 30, 2015, the Department of Education issued regulations to impose requirements on the marketing and terms of deposit and prepaid accounts offered to students at educational institutions that participate in Federal...more

CFPB Reports on Credit Card Agreements and Warns Colleges of Potential CARD Act Violations

On December 16, the CFPB issued its annual report to Congress regarding credit card marketing agreements between colleges and issuing credit card organizations. Pursuant the Credit Card Accountability, Responsibility, and...more

Senators urges Dept. of Education to delay use of robocalls in collection of federal student loans

In a letter sent last week to U.S. Department of Education Secretary Arne Duncan, four U.S. Senators urge the ED “to direct federal student loan servicers, debt collectors, and all other third parties” to delay use of the new...more

CFPB releases report on college credit card agreements, student account toolkit and warning letters

Earlier this week, the CFPB released  its sixth annual report on college credit card agreements, together with a new toolkit for schools to use when considering potential co-sponsorships of financial accounts, such as prepaid...more

Department of Education invites comments on new complaint online system

The Department of Education has published a notice in the Federal Register inviting comments on its plans to create a new Web site by July 1, 2016 for students and borrowers to file complaints about federal student loans. The...more

Blog: University of Rochester Medical Center Reaches Agreement to Settle Alleged HIPAA Breach

Last week, the University of Rochester Medical Center (URMC) reached agreement with the New York Office of the Attorney General (NYOAG) to settle alleged violations of the Health Insurance Portability and Accountability Act...more

Model Social Media Privacy Legislation To Be Proposed in 2016

The Uniform Law Commission (ULC), a non-profit unincorporated association comprised of state commissions on uniform laws from each state, recently announced that it intends to vote on model social media privacy legislation in...more

CFPB Expands Its Targeting of For-Profit Schools and Pushes Jurisdictional Limits

After suing two of the nation’s largest for-profit school chains, ITT and Corinthian, the Consumer Financial Protection Bureau (CFPB) is continuing its push to police the for-profit school industry....more

Massachusetts AG Announces Settlements with Student Debt Relief Companies; Reveals Initiative to Aid Student Borrowers

On November 24, Massachusetts AG Maura Healey announced settlements with two student debt relief companies over allegations of charging consumers upfront fees prior to delivering the services offered. According to the AG’s...more

Must Playground Equipment & Surfaces Comply with CPSC Lead Limits for Children’s Products?

Over the past few months, numerous national media outlets have published stories about the potential health risks of a material commonly used on playground surfaces—crumb rubber. Crumb rubber is a granule material typically...more

Financial Literacy Highlighted in Director Cordray’s remarks to the American Bankers Association

Financial literacy was the focus of Director Richard Cordray’s remarks last week at the American Bankers Association Annual Convention. He identified three areas where the CFPB is focusing its efforts and where financial...more

CFPB’s Fall 2015 Rulemaking Agenda Includes Student Loan Servicing

On Friday, November 20, the Consumer Financial Protection Bureau (CFPB) announced it will consider writing new marketwide federal standards for student loan servicers. This marks the first time that the CFPB’s rulemaking...more

CFPB Fall 2015 rulemaking agenda includes delays for payday loan and other rules

The CFPB released its Fall 2015 rulemaking agenda last Friday. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Fall 2015 agenda gives a December 2015 date for further prerule...more

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