Accreditation

News & Analysis as of

Financial Services Weekly News - April 2016 #4

Regulatory Developments - Federal Banking Regulators Propose Net Stable Funding (Liquidity) Ratio - The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation...more

CFPB Suffers First Official CID Challenge

On April 21, 2016, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled on the first judicial challenge to the Consumer Financial Protection Bureau’s (“CFPB,” or “Bureau”) authority to...more

CFPB Receives Strategy Lesson—Court Holds it Overreached by Investigating For-Profit School Accreditation

The CFPB received a lesson in the importance of specificity on April 21st when the United States District Court for the District of Columbia’s Judge Richard J. Leon found that it overreached in its attempt to enforce a Civil...more

Federal Court: CFPB Overstepped Jurisdiction in Issuing CID to For-Profit Colleges Accreditor

Judge Richard J. Leon of the U.S. District Court for the District of Columbia on April 21, 2016, ruled that the Consumer Financial Protection Bureau (CFPB) did not have authority to issue a Civil Investigation Demand (CID) to...more

CFPB, “Please”: Judge Rebuffs CFPB’s Attempt to Compel Documents Regarding For-Profit College Accreditation

Last Thursday, a federal district court judge in D.C. denied the Consumer Financial Protection Bureau’s (CFPB) attempt to compel documents from the Accrediting Council for Independent Colleges and Schools (ACICS). Rejecting...more

CFPB Cannot Force For-Profit College Group to Comply With Investigative Demand

On April 21, the United States District Court for the District of Columbia ruled that due to a lack of authority under existing consumer protection laws, the Consumer Financial Protection Bureau (“CFPB”) cannot require a...more

CFPB lacked authority to issue CID issued to college accrediting organization, D.C. federal district court rules

The D.C. federal district court has ruled that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015....more

Technological and Information Concerns Highlight NAIC Spring 2016 National Meeting

The National Association of Insurance Commissioners (NAIC) Spring 2016 National Meeting, which was held from April 3 – 6 in New Orleans, offered insight into numerous issues being considered by state commissioners nationwide....more

Tough Exams for Investments in the Education Sector

The growth of private spending on education presents an opportunity for private equity. While public spending on education in the OECD as a proportion of gross domestic product decreased slightly between 2003 and 2012, the...more

Bard Whistleblower Settlement Highlights Potential Risks for Higher Education Institutions

Bard College recently entered into an agreement with the United States to pay $4 million to settle a whistleblower suit alleging violations of the False Claims Act. Bard is a non-profit liberal arts institution founded in...more

Employment Major Russian legislation changes for 2015

New Moscow trilateral agreement concluded between the Government of Moscow, Moscow trade union associations and Moscow employers’ associations for 2016-2018...more

The Single GME Accreditation System and Medicare GME funding: A new set of challenges

To date, two major accreditation bodies—the Accreditation Council for Graduate Medical Education (ACGME) and the American Osteopathic Association (AOA)—have accredited the majority of medical residency training programs in...more

New ASC Requirements Coming in 2016

SB 396 (Hill) becomes effective on January 1, 2016, adding new patient protection measures to the current regulation of ambulatory surgery centers (“ASCs”). First, SB 396 authorizes accreditation organizations to perform...more

It Will Only Cost You an Audit: FDA Releases FSMA Third-Party Certification Rule

On Friday, November 13, 2015, the U.S. Food and Drug Administration (FDA) released its final rule regarding Accreditation of Third-Party Certification Bodies to Conduct Food Safety Audits and To Issue Certifications...more

Three More FSMA Rules Finalized As the Year Comes to a Close

Although not quite meeting the deadline of October 31 established in a legal settlement last year, FDA has released a set of three more “foundational” Final Rules mandated by the Food Safety Modernization Act (FSMA or the...more

CFPB files petition in D.C. federal court to enforce CID issued to college accrediting organization

On October 29, 2015, the CFPB filed a petition in D.C. federal court to enforce the CID it issued on August 25, 2015 to the Accrediting Council for Independent Colleges and Schools (ACICS). ACICS’ petition to modify or set...more

Director Cordray defends CFPB authority to investigate college accrediting organization

Director Cordray is reported to have defended the CFPB’s authority to investigate a college accrediting organization at a recent Politico event. On October 8, 2015, the CFPB issued a decision and order denying the petition of...more

Lawmakers seek rescission of CID issued to college accrediting organization

Senator Lamar Alexander and Representative John Kline sent a letter to Director Cordray on October 23, 2015 requesting that he “immediately rescind the issuance of a civil investigative demand to the Accrediting Council for...more

DHS Publishes STEM OPT Rule - Potential New Benefits and Requirements

On Monday, October 19, 2015, the Department of Homeland Security (“DHS”) published its eagerly anticipated STEM Optional Practical Training (“OPT”) rule in the Federal Register for a 30-day comment period ending on November...more

Proposed New Rule May Save the STEM OPT Program

The optional practical training (OPT) program allows students here on an F-1 visa (who have either graduated or been pursuing a degree for 9 months) to work in their chosen field of study for one year. In 2008, the U.S....more

DHS Submits New STEM OPT Rule for Comment

Today, October 19, the Department of Homeland Security submitted a proposed rule modifying the existing optional practical training (“OPT”) available to certain students with degrees in science, technology, engineering, or...more

Alert: Further Refinement to Accreditation in Higher Education

Reacting to ongoing concerns and complaints expressed by members of Congress and others, the accrediting community has been very busy introducing new policies and procedures and refining their respective processes in...more

NAIC Summer 2015 National Meeting (A)XXX Developments and Key Takeaways

A number of important developments in the regulation of (A)XXX reserve financing transactions ((A)XXX transactions) emerged during the NAIC Summer 2015 National Meeting (Summer Meeting). Our roadmap through the NAIC’s...more

Alert: California Approves Pathway for Non-Profit Institutions to Maintain Exemption from State Oversight

Governor Jerry Brown has now signed into law Senate Bill 81, which included language amending the California Private Postsecondary Education Act of 2009 (the "Act") to permit "independent institutions of higher education"...more

Alert: No 11th Hour Reprieve: GE Rules Upheld

With a second court ruling in late June in favor of the U.S. Department of Education, the Gainful Employment Rules ("GE Rules") took effect on July 1, 2015. The GE Rules will, ultimately, provide new challenges to the...more

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