Student Loans

News & Analysis as of

Changes to Military Lending Act on the Horizon

The Department of Defense (DoD) recently published its Final Rule amending the Military Lending Act’s (MLA) implementing regulation. The MLA, passed by Congress in 2006, provides active duty service members and their...more

CFPB seeks information on income-driven student loan repayment plans

In a new blog post, the CFPB tells borrowers, that in response to its solicitation of borrower “stories” about problems with student loans, it has heard “about problems related to enrolling in income-driven repayment plans...more

The Roundup: Last Week’s Recommended Reading (August 14, 2015)

From Around the Web Finding Your Path: A Business Coach Weighs In: Crystal Marsh, former attorney and career business coach, answers questions and shares her insight on law school, the first years and finding your...more

What’s Next? Recent Actions Highlight CFPB’s Focus on Student Loans

Beginning with a May 2015 field hearing and request for information – and culminating consent order dated July 22, 2015 – recent actions by the Consumer Financial Protection Bureau (CFPB) highlight its increasing focus on...more

The Roundup: Last Week’s Recommended Reading (August 7, 2015)

To Hold Women Back, Keep Treating Them Like Men: A thought-provoking article on why treating women like men in the workplace may not be beneficial to their careers. (Harvard Business Review) ...more

Arizona Leads Nation in Defaulting on Student Loans

Congratulations Arizona, you are the best. You’re the best at being the worst!! I have admit that I borrowed that phrase from an ex-drill sergeant who was reprehending me for something I had done that was incorrect and it has...more

Alert: Seven Steps To Prepare For The New Gainful Employment Rule

The Gainful Employment Rules became effective on July 1, 2015, and you probably already know that your institution has a deadline to report six years' worth of institutional, student and financial data to the Department of...more

Treasury Department Starts the Regulatory Ball Rolling for Marketplace Lenders

The Treasury Department’s notice and request poses 14 detailed questions to gather public information concerning the role of marketplace lending in the financial services industry. On July 16, 2015, the U.S. Department...more

Look Before You Leap – What Every High School Senior (and their parents) Needs to Know About Student Loans

Anytime a conversation turns to student loans many people begin to offer their opinions. These opinions vary from, on one hand, the internet trolls and their comments on any article dealing with student loans, telling people...more

The Roundup: Last Week’s Recommended Reading (July 17, 2015)

So You Think You Can Teach? How to Prep for Your First Law School Class: It goes without saying that you will have to ensure you are knowledgeable about what you plan to teach, but a successful adjunct professor stint — and...more

Bankruptcy Beat: An Emerging Trend: Bankruptcy Trustees Seeking to Claw Back Tuition Payments Made by Unsuspecting Parents

A developing trend in our nation’s bankruptcy courts has been the number of lawsuits filed or threatened by bankruptcy trustees to recover tuition payments made by a student’s parents when the parents later file for...more

Federal Court of Appeal Expands Scope of Privacy Class Action

The Federal Court of Appeal recently allowed an appeal expanding the scope of a certified privacy class action relating to the loss of personal data of Canada Student Loans recipients. The case, Condon v. Canada (Condon), had...more

Connecticut Enacts New Licensing Requirement and Prohibitions for Student Loan Servicers

Connecticut’s new “An Act Concerning A Student Loan Bill of Rights” creates a licensing requirement for servicers of student loans made to state residents and imposes other significant new requirements and prohibitions on...more

CFPB Report Details Ongoing Challenges Between Servicemembers and Student Loan Servicers

On July 7, the CFPB released a report detailing the continued challenges military servicemembers experience related to the servicing of their student loans, particularly when trying to invoke certain rights granted under the...more

CFPB Turns Focus to Student Loans to Servicemembers

The Consumer Financial Protection Bureau (CFPB) recently published a report highlighting the difficulties military personnel encounter when dealing with servicers of student loans....more

CFPB issues new report on servicemember student loans

A new CFPB report entitled “Overseas & Underserved: Student Loan Servicing and the Cost to Our Men and Women in Uniform” contains the CFPB’s findings regarding student loan servicing problems faced by...more

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

In its Supervisory Highlights recently released, which cover the period from January to April 2015, the Consumer Financial Protection Bureau (“The Bureau”) reported its examination observations in consumer reporting, debt...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

CFPB Report Addresses Need for a Compliance Management System

The CFPB's Supervisory Report Provides Important Insight into the CFPB's Supervision and Enforcement Priorities and Desired Business Practices. HIGHLIGHTS: - The Consumer Financial Protection Bureau (CFPB)...more

CFPB supervisory report highlights violations in consumer reporting, debt collection, student loan servicing, mortgage origination...

In its Summer 2015 Supervisory Highlights, which covers supervision work generally completed between January and April 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving...more

CFPB update on student loan complaints continues to highlight co-signer release issues

The CFPB has issued a “Mid-year update on student loan complaints” that analyzes the approximately 3,100 private student loan complaints received by the CFPB betweenOctober 1, 2014 and March 31, 2015. The update also analyzes...more

CFPB alerts Google to student debt relief scammers

Rohit Chopra, the CFPB’s outgoing Student Loan Ombudsman, has sent a letter to Google to alert the company that “student loan debt relief scammers may be targeting student loan borrowers through the company’s search...more

Kentucky Supreme Court Reinforces Importance of Properly Incorporated Arbitration Provisions to Larger Agreements

The Kentucky Supreme Court recently held that an arbitration provision signed by a class of students upon their application and acceptance to a for-profit college was unenforceable because the enrollment agreement did not...more

SEC Sues For-profit College Over Alleged Loan Fraud

A major for-profit education corporation is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) because of allegedly fraudulent activity by the company’s chief executive officer and chief financial...more

“Abusive” Development – Recent Applications of the Prohibition against Abusive Acts and Practices

The enactment of the Dodd-Frank Act in 2010 created the Consumer Financial Protection Bureau (“CFPB”) and, among other things, vested it with broad authority to enforce prohibitions on unfair, deceptive and abusive acts and...more

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