News & Analysis as of

Department of Education Banking Sector

Akin Gump Strauss Hauer & Feld LLP

Further Extension of the Federal Student Loan Repayment Moratorium

On Wednesday, April 6, 2022, the Biden-Harris administration further extended the moratorium on federal student loan repayment, interest and collections through Wednesday, August 31, 2022. This postponement marks the fourth...more

Clark Hill PLC

Window on Washington – Vol. 6, Issue 8

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Outlook for This Week in the Nation’s Capital - Congress. The House and Senate are back in session this week. While both chambers have a number of items scheduled for action, the Russian invasion of Ukraine, and the US...more

Akin Gump Strauss Hauer & Feld LLP

Federal Student Loan Repayment Pause Extended Additional 90 Day

On Wednesday, December 22, the Biden-Harris administration announced its decision to provide federal student loan borrowers an additional 90 days of repayment relief.  This pause on federal student loan repayments is...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - July 2021 #2

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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

Morrison & Foerster LLP

Financial Services Report - Summer 2021

As spring turns to summer, climate change is on our minds. A new day, a new story about how financial institutions are addressing climate-related risks. In the past few months, six major banks—Bank of America, JPMorgan...more

Ballard Spahr LLP

Biden transition announces members of agency review teams

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The Biden transition has announced the members of its agency review teams....more

Holland & Knight LLP

Stakeholders Debate Public Policy Issues Surrounding Consumer Debt in America

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A number of diverse stakeholders gathered at George Mason University (GMU) on Nov. 18, 2019, to participate in a program entitled "Consumer Debt in America: What Would Rate Caps and Student Loan Forgiveness Mean?" The debate,...more

Ballard Spahr LLP

Education Dept. says state student loan servicing laws are preempted

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In response to the wave of new state student loan servicing laws and enforcement activity, the U.S. Department of Education has published an interpretation emphasizing that the Higher Education Act (HEA) preempts state...more

Ballard Spahr LLP

Education Dept. seeks comment on factors used to evaluate student loan discharge claims in bankruptcy cases

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The Department of Education has published a request for information in yesterdays Federal Register seeking comment on the factors used to evaluate claims of undue hardship made by student loan borrowers attempting to...more

Ballard Spahr LLP

Another trade group seeks federal preemption guidance from ED

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The National Council of Higher Education Resources (NCHER), a national trade association representing higher education finance organizations, has written to the Department of Education urging the ED to issue preemption...more

Ballard Spahr LLP

Trade association asks ED to confirm preemption of state student loan servicing requirements for federal student loans

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Education Finance Council, a national trade association representing state-based nonprofit higher education finance organizations, has asked the Department of Education to “publicly state” that the ED’s rules governing...more

Ballard Spahr LLP

Lawsuit filed challenging Dept. of Education “borrower defense” final rule banning arbitration

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The California Association of Private Postsecondary Schools (CAPPS) has filed a complaint in D.C. federal district court against the Dept. of Education and Education Secretary Betsy DeVos to overturn the “borrower defense”...more

Ballard Spahr LLP

State AGs criticize ED withdrawal of Obama student loan servicing policy direction

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A group of 20 state attorneys general, the D.C. attorney general, and the Executive Director of the Office of Consumer Protection of Hawaii have sent a letter to U.S. Department of Education Secretary Betsy DeVos criticizing...more

Bradley Arant Boult Cummings LLP

Student Loan Servicers Still Looking for Clarification on Reporting Obligations

There is surprisingly little guidance for student loan servicers when it comes to credit reporting. The only recent guidance directed at loan servicers came by way of an announcement from the U.S. Departments of Education and...more

Ballard Spahr LLP

Court declines to enjoin Dept. of Education termination of recognition status of college accrediting organization challenging CFPB...

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In December 2016, the Secretary of Education issued a decision adopting the decision of the Department of Education’s Senior Department Official terminating and withdrawing the Department’s recognition of the Accrediting...more

Ballard Spahr LLP

CFPB continues work on student loan payback playbook disclosures

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The CFPB recently revised the prototype student loan Payback Playbook disclosures it has been developing with the Departments of Education and Treasury. These revisions were based on feedback from nearly 3,500 individual...more

Ballard Spahr LLP

CFPB releases report on college credit card agreements and compliance bulletin

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The CFPB released its annual report on college credit card agreements (the fifth issued by the CFPB), together with a compliance bulletin regarding the obligation of colleges and universities under the CARD Act to publicly...more

BakerHostetler

U.S. Department of Education Turns Eye to Regulating Financial Services Industry

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On October 27, 2015, the United States Department of Education issued 433 pages of new regulations governing student loan programs under the Student Assistance General Provisions regulations promulgated under the Higher...more

Goodwin

No Summer Vacation for Student Lending Companies as Enforcement Activity Continues

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Student lending continues to remain in the crosshairs of federal and state consumer finance regulators during the summer months, with over five enforcement actions and investigations in recent weeks. As covered in both...more

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