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Educational Institutions Consumer Financial Protection Bureau (CFPB) Colleges

Saul Ewing LLP

CFPB Finds For-Profit Coding School Misrepresented Nature of Its Lending Products and Job Placement Rates

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The Consumer Financial Protection Bureau continues to expand its presence into different businesses, including for-profit colleges. On April 17, 2024, the CFPB issued a consent order against a for-profit college for computer...more

Troutman Pepper

CFPB Reports That College-Sponsored Financial Products Have Higher Fees and Less Favorable Terms

Troutman Pepper on

The Consumer Financial Protection Bureau (CFPB or Bureau) released its 14th annual report to Congress in fulfillment of its requirements under the Credit Card Accountability Responsibility and Disclosure (CARD) Act. For the...more

Spilman Thomas & Battle, PLLC

The Academic Advisor - Education Law Insights, Issue 10, December 2023

In this final edition of the year, we cover the following issues of import for educational institutions: - CFPB scrutiny of college-sponsored financial products; - Changes ahead for Title IV program participants and...more

Cooley LLP

CFPB, Department of Education Take Aim at College-Sponsored Financial Products

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On October 13, 2022, the Consumer Financial Protection Bureau (CFPB) issued its annual report concerning banking products offered to students by financial institutions partnering with institutions of higher education (IHEs)....more

Womble Bond Dickinson

What Schools Need to Know About CFPB’s Prepaid Accounts Regulation

Womble Bond Dickinson on

Counsel at schools and universities understandably don’t follow legal developments in financial services very closely, but recent changes in regulations affecting prepaid accounts could impact institutions of higher...more

Goodwin

D.C. Circuit Affirms Denial of the CFPB’s Investigation of a College Accrediting Organization

Goodwin on

On April 21, 2017, the United States Court of Appeals for the District of Columbia Circuit affirmed the lower court’s decision denying the Consumer Financial Protection Bureau’s (CFPB) petition to investigate a college...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

D.C. Circuit hears oral argument on CFPB authority to issue CID to college accrediting organization

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Last week, the D. C. Circuit held oral argument in the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for...more

Ballard Spahr LLP

CFPB enters into consent order with for-profit college owner

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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

Carlton Fields

U.S. Department of Education Outlines Loan Relief Pathway for Certain Students

Carlton Fields on

On March 11, the U.S. Department of Education (DOE) released an advanced proposal of rulemaking that would establish a more "borrower-friendly process" for students seeking loan relief triggered by unscrupulous conduct by...more

Ballard Spahr LLP

Director Cordray defends CFPB authority to investigate college accrediting organization

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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

Ballard Spahr LLP

Lawmakers seek rescission of CID issued to college accrediting organization

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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

Ballard Spahr LLP

Beating a dead horse: CFPB announces default judgment against Corinthian

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The CFPB announced that it has obtained a final default judgment against Corinthian Colleges, Inc. from the Illinois federal court in which it sued Corinthian in September 2014. In May 2015, Corinthian filed a petition under...more

Stinson LLP

CFPB Continues to Take Action Against Offenders in Debt Collection Services

Stinson LLP on

CFPB Takes Action Against Servicemember Auto Lender Security National Automotive Acceptance Company - On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) filed an administrative order against Security...more

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