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Educational Institutions Consumer Financial Protection Bureau (CFPB) Unfair or Deceptive Trade Practices

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

Ballard Spahr LLP

CFPB Takes Action Against BloomTech, Inc. for ISAs that Violate TILA, UDAAP, and the FTC’s Holder Rule

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On April 17th, the CFPB issued a consent order to a for-profit training school alleging numerous violations of law related to its use if income share agreements (“ISAs”). According to the Bureau, BloomTech, Inc. (“BloomTech”)...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

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

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

Ballard Spahr LLP

CFPB files enforcement action against for-profit education company over alleged predatory lending tactics

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After hinting for months that it intends to use its enforcement powers to police lending in the higher education arena, the CFPB dropped the hammer on ITT Educational Services, filing suit against the for-profit college over...more

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