Dean: Law Schools Use Merit Scholarships To Boost Rankings
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Law School Reformers Create "False Sense of Doom"
Jason Maloni on Schools and Education
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Bill on Bankruptcy: What's in the $83M ResCap Examiner's Report?
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Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans
Northwestern Law Dean: Let Students "Vote With Their Feet"
Stealth Lawyers: Steven Abt & Moiz Ali, Craft Spirits Curators
Alabama Rolls Harvard At Law; Editor Explains Rankings
Law School Applications Crater
Weekly Brief: DOJ Memo Details Justification For Killing US Citizens
Bill on Bankruptcy: Delaware to Continue Dominating Bankruptcy
License Lawyers Without Law Degrees?
Weekly Brief: Lawyers Laid Off After Foreclosure Settlement
Dean: There's No Oversupply of Lawyers
Congressman: My Plan Would Reduce Student Loan Defaults: Video
The CFPB announced that it had filed a complaint against a nationwide for-profit college’s student lending program for unfair and abusive practices. According to the CFPB, the college’s lending program extended in short-term...more
We have written recently about the stepped-up scrutiny that the Consumer Financial Protection Bureau (the CFPB) and the Federal Trade Commission (FTC) are placing on for-profit education and related marketing. The opening...more
On February 26, the CFPB filed its first enforcement action against a for-profit higher-education company, alleging that the company engaged in unfair and abusive private student loan origination practices....more
Later this week, on March 1, the CFPB’s final rule defining larger participants of the student loan servicer market becomes effective.
We expect the CFPB to immediately begin examining entities that qualify as larger...more
The for-profit educational giant ITT Educational Services, Inc., recently revealed in a filing with the Securities and Exchange Commission that it is the target of anticipated legal action from the Consumer Financial...more
On February 13, CFPB Student Loan Ombudsman Rohit Chopra published on the CFPB’s blog an update on the CFPB’s review of student financial products and raised concerns about certain marketing arrangements between financial...more
On February 3, the CFPB’s student loan ombudsman, Rohit Chopra, released a summary of student loan servicers’ responses to questions the CFPB posed last November about the application of borrower payments. ...more
In November 2013, the CFPB sent a letter to private student loan servicers asking them for information about their practices for handling extra payments from borrowers (i.e., payments in excess of the minimum amount due)....more
In written testimony for his appearance before the House Financial Services Committee yesterday, CFPB Director Cordray advised that the CFPB has received “thousands of student loan complaints.” When we sorted the student loan...more
There is approximately $1 trillion in total outstanding student loan debt in the United States, according to the Consumer Finance Protection Bureau. With the large amount of student loan debt nationwide as well as on a...more
On January 23, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would define which nonbank covered persons would be designated “larger participants” for purposes of the international money...more
The CFPB released its student loan ombudsman report analyzing complaints that the CFPB received from private student loan borrowers. In its second annual review of student loan practices, the CFPB reported that lenders make...more
Private student loan lenders and servicers who met last week with CFPB Director Cordray, Education Secretary Arne Duncan, and Acting Deputy Treasury Secretary Mary Miller got the “memo” that the regulators think they should...more
In a Form 8-K filed with the SEC on December 27, 2013, ITT Educational Services, Inc. disclosed that it has received a CFPB “early warning” letter stating that the CFPB’s Enforcement Office is considering recommending that...more
In This Issue:
- Several Swiss Regional Banks to Cooperate with U.S. Tax Rules
- Volcker Rule Approved by Federal Regulators
- Treasury Secretary Sets Goal of Foreign Bank Reform in 2014
- Largest Mortgage...more
Four Senate Democrats (Senators Boxer, Warren, Durbin and Reed) recently introduced a bill entitled the “Student Loan Borrower Bill of Rights.” On March 1, 2014, the CFPB will begin overseeing servicers of federal and private...more
The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial...more
On December 3, the CFPB issued a final rule that will allow the Bureau to supervise certain nonbank student loan servicers for the first time. The CFPB already oversees student loan servicing at the largest banks. ...more
The CFPB announced that it is soliciting information from private student loan servicers on the options available to borrowers seeking to make extra payments on their student loans. Specifically, the CFPB is seeking input...more
The CFPB recently sent a letter to private student loan servicers asking them for information about their practices for handling extra payments from borrowers (i.e., payments in excess of the minimum amount due). This past...more
Noting that “student loan servicing is an important activity that affects millions of consumers,” the CFPB issued a final rule allowing it to supervise certain nonbank student loan servicers for the first time. The rule...more
Council of EU Publishes UK Issues Paper on MLD4 -
On November 24, the Council of the European Union published a note (dated November 8, 2013) from the Council Presidency to Council Delegations which includes a UK...more
On December 3, the CFPB issued a rule that allows it to supervise certain nonbank student loan servicers. The CFPB estimates that it will have authority to supervise the seven largest student loan servicers....more
The CFPB has released the independent audit conducted by KPMG of selected CFPB operations and budget in FY 2013. An annual independent audit is required by the Dodd-Frank Act....more
CFPB Issues Final Nonbank Student Loan Servicers Rule -
On Tuesday, December 3, 2013, the Consumer Financial Protection Bureau (the "CFPB") issued a final rule pursuant to the CFPB’s authority under Title X of the...more
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