News & Analysis as of

Student Loans 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

Saul Ewing LLP on

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

Hudson Cook, LLP

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the CFPB

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In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....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

Ogletree, Deakins, Nash, Smoak & Stewart,...

Supreme Court Hears Challenge to Agency Tasked With Helping Students Make Informed Decisions About Paying for College

The Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector, is potentially at risk following oral argument on October 3, 2023, before the Supreme Court of the United...more

Ballard Spahr LLP

CFPB Continues to Expand Its Scrutiny of Higher Education with New Report on College and Postsecondary School Tuition Plans

Ballard Spahr LLP on

The CFPB recently released a report regarding higher education tuition payment plans that discusses prevailing practices and highlights certain CFPB concerns regarding consumer impact. The CFPB’s report was based upon (a) a...more

Goodwin

CFPB Releases Supervisory Highlights Regarding Practices of Student Loan Servicers and University-Owned Lenders

Goodwin on

In September 2022, the Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights regarding recent examination findings related to student loan servicing. The Supervisory Highlights focus...more

Manatt, Phelps & Phillips, LLP

Three Takeaways From the CFPB’s Fall 2022 Supervisory Highlights Special Edition

Last week, the CFPB released a special edition of its Supervisory Highlights focusing on recent examination findings related to practices by student loan servicers and schools and colleges that directly lend to students. Here...more

Husch Blackwell LLP

Transcript Withholding and Debt Collection: Colleges and Universities Losing Some Leverage under Trending State Laws

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Update: On September 29, 2022, the Consumer Financial Protection Bureau issued Supervisory Highlights Student Loan Servicing Special Edition, finding that blanket college and university policies of withholding transcripts...more

Husch Blackwell LLP

Transcript Withholding & Debt Collection: Colleges and Universities Losing Some Leverage under Trending State Laws

Husch Blackwell LLP on

In the past, it has been common for an institution of higher education to withhold a student’s transcript when the student had outstanding liability to the school. Bankruptcy and various loan collection laws have long placed...more

Ballard Spahr LLP

CFPB enters into consent order with for-profit college owner

Ballard Spahr LLP on

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

BakerHostetler

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

BakerHostetler on

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

McGuireWoods LLP

CFPB Pursues Recovery Against For-Profit College Corinthian and Relief for Its Students

McGuireWoods LLP on

Corinthian Colleges (Corinthian) announced on April 26 that it would cease operations at its remaining physical campuses. This announcement refers to the 30 or so physical campuses that Corinthian continued to operate...more

Nexsen Pruet, PLLC

Corinthian Colleges: Part Two - the "Perfect Storm" - Blog: Consumer Financial Protection Bureau

Nexsen Pruet, PLLC on

Corinthian Colleges (“Corinthian”) announced this past Sunday, April 26 that Corinthian was ceasing operations at its remaining physical campuses. This April 26 announcement specifically refers to the remaining 30 or so...more

Ballard Spahr LLP

Cordray remarks signal continued CFPB attention to student loan servicing and campus financial products

Ballard Spahr LLP on

Student loan servicers and providers of campus financial product were the focus of remarks given yesterday by Director Cordray at the Ohio College Presidents’ Conference. Director Cordray stated that the CFPB estimates that...more

Nexsen Pruet, PLLC

The Consumer Financial Protection Bureau's case against Corinthian Colleges - Blog: Consumer Financial Protection Bureau

Nexsen Pruet, PLLC on

My most recent blog entries have been focused on the CFPB’s new mortgage servicing rules and the Flagstar Bank enforcement case. I’m going to switch gears for a moment and take a look at the Corinthian Colleges case. ...more

Ballard Spahr LLP

CFPB calls out banks for not publicly disclosing campus financial product marketing agreements

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According to a new blog post about “secret banking contracts” by Rohit Chopra, the CFPB’s Student Loan Ombudsman, the CFPB is sending letters to colleges and universities “to make sure they know that their bank partner has...more

Ballard Spahr LLP

For-profit education company sued by CFPB seeks dismissal of complaint

Ballard Spahr LLP on

ITT Educational Services, the defendant in the CFPB’s first enforcement action against a for-profit education company, has filed a motion seeking dismissal of the CFPB’s complaint. Filed this past February in an Indiana...more

Baker Donelson

For-Profit Colleges and the Student Loan Industry Should Take Note of CFPB's Recent Enforcement Action

Baker Donelson on

In a recently filed lawsuit, the Consumer Financial Protection Bureau (CFPB) has demonstrated its willingness to assert its authority over both the student loan industry and for-profit colleges. The defendant in that lawsuit,...more

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