News & Analysis as of

Students Consumer Financial Protection Bureau (CFPB)

Hudson Cook, LLP

CFPB Bites of the Month - May 2024 - CFPB: Light My Way, Virginia May

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In this month's article, we share some of our top "bites" covered during the May 2024 webinar....more

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

Sheppard Mullin Richter & Hampton LLP

CFPB Fines and Bans Coding Bootcamp over Deceptive Student Lending Practices

On April 17, the CFPB issued a consent order against a San Francisco-based for-profit coding school and its and CEO, banning it from lending to consumers, after it found that the company inflated its job placement rates to...more

Troutman Pepper

CFPB Reports on Student Borrowers’ Experiences During Return to Loan Repayment

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As federal student loan repayments resume after a three-year pause due to the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) published an Issue Spotlight on student borrowers’ experiences, using consumer...more

Ballard Spahr LLP

CFPB issues annual report on college credit card agreements

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Last week, the CFPB released its twelfth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act....more

Troutman Pepper

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

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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

Cozen O'Connor

Vocational Training Program Prehired to Pay Back $4.2 Million, Cancel Outstanding Loans

Cozen O'Connor on

A bipartisan coalition of 11 AGs, in conjunction with the CFPB, reached a settlement with the bankruptcy trustee for Prehired, LLC and affiliated entities (collectively, “Prehired”) to resolve allegations that the company...more

Troutman Pepper

Biden-Harris Administration Amends Higher Education Act to Address College Closures and Withholding Transcripts

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On October 24, the Biden-Harris administration announced amendments to the regulations implementing title IV of the Higher Education Act of 1965 (HEA). According to the fact sheet, the amendments are intended to allow the...more

Ballard Spahr LLP

NJAG and FTC announce $4.605 million settlement with for-profit college over job placement rate claims and income share...

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The New Jersey Attorney General (NJAG) and the Federal Trade Commission (FTC) recently announced settlements in concurrent actions against Sollers College, a for-profit college, its parent company, Sollers, Inc., and, in the...more

Orrick, Herrington & Sutcliffe LLP

Risks in college tuition payment plans revealed in CFPB report

On September 14, the CFPB released a report highlighting risks associated with college tuition payment plans. Analyzing nearly 450 college websites, the report found that many plans lack clear disclosures and have confusing...more

Cooley LLP

CFPB Details Concerns Over Tuition Payment Plan Practices at Higher Education Institutions

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On September 14, 2023, the Consumer Financial Protection Bureau (CFPB) released a report on financial risks to students associated with school-issued tuition payment plans. Although the report acknowledges that many tuition...more

Troutman Pepper

CFPB Continues to Focus on Tuition Payment Plans Offered by Colleges and Universities in Latest Report

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On September 14, the Consumer Financial Protection Bureau (CFPB or Bureau) released a report on Tuition Payment Plans in Higher Education. Ninety-eight percent of colleges now allow students to pay for their education in...more

Ballard Spahr LLP

Ninth Circuit Finds Marketer of Scholarship Assistance Subject to CFPB’s Enforcement Authority

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On December 13, 2022, the Ninth Circuit affirmed the grant of summary judgment by a California federal district court to the Consumer Finance Protection Bureau (“CFPB”) in a civil enforcement action alleging that Armond...more

Ballard Spahr LLP

U.S. Department of Education Axes Arbitration Provisions in Final Student Loan Rules

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The U.S. Department of Education recently announced final regulations, effective July 1, 2023, designed to expand and improve the major student loan discharge programs authorized by the Higher Education Act. Among other...more

Troutman Pepper

CFPB Report Finds Some Financial Institutions and Colleges May Be Steering Students to More Expensive Financial Products

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On October 13, the Consumer Financial Protection Bureau (CFPB) released its 12th Annual Report to Congress on college credit card agreements. The report reviewed agreements and data covering the over 1.2 million student...more

Ballard Spahr LLP

CFPB files lawsuit against companies and individuals involved in offering student debt relief services

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The CFPB filed a complaint last week in a California federal district court against several companies and individuals involved in offering student loan debt relief services for allegedly obtaining consumer reports unlawfully,...more

Ballard Spahr LLP

CA and NY governors propose expansion of state consumer financial protection regimes

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The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator.  Both governors have framed their proposals as a response to what they...more

Jones Day

A New Frontier: Massachusetts Steps Up Its Focus on Student Loan Servicers

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The Situation: Student loan debt in the United States stands at an all-time high of approximately $1.5 trillion spread across more than 44 million borrowers. According to some observers, Massachusetts ranks 12th among states...more

Manatt, Phelps & Phillips, LLP

CFPB News: MOUs, Automated Underwriting, Settlements, Payday Rule Delay

In another busy stretch for the Consumer Financial Protection Bureau (CFPB or Bureau), lawmakers reached out to the Bureau and the Department of Education (DOE) regarding protections for student borrowers, while the CFPB and...more

Ballard Spahr LLP

House Financial Services Committee passes more credit reporting bills

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Three more bills dealing with credit reporting were passed on Tuesday by the House Financial Services Committee.  Like the four bills passed by the Committee last week, none of the bills passed yesterday received any...more

Womble Bond Dickinson

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

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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

White & Case LLP

Consumer financial services: The road ahead: Student loans

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In 2018, the CFPB shifted away from student lending supervision and enforcement. We anticipate this trend to continue in the year to come, with states seeking to fill any voids left by the Bureau....more

Ballard Spahr LLP

CFPB releases seventh annual report to Congress on college credit card agreements

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The CFPB has released its seventh annual report to Congress on college credit card agreements.  The annual report is mandated by the CARD Act....more

Manatt, Phelps & Phillips, LLP

School’s Out: Mulvaney Decimates CFPB’s Student Lending Unit

Is the Consumer Financial Protection Bureau (CFPB) leaving the enforcement business? In yet another reorganization, Acting Director Mick Mulvaney has moved to dismantle the CFPB’s student lending unit. The action, if it...more

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