News & Analysis as of

Students Consumer Financial Protection Bureau

Blog: Avoiding Common Legal Issues at Coding Schools: Marketing

by Cooley LLP on

This is the first of a series of posts on common legal and regulatory pitfalls that alternative education providers must proactively avoid. Today’s topic is avoiding sloppy or overly aggressive marketing....more

The Forgotten Face of Student Lending

by McGuireWoods LLP on

Mention student loans and the face that comes immediately to mind is probably someone in their early twenties. A recent report from the CFPB sheds light on an overlooked segment of the student loan population – consumers 60...more

CFPB releases report on college credit card agreements and compliance bulletin

by Ballard Spahr LLP on

The CFPB released its annual report on college credit card agreements (the fifth issued by the CFPB), together with a compliance bulletin regarding the obligation of colleges and universities under the CARD Act to publicly...more

California Enacts New Licensing Requirements for Student Loan Servicers

by Ballard Spahr LLP on

Student loan servicers located in California servicing loans made to residents of any state and those located elsewhere servicing loans made to California residents will be subject to a new licensing requirement created by...more

CFPB Flunks For-Profit Education Company, Orders $31M Payment

Continuing its recent focus on student lending, the Consumer Financial Protection Bureau (CFPB) ordered a for-profit college company to provide loan forgiveness and refunds of more than $23 million, adding an $8 million civil...more

CFPB discusses handling of student loan partial prepayments by servicers

by Ballard Spahr LLP on

In a new blog post by Student Loan Ombudsman Seth Frotman, the CFPB discusses its concerns regarding how student loan servicers may be responding to borrowers seeking to make partial prepayments on their student loans and...more

The CFPB's Latest: Student Loans and Fix-It Forms

by Baker Donelson on

The Consumer Financial Protection Bureau has taken two actions that are worthy of note. First, the Student Loan Ombudsman released his mid-year report, in which he focused his attention on complaints about servicer activity...more

CFPB highlights impact of student debt on communities of color

by Ballard Spahr LLP on

In a new blog post, the CFPB states that recent research “underscores the disproportionate impact of student debt on communities of color.” According to the CFPB, federal government data shows that over 90 percent of...more

CFPB enters into consent order with for-profit college owner

by 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

CFPB Midyear Update Signals 3 Steps Student Loan Servicers Should Consider Taking Now

As regulatory pressure on student loan servicing continues to increase, servicers are paying close attention to the steady stream of news and publications issuing from the CFPB and the Department of Education. The most recent...more

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

by 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

No Summer Vacation for Student Lending Companies as Enforcement Activity Continues

by Goodwin on

Student lending continues to remain in the crosshairs of federal and state consumer finance regulators during the summer months, with over five enforcement actions and investigations in recent weeks. As covered in both...more

CFPB settles action against provider of student financial aid assistance

by Ballard Spahr LLP on

The CFPB has announced a proposed settlement with Student Financial Aid Services, Inc. (SFAS) to resolve charges that the company engaged in unlawful sales and billing practices in connection with offering fee-based financial...more

CFPB update on student loan complaints continues to highlight co-signer release issues

by Ballard Spahr LLP on

The CFPB has issued a “Mid-year update on student loan complaints” that analyzes the approximately 3,100 private student loan complaints received by the CFPB betweenOctober 1, 2014 and March 31, 2015. The update also analyzes...more

CFPB Launches Official Inquiry Into Student Loan Servicing

by MoFo Reenforcement on

The CFPB has announced an inquiry into student loan servicing practices. The inquiry includes a formal Request for Information from borrowers, institutions, financial service providers, and others, and call to borrowers to...more

CFPB to hold May 14 field hearing on student debt

by Ballard Spahr LLP on

The CFPB has announced that on May 14, 2015, it will hold a field hearing in Milwaukee on student debt. Similar to other field hearings, Director Cordray will give remarks and witnesses will include members of consumer...more

CFPB Takes Aim at Relationships between Universities and Credit and Debit Card Issuers

by Baker Donelson on

Financial institutions marketing credit and debit cards to college and university students should prepare for likely investigations and enforcement actions by the Consumer Financial Protection Bureau and other regulatory...more

Federal Guidance: 6 Principles for Banks Originating Student Loans with Graduated Payments

by McGuireWoods LLP on

On January 29, five federal regulatory agencies (Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and...more

CFPB proposes scorecard for colleges seeking to partner with financial institutions

by Ballard Spahr LLP on

The CFPB has issued a request for information (RFI) in which it seeks comments on a draft “Safe Student Account Scorecard” to be used by colleges and universities to obtain information from prospective financial institution...more

CFPB Report Finds Distressed Private Student Loan Borrowers Driven Into Default

On October 16, the CFPB released a report highlighting complaints by struggling private student loan borrowers who describe being driven into default....more

CFPB Student Loan Ombudsman Files Third Annual Report Highlighting Bureau’s Hot Button Issues in Student Lending

by Ballard Spahr LLP on

The CFPB released its third Annual Report of the Student Loan Ombudsman, Rohit Chopra, discussing complaints received by the CFPB about private student loans and the lessons drawn by the Ombudsman from those complaints....more

Rohit Chopra from CFPB focuses on student loan modifications at ABA Consumer Financial Services Committee program in Chicago

by Ballard Spahr LLP on

I attended a program this morning entitled “All I Need to Know I Learned from the Government: A Look at the Regulatory and Enforcement Landscape for Student Lending.” Among the panelists was Rohit Chopra. Rohit serves as an...more

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

by 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

CFPB Releases Report on College Credit Card Agreements

by Goodwin on

The CFPB released its annual report on college credit card agreements to Congress. Section 305 of the CARD Act requires credit card issuers to annually submit to the CFPB the terms and conditions of any college credit card...more

The CFPB Requests That Agreements Marketing Financial Products to Students Enrolled in Institutions of Higher Education be...

by Foley & Lardner LLP on

As a follow up to its initial inquiry earlier this year, the Consumer Financial Protection Bureau (“CFPB”) is alerting financial institutions about the “potentially risky practice of making secret payments” to colleges and...more

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