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Education Consumer Protection General Business

Read need-to-know updates, commentary, and analysis on Education issues written by leading professionals.

Kentucky Enacts Data Breach Notification Law - New Law Limits Cloud Service Providers’ Collection of Student Data

by King & Spalding on

Kentucky is the 47th state, along with the District of Columbia, Guam, Puerto Rico and the Virgin Islands, to enact a data breach notification law requiring business entities to notify individuals of security breaches...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

CFPB’s hand seen in student loan bill

by Ballard Spahr LLP on

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

CFPB calls for public disclosure of campus financial product marketing agreements

by Ballard Spahr LLP on

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

CFPB asks private student loan servicers for information on handling extra payments

by Ballard Spahr LLP on

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

CFPB Issues Report on Private Student Loan Payment Processing

by Goodwin on

The CFPB Student Loan Ombudsman issued a report on more than 3,800 complaints that the CFPB received from private student loan borrowers between October 1, 2012 and September 30, 2013. The most common type of complaint...more

CFPB student loan ombudsman issues second annual report

by Ballard Spahr LLP on

Yesterday, Rohit Chopra, the CFPB’s Student Loan Ombudsman, released his Second Annual Report which analyzes approximately 3,800 complaints received by the CFPB from private student loan borrowers between October 1, 2012 and...more

Digital News Asia Publication - Website Terms, Contract Law and Consumer Rights – Bermuda Triangle of e-commerce, Flipkart vs eBay...

by Rahul Dev on

Article Source: http://www.digitalnewsasia.com/insights/terms-contract-law-and-consumer-rights-in-ecommerce Website terms create a binding contract between the buyer and the seller Although the terms are drafted to secure...more

CFPB launches student loan initiative to help teachers and other public servants

by Ballard Spahr LLP on

The CFPB announced yesterday that it has launched a new initiative to help teachers and other public servants handle their student loan debts....more

CFPB issues new report on private student loan complaints

by Ballard Spahr LLP on

The CFPB has issued a “Mid-year snapshot of private student loan complaints” that discusses issues raised in the 2,002 complaints the CFPB received from October 2012 through March 2013....more

New federal student loan rates create TILA compliance challenges

by Ballard Spahr LLP on

Last week, in a move intended to lower interest rates on federal student loans, the U.S. House of Representatives passed the Bipartisan Student Loan Certainty Act, which had previously been passed by the Senate....more

DOJ confirms investigation of private student loan SCRA violations

by Ballard Spahr LLP on

As we reported, in the CFPB’s “Mid-year snapshot of private student loan complaints” on complaints the CFPB received from October 2012 through March 2013, one of the top servicing issues reported by consumers was the...more

Banking & Financial Services E - Note - May 30, 2013

by Burr & Forman on

In This Issue: - New Suits Filed as Credit Card Swipe Fee Settlement Deadline Looms - Sec. Lew Tells Senate Committee of Plans to Accelerate Dodd-Frank - New Mortgage Rule to Block Access to Credit, Witnesses...more

CFPB issues report on student loan affordability

by Ballard Spahr LLP on

As we predicted at last week’s meeting of the National Council of Higher Education Resources’ Private Student Loan Committee, the CFPB field hearing held last Wednesday in Miami was devoted to student loan affordability. In...more

CFPB to hold student loan field hearing on May 8

by Ballard Spahr LLP on

UniversityThe CFPB has announced that on May 8, 2013, it will hold a field hearing in Miami-Dade County, Florida on student loan borrowers. CFPB Director Richard Cordray will be giving remarks at the event....more

CFPB Proposed Rule for Nonbank Student Loan Servicers

On March 14, the CFPB proposed a rule that would allow it to federally supervise certain nonbank student loan servicers. ...more

Financial Services Bulletin: CFPB Proposes Student Loan Rule

by Perkins Coie on

On Thursday, March 14, 2013, the Consumer Financial Protection Bureau (the "CFPB") propoed, pursuant to Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a rule that would identify a market for student...more

CFPB proposes supervision of nonbank private and federal student loan servicers

by Ballard Spahr LLP on

The CFPB has issued a proposal to supervise nonbank student loan servicers who qualify as “larger participants” in the student loan servicing market. The CFPB already supervises student loan servicing by larger banks. It also...more

Weglarz v. JP Morgan Chase Bank, N.A., and National Collegiate Trust

Complaint--Class Action

by Christine Kingston on

National Collegiate Student Loan Trust is being sued on a class action basis for its improper, fraudulent use of the LIBOR index on its promissory note private student loans. This is just another defense of contract when...more

CFPB proposes more information collections

by Ballard Spahr LLP on

Earlier this week, the CFPB published in the Federal Register a request for comments on its plans to submit a request to the Office of Management and Budget for generic clearance of an information collection to assist the...more

CFPB issues student loan exam procedures

by Ballard Spahr LLP on

The CFPB has issued its examination procedures for student lenders. The procedures will be used by the CFPB’s examiners in examinations of large banks that make private student loans (meaning banks with total assets of more...more

CFPB’s “Paying for College” site continues to evolve

by Ballard Spahr LLP on

Last week Peter Jackson, the Senior Advisor for Communications at the CFPB, put up a post on the CFPB’s blog describing the CFPB’s “Paying for College” web tools, which are currently in a beta stage and which are still...more

CFPB Releases Exam Procedures For Student Loans

The CFPB has published the procedures it will use in examining student lenders. The Student Lending Examination Procedures are an extension of the CFPB’s General Supervision and Examination Manual and will be used as a field...more

Student Loans: Some Issues to Consider

by Cozen O'Connor on

Although these are not the only aspects of student loan policy that will come up in the next legislative session, these issues will drive the discussion regarding student loans. Student loan debt is being reported as the...more

Chopra keeps focus on student loan servicing problems

by Ballard Spahr LLP on

In an editorial last week in the Philadelphia Inquirer, Rohit Chopra, the CFPB’s Student Loan Ombudsman, once again made servicers of student loans the focus of his comments. In August, in remarks to the Congressional Forum...more

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