News & Analysis as of

Student Loans Truth in Lending Act (TILA)

Senate Passes Banking Bill Providing Dodd-Frank Relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more

Financial Services Report, Summer 2016

by Morrison & Foerster LLP on

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

2Q 2015 Sees Increase in Enforcement Litigation

by Goodwin on

For the second quarter of 2015, Consumer Finance Enforcement Watch tracked 56 enforcement actions taken against consumer finance providers, a slight uptick in enforcement activity from the previous quarter’s 46 actions. ...more

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

by Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

CFPB’s Claims under CFPA Survive Legal Challenges, but TILA Claim Is Time-Barred

by Ballard Spahr LLP on

In a civil action brought by the Consumer Financial Protection Bureau involving student loans, an Indiana federal court recently granted in part and denied in part a motion to dismiss by ITT Educational Services, Inc. The...more

Regulators Release Guidance on Private Student Loans With Graduated Repayment Terms at Origination

On January 29, the federal financial regulatory agencies, in partnership with the State Liaison Committee of the Federal Financial Institutions Examination Council, issued guidance for financial institutions on private...more

CFPB sends enforcement action “early warning” to for-profit postsecondary education provider

by Ballard Spahr LLP on

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

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

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

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