News & Analysis as of

Consumer Financial Protection Bureau (CFPB) For Profit Colleges

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

Wiley Rein LLP

Wiley Consumer Protection Download (October 31, 2023)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...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

Wiley Rein LLP

Wiley Consumer Protection Download (April 18, 2022)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Cozen O'Connor

CFPB Announces Examination of Colleges Extending Private Loans Directly to Students

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The CFPB announced it will begin examining the operations of post-secondary schools, including for-profit colleges, to review their practices in extending private loans directly to students...more

McGlinchey Stafford

What Institutional Student Lenders Need to Know About Changes to the CFPB’s Exam Manual

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The Dodd-Frank Act gave the Consumer Financial Protection Bureau (CFPB) direct supervisory authority over any institution that engages in private education lending, regardless of whether the lender is a depository institution...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 24, 2022)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Cozen O'Connor

The State AG Report Weekly Update September 2019 #2

Cozen O'Connor on

Antitrust- 50 Attorneys General to Investigate Tech Company Over Advertising and Search Engine Practices- 50 AGs, led by Texas AG Ken Paxton, announced an investigation into Google over allegedly anticompetitive...more

Ballard Spahr LLP

Dept. of Education restores recognition status of college accrediting organization

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Following a remand from the D.C. federal district court, Department of Education (ED) Secretary Betsy DeVos has issued an order restoring the Accrediting Council for Independent Colleges and Schools’ (ACICS) status as a...more

Troutman Pepper

D.C. Circuit Rebukes CFPB in Civil Investigative Demand Enforcement Decision

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On April 21, the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion in CFPB v. Accrediting Council for Independent Colleges & Schools, affirming a decision by the D.C. district court to deny...more

Ballard Spahr LLP

D.C. Circuit to hold Feb. 2 argument on CFPB authority to issue CID to college accrediting organization

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The D.C. Circuit will hear oral argument on February 2, 2017 on the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting...more

Ballard Spahr LLP

CFPB enters into consent order with for-profit college owner

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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

Goodwin

Financial Services Weekly News - April 2016 #4

Goodwin on

Regulatory Developments - Federal Banking Regulators Propose Net Stable Funding (Liquidity) Ratio - The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation...more

Morrison & Foerster LLP

CFPB Suffers First Official CID Challenge

On April 21, 2016, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled on the first judicial challenge to the Consumer Financial Protection Bureau’s (“CFPB,” or “Bureau”) authority to...more

Burr & Forman

CFPB Receives Strategy Lesson—Court Holds it Overreached by Investigating For-Profit School Accreditation

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The CFPB received a lesson in the importance of specificity on April 21st when the United States District Court for the District of Columbia’s Judge Richard J. Leon found that it overreached in its attempt to enforce a Civil...more

Holland & Knight LLP

Federal Court: CFPB Overstepped Jurisdiction in Issuing CID to For-Profit Colleges Accreditor

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Judge Richard J. Leon of the U.S. District Court for the District of Columbia on April 21, 2016, ruled that the Consumer Financial Protection Bureau (CFPB) did not have authority to issue a Civil Investigation Demand (CID) to...more

Kelley Drye & Warren LLP

CFPB, “Please”: Judge Rebuffs CFPB’s Attempt to Compel Documents Regarding For-Profit College Accreditation

Last Thursday, a federal district court judge in D.C. denied the Consumer Financial Protection Bureau’s (CFPB) attempt to compel documents from the Accrediting Council for Independent Colleges and Schools (ACICS). Rejecting...more

BakerHostetler

CFPB Cannot Force For-Profit College Group to Comply With Investigative Demand

BakerHostetler on

On April 21, the United States District Court for the District of Columbia ruled that due to a lack of authority under existing consumer protection laws, the Consumer Financial Protection Bureau (“CFPB”) cannot require a...more

Ballard Spahr LLP

CFPB lacked authority to issue CID issued to college accrediting organization, D.C. federal district court rules

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The D.C. federal district court has ruled that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015....more

Ballard Spahr LLP

CFPB files petition in D.C. federal court to enforce CID issued to college accrediting organization

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On October 29, 2015, the CFPB filed a petition in D.C. federal court to enforce the CID it issued on August 25, 2015 to the Accrediting Council for Independent Colleges and Schools (ACICS). ACICS’ petition to modify or set...more

Dorsey & Whitney LLP

“Abusive” Development – Recent Applications of the Prohibition against Abusive Acts and Practices

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The enactment of the Dodd-Frank Act in 2010 created the Consumer Financial Protection Bureau (“CFPB”) and, among other things, vested it with broad authority to enforce prohibitions on unfair, deceptive and abusive acts and...more

McGuireWoods LLP

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

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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

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

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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 announces higher education memorandum of understanding

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The CFPB announced that it has entered into a “Joint Higher Education Memorandum of Understanding” with the Departments of Veterans Affairs (VA), Defense (DOD), and Education (ED) as part of a joint effort by the agencies “to...more

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