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Consumer Financial Protection Bureau (CFPB) Universities

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

Ogletree, Deakins, Nash, Smoak & Stewart,...

Supreme Court Hears Challenge to Agency Tasked With Helping Students Make Informed Decisions About Paying for College

The Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector, is potentially at risk following oral argument on October 3, 2023, before the Supreme Court of the United...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Supreme Court Rejects Challenge to OPT Program for Foreign Students

The Supreme Court of the United States has declined to hear a challenge to a visa program that allows foreign students who graduate from U.S. colleges and universities to work in the United States for up to three years. The...more

Goodwin

CFPB Releases Supervisory Highlights Regarding Practices of Student Loan Servicers and University-Owned Lenders

Goodwin on

In September 2022, the Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights regarding recent examination findings related to student loan servicing. The Supervisory Highlights focus...more

Manatt, Phelps & Phillips, LLP

Three Takeaways From the CFPB’s Fall 2022 Supervisory Highlights Special Edition

Last week, the CFPB released a special edition of its Supervisory Highlights focusing on recent examination findings related to practices by student loan servicers and schools and colleges that directly lend to students. Here...more

McGuireWoods LLP

CFPB Charges Schools With “Abusive” Act of Denying Academic Transcripts to Students With Debts

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The Consumer Financial Protection Bureau’s recent guidance regarding withholding transcripts from students with debts revealed that the CFPB is using a broad definition of “private education loan” that may apply to the...more

Husch Blackwell LLP

Transcript Withholding and Debt Collection: Colleges and Universities Losing Some Leverage under Trending State Laws

Husch Blackwell LLP on

Update: On September 29, 2022, the Consumer Financial Protection Bureau issued Supervisory Highlights Student Loan Servicing Special Edition, finding that blanket college and university policies of withholding transcripts...more

Husch Blackwell LLP

Transcript Withholding & Debt Collection: Colleges and Universities Losing Some Leverage under Trending State Laws

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In the past, it has been common for an institution of higher education to withhold a student’s transcript when the student had outstanding liability to the school. Bankruptcy and various loan collection laws have long placed...more

Arnall Golden Gregory LLP

Compliance News Flash - July 2020 #1

Arnall Golden Gregory LLP is pleased to provide you with the Compliance News Flash, which includes current news briefs relevant to background screening, immigration and data privacy, for the benefit and interest of our...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

Ballard Spahr LLP

CFPB releases report on college credit card agreements and compliance bulletin

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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

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

BakerHostetler

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

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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

Lawmakers seek rescission of CID issued to college accrediting organization

Ballard Spahr LLP on

Senator Lamar Alexander and Representative John Kline sent a letter to Director Cordray on October 23, 2015 requesting that he “immediately rescind the issuance of a civil investigative demand to the Accrediting Council for...more

BakerHostetler

U.S. Department of Education Turns Eye to Regulating Financial Services Industry

BakerHostetler on

On October 27, 2015, the United States Department of Education issued 433 pages of new regulations governing student loan programs under the Student Assistance General Provisions regulations promulgated under the Higher...more

Ballard Spahr LLP

Cordray remarks signal continued CFPB attention to student loan servicing and campus financial products

Ballard Spahr LLP on

Student loan servicers and providers of campus financial product were the focus of remarks given yesterday by Director Cordray at the Ohio College Presidents’ Conference. Director Cordray stated that the CFPB estimates that...more

Baker Donelson

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

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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

Ballard Spahr LLP

CFPB proposes scorecard for colleges seeking to partner with financial institutions

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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

Ballard Spahr LLP

CFPB report highlights inadequate disclosure of campus financial products

Ballard Spahr LLP on

In its fifth annual report on college credit card agreements, the CFPB takes financial institutions as well as colleges and universities to task for failing to adequately disclose their marketing agreements for campus...more

Ballard Spahr LLP

CFPB calls out banks for not publicly disclosing campus financial product marketing agreements

Ballard Spahr LLP on

According to a new blog post about “secret banking contracts” by Rohit Chopra, the CFPB’s Student Loan Ombudsman, the CFPB is sending letters to colleges and universities “to make sure they know that their bank partner has...more

Baker Donelson

For-Profit Colleges and the Student Loan Industry Should Take Note of CFPB's Recent Enforcement Action

Baker Donelson on

In a recently filed lawsuit, the Consumer Financial Protection Bureau (CFPB) has demonstrated its willingness to assert its authority over both the student loan industry and for-profit colleges. The defendant in that lawsuit,...more

Goodwin

CFPB Releases Report on College Credit Card Agreements

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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

Foley & Lardner LLP

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

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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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