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Consumer Financial Protection Bureau (CFPB) 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

Hudson Cook, LLP

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the CFPB

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In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....more

Ballard Spahr LLP

CFPB issues annual report on college credit card agreements

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Last week, the CFPB released its twelfth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act....more

Troutman Pepper

CFPB Reports That College-Sponsored Financial Products Have Higher Fees and Less Favorable Terms

Troutman Pepper on

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

Husch Blackwell LLP

CFPB Report Finds College and University Tuition Payment Plans May Pose Risks to Consumers

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Building on the Consumer Financial Protection Bureau’s (CFPB’s) September 2022 Supervisory Highlights on student loan servicing (questioning transcript withholding practices), the CFPB issued a September 2023 report on...more

Ballard Spahr LLP

CFPB Continues to Expand Its Scrutiny of Higher Education with New Report on College and Postsecondary School Tuition Plans

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The CFPB recently released a report regarding higher education tuition payment plans that discusses prevailing practices and highlights certain CFPB concerns regarding consumer impact. The CFPB’s report was based upon (a) a...more

Goodwin

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

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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

Cooley LLP

CFPB, Department of Education Take Aim at College-Sponsored Financial Products

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On October 13, 2022, the Consumer Financial Protection Bureau (CFPB) issued its annual report concerning banking products offered to students by financial institutions partnering with institutions of higher education (IHEs)....more

Ballard Spahr LLP

CFPB turns attention to college banking agreements in annual report on college credit card agreements

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Last week, the CFPB released its eleventh annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act....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

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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

Husch Blackwell LLP on

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

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

Cozen O'Connor

The State AG Report Weekly Update January 2019 #2

Cozen O'Connor on

Breaking News Hawaii Governor Appoints Clare Connors as Attorney General Clare Connors, a Democrat, has been appointed to serve as Hawaii AG by recently re-elected Governor David Ige, replacing AG Russell Suzuki. ...more

Ballard Spahr LLP

CFPB releases report on college credit card agreements

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The CFPB released its sixth annual report to Congress on college credit card agreements.  The annual report is mandated by the CARD Act. ...more

Cozen O'Connor

The State AG Report Weekly Update

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Republican Chess Bedsole Announces Bid for Alabama Attorney General- Chess Bedsole, who previously served as the Alabama campaign chairman for President Trump, announced his candidacy to become the Alabama AG. Bedsole is...more

Goodwin

D.C. Circuit Affirms Denial of the CFPB’s Investigation of a College Accrediting Organization

Goodwin on

On April 21, 2017, the United States Court of Appeals for the District of Columbia Circuit affirmed the lower court’s decision denying the Consumer Financial Protection Bureau’s (CFPB) petition to investigate a college...more

Ballard Spahr LLP

Court declines to enjoin Dept. of Education termination of recognition status of college accrediting organization challenging CFPB...

Ballard Spahr LLP on

In December 2016, the Secretary of Education issued a decision adopting the decision of the Department of Education’s Senior Department Official terminating and withdrawing the Department’s recognition of the Accrediting...more

Ballard Spahr LLP

D.C. Circuit hears oral argument on CFPB authority to issue CID to college accrediting organization

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Last week, the D. C. Circuit held oral argument in 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 Council for...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

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

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