United States:
CFPB Announces Examination Of Colleges Extending Private Loans Directly To Students
04 February 2022
Cozen O'Connor
To print this article, all you need is to be registered or login on Mondaq.com.
- 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.
- According to the CFPB, school loan programs will be examined to
identify potential abusive practices, including placing enrollment
restrictions on students who are behind on loan payments,
withholding academic transcripts due to debt, improperly
accelerating payment schedules, failing to issue refunds, and
maintaining improper preferential relationships with certain
lenders.
- The CFPB issued an updated Education Loan Exam Procedures Manual
that includes a new section on institutional student loans to
examine the potentially abusive actions or practices these schools
take against their student loan borrowers.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Consumer Protection from United States
Dark Chocolate And Heavy Metals
Holland & Knight
In December 2022, Consumer Reports published a study on lead and cadmium in dark chocolate. Dark chocolate came into vogue when studies showed antioxidants in it may have health benefits.
FTC Updates (April 8 – April 12, 2024)
Crowell & Moring LLP
The FTC kept busy through the week of the ABA Antitrust Spring Meeting including an appearance by Chair Lina Khan at the Spring Meeting on an antitrust enforcement panel.
No Asbestos In Cosmetic Talc Products Says FDA
Duane Morris LLP
On April 5, 2024 the US Food and Drug Administration confirmed that its third-party testing of cosmetic talc products for 2023 identified no traces of asbestos in any of the 50 cosmetic samples tested.