The Consumer Financial Protection Bureau has just issued a larger participant rule that will enable it to supervise certain nonbank student loan servicers beginning March 1, 2014. The CFPB already has the authority to supervise student loan servicing by banks with more than $10 billion in assets and by nonbank originators of private education loans.

As expected, the new rule applies not only to nonbank servicers of legacy FFELP and private student loans, but also to entities that have contracted with the U.S. Department of Education to service federal student loans made by the government under the William D. Ford Direct Loan Program.

In this webinar, we will provide an in-depth look at the rule and at the "hard knocks" that will follow, not only for the top-tier student loan servicers, but for all mid-tier and lower-tier servicers as well.

Topics

  • The CFPB’s observations about the breadth of its authority
  • The Bureau’s efforts to fine-tune the key definitions that dictate the scope of the rule 
  •  The specific federal consumer financial laws singled out by the CFPB for emphasis
  • Recommendations for servicers and the changes that the CFPB has made to its education loan examination procedures

Program

12:00 PM - 1:00 PM ET | Webinar

Moderator

Alan S. Kaplinsky, Practice Leader
Consumer Financial Services Group

Presenter

John L. Culhane, Jr.
Consumer Financial Services Group
Higher Education Group
 

Christopher J. Willis
Consumer Financial Services Group

This program is open to Ballard Spahr clients and members of the financial services industry. There is no cost to attend. This program is not eligible for continuing education credits.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact Lisa Prickril at prickrill@ballardspahr.com.

Related Practices

Consumer Financial Services
Higher Education