In the wake of numerous reports of its ongoing investigations of certain for-profit schools, on February 26 the CFPB filed a 47-page complaint against ITT in the Southern District of Indiana. That complaint accused ITT of, among other things, violating the Dodd-Frank ban on unfair, deceptive, and abusive practices by misleading borrowers about job placement rates and salaries after graduation. On April 28, ITT responded by filing an aggressive and comprehensive motion to dismiss, challenging the constitutional and statutory bases for any CFPB action.

Given the rhetoric accompanying the complaint, it seems clear that the CFPB views itself as having opened a dramatic new front in what has been a smoldering war of attrition waged by the state attorneys general against for-profit schools. Are these strategies and tactics ones the CFPB will embrace as it brings enforcement actions in other arenas? Join us for a webinar focusing on the CFPB’s initiative and its implications for the private student loan market and all markets subject to CFPB jurisdiction.   

topics

  • An overview and critique of the enforcement authority claimed by the CFPB 
  • The particular marketing practices alleged to be unfair, deceptive, or abusive
  • The specific financing practices alleged to have violated the Truth in Lending Act 
  • The constitutional and jurisdictional arguments raised by ITT in its motion to dismiss
  • State attorney general actions and the emerging use of Section 1042 of Dodd-Frank 
  • The implications for the private student loan market and all other CFPB markets    

Program

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

Moderator

Alan S. Kaplinsky, Practice Leader
Consumer Financial Services Group

Presenters

John L. Culhane, Jr.
Consumer Financial Services 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 M. Prickril at prickrill@ballardspahr.com.

Register

Program Contact

Lisa M. Prickril
215.864.8252
prickrill@ballardspahr.com



Program Contact

Lisa M. Prickril
215.864.8252
prickrill@ballardspahr.com