The Office of Inspector General for the Fed and CFPB recently issued an audit report entitled “The CFPB Can Strengthen Contract Award Controls and Administrative Processes.” The objective of the OIG’s audit was to assess the CFPB’s compliance with applicable laws, regulations and CFPB policies and procedures related to contract solicitation, selection and award processes, as well as the effectiveness of the CFPB’s associated internal controls.… Continue Reading
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D.C. Circuit affirms denial of CFPB petition to enforce CID issued to college accrediting organization
By Ballard CFS Group on
Posted in CFPB Enforcement, Regulatory and Enforcement
The D. C. Circuit has affirmed the D.C. federal district court’s April 2016 denial of the CFPB’s petition to enforce a CID issued to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015.
After denying ACICS’s petition to modify or set aside the CID in October 2015, the CFPB filed a petition in D.C.… Continue Reading
D.C. Circuit hears oral argument on CFPB authority to issue CID to college accrediting organization
By Barbara S. Mishkin on
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 Independent Colleges and Schools (ACICS) in August 2015.
After denying ACICS’s petition to modify or set aside the CID in October 2015, the CFPB filed a petition in D.C.… Continue Reading
CFPB lacked authority to issue CID to college accrediting organization, D.C. federal district court rules
By John L. Culhane, Jr. on
Posted in CFPB Enforcement, Regulatory and Enforcement
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.
ACICS’s petition to modify or set aside the CID was denied by the CFPB on October 8, 2015, and the CFPB thereafter filed a petition in D.C.… Continue Reading
Director Cordray defends CFPB authority to investigate college accrediting organization
By John L. Culhane, Jr. on
Posted in CFPB Enforcement, Regulatory and Enforcement
Director Cordray is reported to have defended the CFPB’s authority to investigate a college accrediting organization at a recent Politico event.
On October 8, 2015, the CFPB issued a decision and order denying the petition of the Accrediting Council for Independent Colleges and Schools (ACICS) to modify or set aside the CID issued by the CFPB. … Continue Reading
CFPB denies lead generation company’s petition to modify or set aside CID
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
The CFPB has denied the petition of a lead generation company and its employee to modify or set aside a civil investigative demand (CID). As we reported, among the petitioners’ arguments for why the CID should be set aside was that the company is neither a “service provider” nor “covered person.” … Continue Reading
Lead generator files petition to set aside CFPB CID
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
A lead generation company and its employee recently filed a petition with the CFPB to modify or set aside a civil investigative demand (CID).
Among the arguments made in the petition for why the CID should be set aside is that the company is neither a “service provider” nor “covered person.” … Continue Reading