The FTC has announced a stipulated order of judgment in a lawsuit that it recently filed against Saint James School of Medicine, a for-profit medical school located in the Caribbean, together with its operator and financiers. The $1.2 million judgment will be used toward refunds and debt cancellation for students who financed their education within the past five years.… Continue Reading
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 disclose their credit card marketing agreements.
Like the CFPB’s 2014 and 2015 annual reports, the new report consolidates the CFPB’s mandatory reporting under the CARD Act on college credit card agreements and “other information on financial products offered or marketed to students collected via our various market monitoring tools.” … Continue Reading
The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial aid disbursement accounts. Pursuant to the CARD Act, card issuers must submit their campus credit card agreements annually to the CFPB together with their related marketing agreements and certain information, including the amount of compensation they paid to schools. … Continue Reading