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Tuesday, March 11, 2014

CFPB Alleges Unfair and Abusive Acts or Practices by a For-Profit College

By: ABIA Outside Counsel Chrys D. Lemon and Adam D. Maarec, McIntyre & Lemon, PLLC

The Consumer Financial Protection Bureau recently filed a civil complaint against a for-profit college alleging unfair and abusive acts and practices in connection with its offering and provision of private student loans. The case provides additional insight on practices that the CFPB considers to be unfair or abusive, both of which are malleable, fact-driven concepts that companies in the bank-insurance business need to understand.

Click here for a members-only summary of the CFPB's complaint against the college. If you are having trouble logging on or you are with a member that in not a bank, please contact us and we will email you a copy.

If you are a member of the ABIA and would like to learn more about our work with the CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.