What the Consumer Financial Protection Bureau ... - Venable LLP

What the Consumer FinancialProtection Bureau Means for PrivateSector Colleges and UniversitiesAssociation of Private Sector Colleges and Universities2012 Annual Convention & ExpoJune 20, 2012, 3:45 pm - 5 pm PTMandalay Bay Hotel and Casino, Las Vegas, NevadaJonathan L. Pompan, Esq.Venable LLP, Washington, DCjlpompan@venable.com

IMPORTANT INFORMATION ABOUT THISPRESENTATIONThis presentation is for general informational purposes only anddoes not represent and is not intended to provide legal advice oropinion and should not be relied on as such. Legal advice canonly be provided in response to specific fact situations.This presentation does not represent any undertaking to keeprecipients advised as to all or any relevant legal developments.This presentation will be available at www.venable.comTo view Venable’s index of articles and PowerPoint presentations onrelated legal topics, see www.Venable.com/cfpb/publications.

AGENDA• Introduction• The Dodd-Frank Wall Street Reform and ConsumerProtection Act – How we Got Here…• CFPB: Overview and Structure• CFPB: Focus on Private Educational Loans andStudents• CFPB: Preparing for Supervision and Examinations• CFPB: Navigating Investigations and Enforcement• CFPB: Whistleblowers and Service Providers• Coordination with Other Federal and State Agencies• What’s Next for the CFPB and Private Schools?

INTRODUCTION• The new Consumer Financial Protection Bureau (“CFPB”) haslaunched a new era of regulation, supervision and initiativestargeted at private student loans and protecting service members.• The CFPB has supervision authority over private student lenders,enforces the laws against unfair student lending practices, andrequires lenders to follow the rules of the road and give students theinformation they need to make smart choices about student loans.• The CFPB is promoting strong consumer financial protectionsfor servicemembers and their families.

WHAT’S THE COST OF NONCOMPLIANCE?Potentialcurtailmentof businessBadcustomerexperienceScrutiny byregulatorsMonetarypenalties•In today's rapidly changing regulatoryenvironment private schools areconfronted by a growing number ofcompliance challenges including difficultyfrom a resource perspective to addressthe many changes concurrently•Schools that invest in ongoing monitoringand conduct frequent monitoring as partof a mature compliance framework candrastically reduce the business andfinancial consequences associated withnoncomplianceLoss ofcustomersBranddamageLitigationsandlawsuits•In addition to immediate and short-termimpacts such as monetary losses,litigations and brand damage, schoolsalso risk negatively impacting theiraccreditation and rations with the CFPB,which in turn can affect the ability toexecute key growth strategies

THE CONSUMER PROTECTIONPYRAMIDLawEnforcementGovernmentRegulationEducation and SelfRegulation

WHERE DOES THE CFPB FIT IN WITH OTHER REGULATORS ANDGOVERNMENT AGENCIES?

DODD-FRANK WALL STREET REFORM ANDCONSUMER PROTECTION ACTAND THECONSUMER FINANCIAL PROTECTION BUREAUHOW WE GOT HERE….

DODD-FRANK ACT – HOW WE GOT HERE…• President signed Dodd-Frank Act into law on July 21, 2010.• Over 2,000 pages long.• Enacted in wake of the worst financial crisis since the GreatDepression.• Addresses a variety of issues that arose as a result of the crisis,including the perception that consumer protection wasfragmented and, in some cases inconsistent with other regulatoryfunctions.• Expected to generate more than 300 regulations.

DODD-FRANK ACT-HOW WE GOT HERE…Consumer Financial Protection Act of 2010• Title X of the Dodd-Frank Act.• Consolidates many federal consumer protectionresponsibilities into a new Bureau of Consumer FinancialProtection (not Agency)• Strips rulemaking authority for a host of federal consumerstatutes from other agencies and authorizes CFPB toprescribe uniform rules• Strips federally-chartered institutions of a significantdegree of charter preemption authority• Consolidates and Duplicates various supervisory andprogram authority areas related to nonbank products andservices, including private student loans.

CFPB: OVERVIEW AND STRUCTURE

CFPB: OVERVIEW AND STRUCTURECFPB STRUCTURENote:indicates notable office for private student lenders and service providers

CFPB: OVERVIEW AND STRUCTURECFPB FOCUS• Educate – “An informed consumer is the first line ofdefense against abusive practices.”• Enforce – “Like a neighborhood cop on the beat, theCFPB supervises banks, credit unions, and other financialcompanies, and we will enforce Federal consumerfinancial laws.”• Study – “The consumer bureau gathers and analyzesavailable information to better understand consumers,financial services providers, and consumer financialmarkets.”

CFPB: OVERVIEW AND STRUCTURECFPB Core Functions• Conduct rulemaking,supervision, andenforcement for Federalconsumer financialprotection laws• Restrict unfair,deceptive, or abusiveacts or practices• Take consumercomplaints• Promote financialeducation• Research consumerbehavior• Monitor financial marketsfor new risks toconsumers• Enforce laws that outlawdiscrimination and otherunfair treatment inconsumer finance

CFPB: OVERVIEW AND STRUCTURECFPB Staff Includes Experiences ConsumerProtection Attorneys and New Names“Most members of current staff have come fromother agencies. They include …Timothy R.Burniston, a senior associate director for theFederal Reserve’s consumer affairs division;Peggy L. Twohig, director of the office ofconsumer protection at Treasury; and Alice Hrdyand Lucy Morris from the Federal TradeCommission’s consumer protection division.”Source: Edward Wyatt, “Adviser to Consumer Agency Had Role in Lending,” NY Times(Oct. 27, 2010).

CFPB: OVERVIEW AND STRUCTUREStudent Debt, Student Loan, Servicemembers andOlder American Initiatives

CFPB: FOCUS ON PRIVATE STUDENT LOANSAND STUDENTS

CFPB FOCUS ON PRIVATE STUDENT LOANS1. Private Student Loan Ombudsman2. General Consumer Response Initiative3. Know Before You Owe: student loans and Student DebtRepayment Assistant4. Private Student Loan Market Study5. Servicemember Outreach and Education6. Rulemaking7. Supervision and Examination Authority over PrivateStudent Loans8. Investigation and Enforcement Authority

PRIVATE STUDENT LOAN OMBUDSMAN•Private student loanshad been overseen by apatchwork ofgovernment agencies.Rohit Chopra•Dodd-Frank establishedan Ombudsman forprivate student loanswithin the CFPB toassist borrowers withprivate student loancomplaints.20

CFPB: FOCUS ON STUDENTSConsumer Response Initiative• The ConsumerResponse teambegan takingconsumer complaintsabout private studentloans, and otherconsumer loans onMarch 1, 2012.

CFPB: FOCUS ON STUDENTS• White House Student Loan Transparency Initiative• “We have heard from thousands of student loanborrowers who say that they simply didn’t understandwhat they signed up for. Many of them chose privateloans before exhausting their cheaper federal loanoptions, which protect them when they run into trouble.Some resorted to credit cards and other high-pricedloans. And all too often, borrowers got in way over theirheads.” - Remarks of CFPB Director Richard Cordray at the White House (June 5, 2012)• 10 Schools Agree to Voluntary Disclosures:• Arizona State University, Miami Dade College, North CarolinaA&T, the State University System of New York, SyracuseUniversity, the University of Massachusetts system, theUniversity of North Carolina at Chapel Hill, the University ofMaryland system, the University of Texas system, and VassarCollege

CFPB: FOCUS ON STUDENTSCFPB & DOE “Know Before You Owe:student loans”

CFPB: FOCUS ON STUDENTSStudent Debt Repayment Assistant

PRIVATE STUDENT LOAN MARKETSTUDY• The CFPB asked the public,students, families, the highereducation community, and thestudent loan industry – bothlenders and servicers – toprovide information on thisfinancial product voluntarily.•Information available to shop forprivate student loans•The role of schools in themarketplace•Underwriting criteria•Repayment terms and behavior•Impact on choice of field of studyand career choice•Servicing and loan modification•Financial education and defaultavoidance• Dodd-Frank requires the CFPBand the Department ofEducation to produce a reportto Congress by July 21, 2012.• The CFPB will also use theinformation it gathers toprioritize its own regulatoryand education work.Request for Information Regarding PrivateEducation Loans and Private EducationalLenders

CFPB SERVICEMEMBER AND VETERANINITIATIVESRepeat Offenders Against MilitaryDatabase (ROAM) - joint effort withstate Attorneys General and theDepartment of Defense to combatscams directed at servicemembers,veterans, and their families. ROAMis intended to track companies andindividuals who repeatedly target themilitary community. Law enforcementofficials across the country, includingstate Attorneys General, UnitedStates Attorneys, local officials, andJudge Advocates (JAGs), will be ableto contribute to and search thedatabase.•Led by Holly Petraeus,Assistant Director forServicemember Affairs•Focused on uniquefinancial challenges ofservicemembers andveterans•Lending•Affinity Programs•Opportunities•Presidential ExecutiveOrder on “GI Bill”

CFPB REGULATION OF PRIVATEEDUCATIONAL LOANS• CFPB has specific supervisory authorityover any non-bank that offers or provide any“private educational loans” as defined inSection 140 of Truth in Lending Act (“TILA”).Section 1024(a)(1)(D).• Schools that extend credit to their studentsmay provide “private education loans” asdefined in TILA and Regulation Z.• Schools that assess finance charges on extensionsof credit are making “private education loans”unless term limited to 90 days or less.• Schools that do not assess finance charges butprovide for repayment term of more than 12 monthsare making private education loans.• Specific authority over “private educationlenders” supersedes “merchant exemption”• CFPB also has authority to supervisefinancial products and services that pose a“risk to consumers”

CFPB: Preparing for Supervisionand Examination

CFPB: PREPARING FOR SUPERVISIONAND EXAMINATIONAreas of Focus by the CFPB related to PrivateEducational Loans*•Unfair, Deceptive andAbusive Acts and Practices•Equal Credit OpportunityAct (ECOA) and Regulation•Truth in Lending Act•Electronic Fund TransferAct (15 U.S.C. 1693 et seq.)•Fair Credit Reporting Act(15 U.S.C. 1681et seq.)•Fair Debt CollectionPractices Act (15 U.S.C.1692 et seq.)•Gramm-Leach-Bliley Act of2009•Internal Revenue Code*(may report to the IRS)•State Statutory andRegulatory Requirements(may report to state AGs)* non-exhaustive list29

WHAT’S HAPPENING AT THE CFPB ONNONBANK SUPERVISION?• Dodd-Frank Supervision Authority – Under the law, theCFPB has authority to oversee nonbanks, regardless ofsize, in certain specific markets, including privateeducation lenders and their service providers ...• Supervision and Examination Manual• Attorney-Client Privilege and Attorney Work ProductConsiderations—CFPB Rulemaking Efforts

CFPB SUPERVISION ANDEXAMINATION• The statutory frameworks for supervision of large depository institutions andtheir affiliates and for non-depository consumer financial service companiesare largely the same.• The purpose of supervision, including examination, to:• assess compliance with Federal consumer financial laws,• obtain information about activities and compliance systems orprocedures, and• detect and assess risks to consumers and to markets for consumerfinancial products and services;• The requirement to coordinate with other Federal and state regulators; and• The requirement to use where possible publicly available information andexisting reports to Federal or state regulators pertaining to supervised entities.

SUPERVISION PROCESS PRINCIPLES• Consumer Focus: CFPB will focus on an institution’s ability to detect, prevent, andcorrect practices that present a significant risk of violating the law and causing consumerharm• Data Driven: Supervision staff (examiners and analysts) will use data from a wide range ofsources: data obtained from the entity and through direct observation during monitoring andexamination; information provided by the CFPB’s Research, Markets and Regulations andConsumer Education and Engagement divisions, the Office of Fair Lending and EqualOpportunity, the Enforcement division, Consumer Response Center, and Officesaddressing the special needs of students, Older Americans, Service members, and theunderserved; and other state and Federal regulatory agencies.• Consistency: CFPB will use the same procedures to examine all supervised entities thatoffer the same types of consumer financial products or services, or conduct similaractivities.

CFPB EXAMINATION CYCLE

CFPB SUPERVISION ANDEXAMINATION MANUAL• The first part describes thesupervision and examinationprocess.• The second part containsexamination procedures, includingboth general instructions andprocedures for determiningcompliance with specificregulations.• The third part presents templatesfor documenting information aboutsupervised entities and theexamination process, includingexamination reports.

CFPB EXAMINATION STEPS• Collect and review available information(from within the CFPB, from other Federaland state agencies, and from publicsources), consistent with statutoryrequirements;• Request and review supplementarydocuments and information from the entityto be examined;• Develop and obtain internal approval for apreliminary risk focus and scope for theonsite portion of the examination;• Go onsite to observe, conduct interviews,and review additional documents andinformation;• Consult internally if the examinationindicates potential unfair, deceptive, orabusive acts or practices; discrimination; orother violations of law;• Draw preliminary conclusions about theregulated entity’s compliance managementand its statutory and regulatory compliance;• Consult internally about follow-up correctiveactions that the institution should take,whether through informal agreement or aformal enforcement action, if warranted byfindings;• Draft the examination report;• Obtain appropriate internal review andapproval for the examination work and draftexamination report;• Share the draft report with the prudentialregulator and obtain and consider anycomments they may offer, consistent withstatutory requirements; and• After final internal clearance, finalize andtransmit the report to the supervised entity.• During the examination, the Examiner inCharge will communicate with appropriatesupervised entity personnel aboutpreliminary findings and conclusions.• CFPB will seek cooperation from the entityto correct any problems identified.

CFPB ENFORCEMENT AUTHORITY• CFPB is authorizedto conductinvestigations todetermine whetherany person is, orhas, engaged inconduct thatviolates Federalconsumer financiallaw.• Investigationsmay beconducted jointlywith otherregulators, andmay include:• subpoenas or civilinvestigativedemands fortestimony,• responses to writtenquestions,• documents, or• other materials

CFPB ENFORCEMENT AUTHORITY (CONT’D)• Rescission or reformation of contracts.• Refund of money or return of real property.• Restitution.• Disgorgement or compensation for unjustenrichment.• Payment of damages or other monetary relief.• Public notification regarding the violation.• Limits on the activities or functions of the personagainst whom the action is brought.• Civil monetary penalties (which can go either tovictims or to financial education).

CFPB REFERRALS FROM EXAMS• Criminal Wrongdoing – Department of Justice• Tax Law Non-Compliance - The CFPB is alsorequired under the CFPA to refer informationidentifying possible tax law non-compliance to theInternal Revenue Service (IRS).• Other Government Agencies

CFPB EXAM PROCESS IN DETAIL• For most full-scope examinations, the Examiner in Charge, ordesignee, contacts the supervised entity’s managementapproximately 60 days prior to the scheduled onsite date for theexamination to arrange either a telephone or in-persondiscussion of the examination Information Request.• The principal purpose of the discussion is to gather currentinformation to ensure that the request is tailored to what isnecessary to properly conduct the examination of that particularinstitution.• Examination – telephone, mail, in-person, combination• Closing Meeting• Examination Rating – 1 – 5 (1 is highest rating / lowest risk)• Examination Report – Corrective Action• Board of Directors / Principals Meeting39

WHAT WILL THE CFPB BE LOOKINGFOR?• Compliance ManagementSystem: A compliancemanagement system is how asupervised entity:•Establishes its complianceresponsibilities;•Communicates those responsibilitiesto employees;•Ensures that responsibilities formeeting legal requirements andinternal policies are incorporated intobusiness processes;•Reviews operations to ensureresponsibilities are carried out andlegal requirements are met; and•Takes corrective action and updatestools, systems, and materials asnecessary.ChecklistBoard and managementoversight;Compliance program Policies and procedures, Training, and Monitoring and correctiveaction.TrainingResponse to consumercomplaintsCompliance audit.

UNFAIR, DECEPTIVE OR ABUSIVEPRACTICES• Under the Consumer Financial Protection Act, it is unlawful forany provider of consumer financial products or services or aservice provider to engage in any unfair, deceptive or abusiveact or practice.• The Act also provides CFPB with rule-making authority and,with respect to entities within its jurisdiction, enforcementauthority to prevent unfair, deceptive, or abusive acts orpractices in connection with any transaction with a consumerfor a consumer financial product or service, or the offeringof a consumer financial product or service.• In addition, CFPB has supervisory authority for detectingand assessing risks to consumers and to markets forconsumer financial products and services

UNFAIR ACTS AND PRACTICESDEFINEDThe standard for unfairness inthe CFPA is that an act orpractice is unfair when:1. It causes or is likely to causesubstantial injury toconsumers,2. The injury is not reasonablyavoidable by consumers, and3. The injury is not outweighedby countervailing benefits toconsumers or to competitionChecklistDoes an act or practice hinder aconsumer’s decision-making.The injury must not be outweighed bycountervailing benefits to consumersor competition.To be unfair, the act or practice mustbe injurious in its net effects — that is,the injury must not be outweighed byany offsetting consumer orcompetitive benefits that also areproduced by the act or practice.Offsetting consumer or competitivebenefits of an act or practice mayinclude lower prices to the consumeror a wider availability of products andservices resulting from competition.

DECEPTIVE ACTS OR PRACTICESDEFINEDA representation, omission, actorpractice is deceptive when1. The representation, omission,act, or practice misleads or islikely to mislead the consumer,2. The consumer’s interpretationof the representation,omission, act, or practice isreasonable under thecircumstances, and3. The misleading representation,omission, act, or practice ismaterialChecklistActs or practices that may be deceptive include:making misleading cost or price claims; offering toprovide a product or service that is not in factavailable; using bait-and-switch techniques; omittingmaterial limitations or conditions from an offer; orfailing to provide the promised services.Is a representation, omission, act, or practice islikely to mislead:Is the statement prominent enough for theconsumer to notice?Is the information presented in an easy-tounderstandformat that does not contradict otherinformation in the package and at a time when theconsumer’s attention is not distracted elsewhere?Is the placement of the information in a locationwhere consumers can be expected to look orhear?Finally, is the information in close proximity tothe claim it qualifies?

ABUSIVE ACTS OR PRACTICESDEFINED• Materially interferes with the abilityof a consumer to understand a termor condition of a consumer financialproduct or service or• Takes unreasonable advantage of –•A lack of understanding on the part of theconsumer of the material risks, costs, orconditions of the product or service;•The inability of the consumer to protect itsinterests in selecting or using a consumerfinancial product or service; or•The reasonable reliance by the consumeron a covered person to act in the interestsof the consumer.ExamplesThe TSR prohibits as anabusive practice requesting orreceiving any fee orconsideration in advance of:•debt relief services;•obtaining any credit repairservices;•recovery services, and•offers of a loan or otherextension of credit, the grantingof which is represented as‘‘guaranteed’’ or having a highlikelihood of success

UDAAP ChecklistTo initially identify potential areas of UDAAP concerns, the CFPB will obtain and review copies of the following tothe extent relevant to the examination: Training materials. Lists of products and services, including descriptions, fee structure, disclosures, notices, agreements, andperiodic and account statements. Procedure manuals and written policies, including those for servicing and collections. Minutes of the meetings of the Board of Directors and of management committees, including those related tocompliance. Internal control monitoring and auditing materials. Compensation arrangements, including incentive programs for employees and third parties. Documentation related to new product development, including relevant meeting minutes of Board ofDirectors, and of compliance and new product committees. Marketing programs, advertisements, and other promotional material in all forms of media (including print,radio, television, telephone, Internet, or social media advertising). Scripts and recorded calls for telemarketing and collections. Organizational charts, including those related to affiliate relationships and work processes. Agreements with affiliates and third parties that interact with consumers on behalf of the entity. Consumer complaint files. Documentation related to software development and testing, as applicable. Management Policies and Procedures Transaction testing Interviews with consumers

CFPB: NAVIGATING INVESTIGATIONSAND ENFORCEMENT

CFPB INVESTIGATIONS ANDENFORCEMENT• CFPB may investigate, issue subpoenas and civil investigativedemands, and compel testimony• CFPB may conduct hearings and adjudications to enforce compliance,including issuing cease-and-desist orders• CFPB may initiate actions for civil penalties or an injunction• Penalties up to $1M per day for knowing violations• No exemplary or punitive damages• Criminal referrals to DOJ• Whistleblower protection• State attorneys general may also enforce the CFPA with notice to theCFPB• May enforce rules issued by the FTC to the extent such rules apply to acovered a person or service provider• No express private right of action under the CFPA

EARLY WARNING NOTICE OFPOTENTIAL ENFORCEMENT•The Early Warning Notice isnot required by law, but CFPBbelieves it will promote evenhandedenforcement ofconsumer financial laws.•The decision to give notice inparticular cases isdiscretionary and will dependon factors such as whetherprompt action is needed.

KEY STEPS TO RESPONDING TO ANINVESTIGATION1. Review the CID – A review of the CID,among many things, will identify thepurpose of the investigation, the assignedstaff enforcement attorneys, theproduction deadline (e.g., 30 days fromissuance), the definitions, instructions, andinterrogatory and document requests.2. Establish a Response Team –• Gather documents and answersinterrogatory questions• Ensure compliance with legalobligations• Confidentiality• Assess whether responsive informationis privileged• Take proper steps to preserveresponsive materials (e.g.,implementation of a documentpreservation policy)• Avoid liability, and preventing futureclaims and damage to the company• In addition, a recipient of a CID willneed to decide whether publicdisclosure is required pursuant to otherapplicable legal and regulatoryobligations.49

KEY STEPS TO RESPONDING TO ANINVESTIGATION (CONT’D)3. Assess the CID for PossibleModification Requests –• Once the team is assembled, legalcounsel needs to determine thescope and timing of the CIDresponse and whether anymodifications are needed.• The scope of the Bureau’s authorityin issuing the CID also needs to bedetermined.4. Meet and Confer with BureauEnforcement Attorneys –• Within 10 days after receipt of theCID.

KEY STEPS TO RESPONDING TO ANINVESTIGATION (CONT’D)5. Petition to Modify orSet Aside the CID –• May file a petition tomodify or set aside aninformation request ifthe request is filed within20 days of receipt of theCID unless an extensionis granted by the headof the Office ofEnforcement.6. ElectronicallyStored Information –• The identification, collection,review, and processing ofelectronically storedinformation, such as emails,poses certain challenges onmost businesses.• The burden and costcontinues to increase as theamount of electronicallystored information that theaverage organization orcustodian regularly maintainscontinues to rise.

KEY STEPS TO RESPONDING TO ANINVESTIGATION (CONT’D)7. Production –• The CID instructions willcover specifics regardingproduction formats andlogistics.• Material that is withheldbased on asserting aprivilege is required to beidentified on a privilegelog.Notice and Opportunity toRespond and Advise• According to a bulletinpublished in January 2012,before the Office ofEnforcement recommendsthat the Bureau commenceenforcement proceedings,the Office of Enforcementmay give the subject ofsuch recommendationnotice of the nature of thesubject’s potentialviolations and may offerthe subject the opportunityto submit a writtenstatement in response.

CFPB SOLICITS WHISTLEBLOWERS• “We are providing whistleblowers andother knowledgeable sources with adirect line of communication to theCFPB,” said Rich Cordray, AssistantDirector of Enforcement for the CFPB.“Their tips will help inform Bureaustrategy, investigations, andenforcement. And they will help us fulfillour commitment to consumers.”• The whistleblower channels announcedinclude:• whistleblower@cfpb.gov;• (855) 695-7974; and• Website (to be launched)• The consumer finance whistleblowerprotections have significant implicationsfor legal and regulatory compliance andraise a number of challenges forproviders of consumer financial productsand services. Covered employers willneed to consider such issues as:• How to maintain legal and regulatory compliancewith consumer financial protection laws andregulations;• How to ensure that, to the extent there is a violationof consumer financial protection law or regulations,an employee will take advantage of internalreporting mechanisms as opposed to bypassingsuch mechanisms and going straight to the CFPB;• How to conduct internal investigations withoutencouraging whistleblowers; and• How to successfully mediate any problemsdiscovered.

CFPB AND SERVICE PROVIDERS TOCOVERED FINANCIAL PRODUCTS ORSERVICES PROVIDERSService Providers may be liable under the CFPA for acts and practices thatviolate the law or assist others in doing so. The CFPB recommends thatsupervised financial institutions take steps to ensure that businessarrangements with service providers do not present unwarranted risks toconsumers. According to the CFPB, these steps include:1) Due Diligence;2) Requesting and reviewing the service provider’s policies, procedures,internal controls, and training materials;3) Appropriate contract provisions;4) Internal controls and on-going monitoring; and5) Taking prompt action to fully address any problems identified through themonitoring process.54

CONSUMER PROTECTION WORKINGGROUP• Announced in January 2012 (after State of the UnionAddress)• Unit within the Financial Fraud Enforcement Task Forcethat was created in late 2009, and is led by the U.S.Department of Justice (“DOJ”).• Will “address several areas of concern, including … forprofitschools that engage in fraud ormisrepresentation…”• CFPB, FTC, DOJ, DoE Inspector General, state AGs,and more are participating

WHAT’S NEXT AT THE CFPB ANDPRIVATE SCHOOLS? Know Before You Owe Refinement Increased push for voluntary adoption Examinations of Supervised Entities Investigations and Enforcement Nonbank Rulemaking Private Student Loan Study to Congress Consumer Arbitration Report and PossibleProhibition

FEBRUARY 2011

MAY 2012

QUESTIONS AND DISCUSSIONTo view Venable’s index of articles and PowerPoint presentations onrelated legal topics, see www.Venable.com/cfpb/publications.