Even before it succeeded in finally quashing a civil investigative demand (“CID”) issued by the Consumer Financial Protection Bureau on April 21, 2017, the Accrediting Council for Independent Colleges and Schools (“ACICS”) notched a second victory against a federal adversary in April 2018.
Background
Established in 1912, upon the request of Benjamin Franklin Williams, President
Founded in 1931 by Herman A. DeVry, the inventor of the first portable motion picture projector and early government training film producer, DeVry Education Group (“DeVry”) began as DeForest Training School. Having been renamed “DeVry Technical Institute” in 1953 and gained accreditation to confer associate degrees in electronics in 1957,
Chapter 13 of the United States Code’s eleventh title (“Bankruptcy Code” or “Code”) “permits any individual with regular income to propose and have approved a reasonable plan for debt repayment based on that individual’s exact circumstances,” explaining why a Chapter 13 plan is commonly known as “a wage earner’s plan.” In general,
In Echlin v. PeaceHealth, the U.S. Court of Appeals for the Ninth Circuit held that a debt collection agency meaningfully participated in collection efforts even if it did not have authority to settle the account, did not receive payments, and was not involved in collection beyond sending two collection letters. Accordingly, the collection agency
In a short, straightforward opinion, the Eighth Circuit Court of Appeals joined its sister circuits that have applied a materiality standard to consumer claims of falsity and deception under the Fair Debt Collection Practices Act.
Consumer Paul Hill incurred a medical debt, and the creditor hired Accounts Receivable Services, LLC to collect the debt.
In the fall of 2017, the New York Times documented the existence of laws in nineteen jurisdictions which allow for the revocation of government-issued professional licenses if a holder defaults on a student loan. Pleas for reform soon swamped states.
In Texas, whose next regular legislative session will begin on January 8, 2019,
In a recent ruling, the Seventh Circuit Court of Appeals held that plaintiffs stated a viable claim under the Fair Debt Collection Practices Act by alleging that a collection letter which included the safe harbor language set forth in Miller v. McCalla, Raymer, Padrick, Cobb, Nichols, & Clark, LLC, 214 F.3d 872 (7th Cir.
In a still-incomplete provocative piece whose conclusions were presented at this year’s American Economic Association (“AEA”) meeting in Philadelphia in January 2018 and highlighted by the American Bankruptcy Institute on March 29, 2018, three economists—Gene Amromin, Vice President and Director of Financial Research at the Federal Reserve Bank of Chicago; Janice C. Eberly
Psychologists say that adolescents and young adults take more risks than any other age group. Perhaps this is why about one in five (21.2%) college students receiving financial aid to pay for their education have invested these loans in a cryptocurrency, according to a recent survey by The Student Loan Report, a website for student
As newspaper articles, academic studies, and politicians’ speeches have repeated, statistics suggest that a student loan crisis may be building. The share of students graduating with more than $50,000 in student loan debt has more than tripled since 2000, increasing from 5% in 2000 to 17% in 2014. As a result, this group of “large-balance