itt educational services

CFPB enters into settlement with funder of ITT private student loans

By John L. Culhane, Jr. on June 20, 2019

Posted in CFPB Enforcement, Regulatory and Enforcement, State Enforcement, Student Loans

A new (and perhaps final) chapter was added to the tale of ITT Educational Services, Inc. last week with the CFPB’s announcement that it had settled the lawsuit it filed against Student CU Connect CUSO, LLC (CU Connect), a special purpose entity company set up to fund, purchase, manage, and hold private student loans (CU Connect Loans) made to students enrolled in an ITT school.… Continue Reading

CFPB sends enforcement action “early warning” to for-profit postsecondary education provider

By John L. Culhane, Jr. on December 30, 2013

Posted in CFPB Enforcement, Regulatory and Enforcement, Student Loans

In a Form 8-K filed with the SEC on December 27, 2013, ITT Educational Services, Inc. disclosed that it has received a CFPB “early warning” letter stating that the CFPB’s Enforcement Office is considering recommending that the CFPB take legal action against ITT. Such letters, which are sent pursuant to the CFPB’s discretionary Notice and Opportunity to Respond and Advise (NORA) process, are intended to allow the target of a CFPB investigation to respond to potential legal violations that the CFPB’s enforcement staff believes have been committed before the CFPB ultimately decides whether to bring an enforcement action. … Continue Reading