CFPB Investigating Loan Program at College Chain

  • Written by Andrew Kreighbaum of Inside Higher Ed

The Consumer Financial Protection Bureau is looking into loans and other financing offered to students by the Center for Excellence in Higher Education, which operates the College America and the Stevens-Henager College chains.

The agency notified CEHE in April that it was seeking information about whether it had misrepresented the loans to students or enrolled students in loan programs without their consent. The college chain objected in May to a civil investigative demand from CFPB -- essentially an information-gathering tool used by law enforcement agencies -- and asked that it be narrowed or set aside. CFPB director Kathleen Kraninger rejected that request in August.

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