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CFPB’s Report to Congress on Private Education Loans: Fair Lending Issues and the Future of the Industry


Product Code - LGN48
Speaker(s): Arthur J. Rotatori, McGlinchey Stafford PLLC; Sheldon D. Repp, National Council of Higher Education Loan Programs
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On July 20, the Consumer Financial Protection Bureau (CFPB) published its Congressionally-mandated report on private education loans. The report, which was expected to be critical of the industry, presented a detailed history of the industry as well as criticisms.

The faculty for this program will review the content of the report and provide a criticism of the criticisms. They will consider what will happen in light of the report and which of its possible recommendations the CFPB can implement on its own in the absence of new legislation. In particular, the fair lending issues that the CFPB considered in its report and how those issues may affect the private education loan industry will be addressed.

Educational Objectives:

• Hear an overview of the CFPB’s position on private education loans.
• Learn the CFPB’s recommendations concerning the bankruptcy treatment of private education loans.
• Understand the fair lending issues involving private education loans that the CFPB appears to consider significant.
• Gain an understanding of what actions the CFPB can take on its own with respect to private education loans and which of its recommendations require Congressional action.

Who would benefit from attending this program?

Private education loan executives, counsel to the private education loan and financial industries, bankruptcy practitioners, financial aid officers, loan servicers.

Program Level: Intermediate

Credit Available: CLE. For more information, please click on the “CLE Credit” tab.

Arthur J. Rotatori, McGlinchey Stafford PLLC; Sheldon D. Repp, National Council of Higher Education Loan Programs

Arthur J. Rotatori, McGlinchey Stafford PLLC
Arthur Rotatori handles consumer finance and regulatory matters relating to private student loans. He has developed and maintained multi-state consumer credit programs for many clients in the consumer financial services industry and represents education loan program lenders, servicers and administrators in connection with the entire range of federal and state law issues affecting private education finance, such as compliance with state licensing requirements, the negotiation of loan program agreements and general consumer credit compliance matters.

Mr. Rotatori has also helped numerous clients develop the documentation and procedures to document and execute consumer credit contracts on-line. His practice also involves advising clients on how to create and manage multi-state consumer lending programs. He speaks regularly to industry groups on the topic of education finance and he also frequently visits clients to provide on-site training on a wide range of consumer credit compliance issues.

Mr. Rotatori earned a J.D. from Northwestern University School of Law and a B.A., summa cum laude, from Case Western Reserve University.

Sheldon D. Repp, National Council of Higher Education Loan Programs
Sheldon D. Repp assumed the position of President of the National Council of Higher Education Loan Programs (NCHELP) on July 1, 2011. NCHELP represents a nationwide network of lenders, secondary markets, guaranty agencies, loan servicers, collectors, schools and other organizations involved in the administration of education loan programs. Mr. Repp previously served as NCHELP’s General Counsel.

Mr. Repp has an extensive background in education matters and student aid, having previously been employed in the Office of the General Counsel at the former U.S. Department of Health, Education and Welfare. Mr. Repp then served for two years as the senior assistant to the Inspector General at the Department of Labor. He joined the legal staff of Sallie Mae in June 1981. His last position there was as Vice President and Senior Deputy General Counsel. He was responsible for supervising all legal work relating to Sallie Mae’s asset and securities transactions and providing legal advice on new product development and legislative analysis.

Born in Buffalo, New York, Mr. Repp earned an A.B. from Brown University and a J.D. from the State University of New York at Buffalo, where he was Managing Editor of the Buffalo Law Review. He is a member of the New York and District of Columbia Bars. Mr. Repp and his wife, Barbara, live in Washington, D.C., where he is active in community and educational affairs and in the arts. He served for over fifteen years as a director of the D.C. Chamber of Commerce, where for five years he was Chairman of the Government Affairs Committee. He is a past President of the Woolly Mammoth Theatre Company.

This program is CLE-credit eligible.

If you have further questions regarding a specific state or how to file for CLE credit, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to the Legal and Business CLE Accreditation Coordinator.

Hardship Policy
Bloomberg BNA offers a hardship policy for any attorney earning less than $30,000 per year. If an attorney wishes to take advantage of this option, he or she must do so in writing and also provide proof of hardship. If approval is granted, a discount of 50% off the full registration price of the program will be awarded.

Questions
For more information about Mandatory or Minimum Continuing Legal Education (MCLE) requirements, visit the American Bar Association website at http://www.abanet.org/cle/mandatory.html.