Consumer Financial Protection Bureau v. ITT Educational Services, Inc.
United States District Court for the Southern District of Indiana
2015 WL 1013508 (2015)
Relevant factsFree
ITT Educational Services (defendant), a for-profit college, offered students short-term interest-free "temporary credit" for tuition gaps, then, when many students could not repay it, established a private-loan program and actively guided students through obtaining private loans and completing the necessary forms; the CFPB (plaintiff) sued ITT under the CFPA and TILA, and ITT moved to dismiss, challenging the CFPA's constitutionality and its own coverage as a regulated entity.
IssueFree
Whether a school that offers financial advisory services to its students is an entity covered by the Consumer Financial Protection Act.