Regulation Z: Private Student Loan Requirements and Right to Cancel
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Gain a better understanding of the amendments to Regulation Z that apply to student loans and the OFCCP.Many institutions of higher learning federal contractors who are required to prepare affirmative action plans often do not understand how to track the race and gender of applicants in a manner that will satisfy the Office of Federal Contract Compliance Programs (OFCCP). They also do not understand how to track electronic applications in a manner that will satisfy the OFCCP as is required by their newly implemented regulations that went into effect earlier this year. This information helps the persons responsible for student lending to understand how properly use the federal disclosure forms and then how to use proper documentation for the loan itself. Failing to have a proper private student loan file is the most common error schools make in financial aid. It can lead to fines, invalidation of the debt and possibly criminal prosecution, often led to discrimination awards of many thousands of dollars. This material is critical for employers so they can ensure their tracking system of electronic systems meets the new OFCCP requirements.
AuthorsMark D. Belongia, Thompson Coburn LLP
Discloses and Requirements Subject to Regulation by the Federal Reserve Board
Truth in Lending Act Background
Private Education Loan Disclosures
State Licensing, Registration or Notification Filing