For-Profit Colleges Face Consumer Bureau Probe on Lending Roles
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The U.S. Consumer Financial Protection Bureau is investigating at least two for-profit colleges over potentially abusive practices in marketing and originating student loans.
The CFPB, which is studying and preparing to directly supervise the entire private student loan industry, is examining potential illegal practices by Corinthian Colleges Inc. and ITT Educational Services Inc., according a document posted on the agency’s website and securities filings.