, Legal Times

Consumer Agency Sues For-Profit College Chain

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The Consumer Financial Protection Bureau today brought its first lawsuit against a for-profit college, charging ITT Educational Services Inc. with predatory lending.

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    Good for Cordray! The situation with ITT Tech and the many other so-called colleges whose real or primary raison d‘ĂȘtre is not education but the creation of indebtedness, has been crying out for action by the Justice Dept. or the Consumer Financial Protection Bureau. These schools, whose ads infest daytime TV, have perpetrated a massive amount of fraud not only against individual students, who find their futures mortgaged with nothing to show for it, but also the taxpayers who fund laudably-intentioned educational assistance programs. These so-called schools typically offer ‘tuition‘ help to qualified students, ‘qualified‘ meaning student eligible for federal education aid, and also typically, flash a pro-forma notice that ‘credits may not be transferable‘ - that ‘may‘ in ‘may not‘ is risible.

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