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The U.S. Chamber of Commerce filed an amicus brief in the D.C. Court of Appeals this week arguing that the Consumer Financial Protection Bureau doesn't have the authority to investigate college accreditors.
The CFPB is appealing a D.C. District Court decision that blocked its efforts to investigate the Accrediting Council for Independent Colleges and Schools and, specifically, how the agency approves for-profit colleges. Since that defeat, the Department of Education group that oversees accreditors recommended shutting down ACICS. But the CFPB in October filed an appeal arguing it had "ample authority" to oversee accreditors for violations of federal consumer protection laws.
The chamber argues in its brief that the accreditation process for for-profit colleges has "no connection to a transaction with a consumer for a consumer financial product or service, the bureau's contrary protestations notwithstanding."
