1. Cybersecurity
FSA recently sent breach notification and information security reporting compliance letters to some colleges
based on unconfirmed reports of student information data breaches
sent directly to presidents and chancellors
FSA interested in adding an audit objective to evaluate compliance with the Safeguards Rule of the Gramm-Leach-Bliley Act
yet to be officially implemented
EU General Data Protection Regulation

2. Veterans Affairs Veterans Educational Assistance Act
Lifts current 15-year time limit for benefits
Extra year for STEM degrees
Expands eligibility to National Guard
Full eligibility to Purple Heart recipients
Reporting fee increases to $16 per student

3. Tax Reform
Tax Cuts and Jobs Act of 2017 will have broad impact on colleges and universities
Charitable giving and endowments
How will the changes impact giving?
New endowment excise tax
Treatment of tax-exempt organizations
New executive compensation excise tax
New UBIT rules
BUT forthcoming guidance (JCT Blue Book, IRS regs) will determine extent of impact on higher education

4. Internal Revenue Service
Must report in Box 1 on 1098-Ts for 2018
Still awaiting final rules
Foreign students
Recommendation: Nonresident alien (NRA) students should claim Single-1 on W-4
If the student claims Single-0, then there is over-withholding (student's check could be negative)
Elimination of personal exemptions; NRAs ineligible for standard deduction
Will likely result in a notably higher tax liability for those students from countries that do not have tax treaties in place

5. Financial Responsibility Agreements
Advisory Report
Currently under revision to include “make whole” provisions for collection fees.
Don’t do this alone! Talk to counsel for review and approval to ensure your agreement complies with all applicable federal, state, and local laws, and institutional policies.

6. Telephone Consumer Protection Act (TCPA)
U.S. Court of Appeals for the D.C. Circuit
Decision: No (3/16/18)
Reversed the FCC’s guidance on the definition of autodialers
Vacated FCC’s approach to reassigned numbers
Upheld revocation of consent
Sustained exemption for time-sensitive health-care calls.
FCC could issue new guidance in the future

7. NACUBO Value of Higher Education Initiative

8. Be Counted!
The 2018 Student Financial Services Benchmarking survey is open.
Please participate!
s have been sent! If you are the right person to fill out the survey for your school and you didn’t get an , leave your card (with SFS Benchmarking written on it).
Friday J
April 27

9. Bryan Dickson bdickson@nacubo.org 202.861.2505 advocacy@nacubo.org