Higher education in the US is largely self-regulated via the accreditation process. The government has minimal oversight of that self-regulation, mostly through the GI bill. Self-regulation doesn't mean they collude in a bad way (though there are suspicions that the rising cost of tuition is a collusion problem). Self-regulation is a form of collusion that, when done right, is good for producers and consumers - LEED or certain organic food certifications or academic accreditation are easy ways for consumers to know what they are getting and for producers to limit the negative price and quality pressure of "lemons" (bad products) on the marketplace. And it achieves this effect without heavy handed bans that limit consumer choice.
