We have previously written about recent regulatory focus on the student loan servicing industry. In particular, we discussed the issuance of a 151-page report issued by the Consumer Financial Protection Bureau (CFPB) titled “Student Loan Servicing: Analysis of Public Input and Recommendations for Reform,” as well as the “Joint Statement of Principles on
CFPB Releases Report on Student Loan Servicing and Recommendations for Reform
Last week, the CFPB released a report summarizing the results of a two-month public inquiry into student loan servicing practices. At the same time, the CFPB, in conjunction with the U.S. Department of Education and the U.S. Department of the Treasury, issued a Joint Statement of Principles on Student Loan Servicing, which “offer[s] a
CFPB Announces Student Loan “Inquiry”
CFPB Director Richard Cordray announced the commencement of a CFPB “public inquiry” into the hurdles that make repayment of student loans a “stressful process and even at times a harmful one.” Speaking in Milwaukee, Wisconsin today at a field hearing on student loan servicing, Cordray noted that the purpose of the Request for Information (RFI)