The CFPB has announced that on May 8, 2013, it will hold a field hearing in Miami-Dade County, Florida on student loan borrowers. CFPB Director Richard Cordray will be giving remarks at the event. The CFPB’s practice has been to use field hearings as the venue for announcing a new release or initiative. Student loan… More >
Tag Archives: Student Loans
CFPB proposes supervision of nonbank private and federal student loan servicers
Posted in Student LoansThe CFPB has issued a proposal to supervise nonbank student loan servicers who qualify as “larger participants” in the student loan servicing market. The CFPB already supervises student loan servicing by larger banks. It also already supervises, without regard to their size, nonbanks that offer or provide private student loans and student loan servicing by such… More >
Director Cordray targets payday and student lenders in remarks to Consumer Advisory Board
Posted in Payday Lending, Student LoansDirector Cordray’s prepared remarks for yesterday’s meeting of the CFPB Consumer Advisory Board contained some particularly ominous signs for student and payday lenders. In the student lending area, Mr. Cordray focused on perceived similarities between servicing problems experienced by mortgage loan borrowers and those experienced by student loan borrowers. Observing that student loan servicing has the “same problematic [financial] incentive… More >
Is the CFPB now the BMOC?
Posted in Student LoansLast week, the CFPB muscled its way on campus, announcing that it will be looking at the impact of financial products marketed to students through their colleges and universities. And by financial products, the CFPB made it clear that it was primarily referring to bundled school identification and debit cards, debit cards that are used to… More >
CFPB’s “Paying for College” site continues to evolve
Posted in Student LoansLast week Peter Jackson, the Senior Advisor for Communications at the CFPB, put up a post on the CFPB’s blog describing the CFPB’s “Paying for College” web tools, which are currently in a beta stage and which are still continuing to evolve. In fact, the CFPB invites consumers and “stakeholders” to continue to comment on the… More >
Chopra keeps focus on student loan servicing problems
Posted in Student LoansIn an editorial last week in the Philadelphia Inquirer, Rohit Chopra, the CFPB’s Student Loan Ombudsman, once again made servicers of student loans the focus of his comments. In August, in remarks to the Congressional Forum on Student Loans, Mr. Chopra spoke about lessons learned from the mortgage market that might be applied to student loans. One of those lessons… More >
CFPB issues report on servicemember student loan debt
Posted in Student LoansA new CFPB report titled “The Next Front? Student Loan Servicing and the Cost to Our Men and Women in Uniform” focuses on repayment issues faced by servicemembers with private and federal student loans. One of the report’s findings is that many servicemembers could be entering into more favorable repayment plans if they had better… More >
CFPB student loan ombudsman releases first annual report
Posted in Student LoansRecently, the CFPB’s Consumer Response Team released its Snapshot of Complaints, providing a one-page summary of the approximately 2900 private student loan complaints received by the CFPB from March 1, 2012 through September 30, 2012. Last week, only six days later, Rohit Chopra, the CFPB’s Student Loan Ombudsman, released his first Annual Report, providing a… More >
Pew report could bolster CFPB student loan concerns
Posted in Student LoansThe Pew Research Center has just released a report that seems likely to bolster the CFPB’s concerns about student loans. The report notes that “in nearly every demographic and economic category” more households are borrowing more money to finance the cost of a college education. Perhaps not surprisingly, the report indicates that those households now… More >
Chopra student loan remarks could signal new CFPB proposals or actions
Posted in Student LoansRecent remarks by Rohit Chopra, the CFPB’s Student Loan Ombudsman, to the Congressional Forum on Student Loans and in an interview with Bloomberg Radio could presage new CFPB student loan recommendations to Congress or even CFPB examinations, investigations, and/or rulemaking proceedings. In his remarks to the Congressional Forum, Mr. Chopra analogized student loan borrowers who… More >
CFPB issues student loan report and launches online tool for problem student loans
Posted in Student LoansThe CFPB issued today its report to Congress on private student loans as mandated by Dodd-Frank, which the CFPB describes as the “Cycle of boom and bust in private student loan market.” Issued jointly with the Department of Education, the report consists of five parts dealing with (1) lenders, loan markets and products, (2) borrower characteristics… More >
Student loans: lots of comments and another request for information
Posted in Student LoansThe CFPB has finally published the nearly 2,000 comments it received from individual borrowers, parents, and others as a result of the request for information in which it asked a series of questions to assist it in preparing a report about private student loans and set January 17, 2012 as the deadline for responses. (We wrote about that request in an… More >
Tell your private student loan stories to the CFPB
Posted in CFPB GeneralIn a notice published in today’s Federal Register, the CFPB is seeking public comment on a series of questions about private student loans. According to Rick Hackett, the CFPB’s Assistant Director for Installment Lending Markets, the CFPB wants to hear from “students, families, school counselors, lenders, servicers, and anyone who has anything to do with… More >
Loans to servicemembers in the line of fire
Posted in CFPB GeneralIt’s clear from the recent testimony to Congress of Holly Petraeus, Assistant Director of the CFPB’s Office of Servicemembers Affairs, that the CFPB is looking closely at various kinds of loans made to military personnel and their family members. One category of loans on the CFPB’s hit list are private student loans to finance tuition at… More >
Student loans get the “Know Before You Owe” treatment
Posted in CFPB GeneralRecycling the “Know Before You Owe” theme of its mortgage loan disclosure project, the CFPB has launched a new student loan project on its web site which it describes as the product of a partnership between the CFPB and the U.S. Department of Education. The CFPB is looking for feedback on what is actually a… More >
Stay Connected
Subscribe to this blog via RSS
View our Linkedin page
Follow us on Twitter