CFPB Releases Exam Manual for Student Loan Supervision
American Banker
December 18, 2012
Witkowski, Rachel
A new Consumer Financial Protection Bureau guide covering student loan supervision made its debut on Dec. 17. The Student Lending Examination Procedures manual will be used to evaluate banks and non-banks that offer student financing on their compliance with applicable consumer financial laws. Examiners will look at such areas as truth in advertising, product disclosures, borrower qualifications and collections. "For many borrowers, a student loan may be their first major financial decision," notes CFPB director Richard Cordray. "With student debt topping a trillion dollars, we will be working to ensure consumers are treated fairly and lenders are held accountable."
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