CFPB Seeks Input for Joint Report on Private Student Loan Market

November 17, 2011
American Banker 
consumer financial protection bureau news

The Consumer Financial Protection Bureau is requesting information from consumers, schools, and industry players on the student loan market as it begins work on a joint report to Congress. It is seeking such information as underwriting criteria for student loans, repayment terms and behavior, servicing and loan modification, and default avoidance. The notice and request for information, published Nov. 16, follows a handful of student loan initiatives announced by the Obama administration in October aimed at relaxing the burden of student debt. It also highlights the priority that the agency is putting on this niche of the financial industry. "The bureau is particularly interested in learning what information would help students make informed decisions about which financial services and products are right for them and what approaches would best assist recent graduates facing (or about to face) difficulty making private education loan payments," the notice said.
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