Consumer Protection Chief Puts Focus on Student Loans

August 5, 2013
USA Today  
student loan news

U.S. Consumer Financial Protection Bureau (CFPB) director Richard Cordray says the agency is trying to improve consumer decision-making on student loans. It has fielded 2,000 complaints related to private student loans just from Oct. 1, 2012 through March 31, 2013. In a May report, the watchdog determined that massive student loan debt could be delaying borrowers from achieving many financial and cultural milestones historically obtained by 20-somethings, such as becoming a homeowner. The CFPB has authority over student loan servicing banks; and in March, it proposed a rule that would also grant it oversight of non-bank student loan servicers that handle more than 1 million borrower accounts. The agency estimates the rule would empower it to supervise the seven largest student loan servicers, which dominate the market.
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