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ARTICLE · 02 MARCH 2022

CFPB Increases Scrutiny On Student Loan Servicers

Goodwin Procter LLP
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On February 18, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin and Policy Guidance (Bulletin) regarding

United StatesConsumer Protection
Laura Stock Craven
Laura Stock Craven

On February 18, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin and Policy Guidance (Bulletin) regarding the servicing of Federal student loans for borrowers who may be eligible under the recently-issued Public Student Loan Forgiveness (PSLF) Waiver. The CFPB announced that it will be closely reviewing student loan servicer conduct for potential unfair, deceptive or abusive acts and practices in connection with student loan forgiveness as certain program deadlines near.

Working closely with the U.S. Department of Education, the CFPB said it "plans to prioritize" oversight of student loans in the coming year, with a "specific focus" on monitoring how loan services are engaging with Federal student loan borrowers about public service loan forgiveness.

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