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ARTICLE · 19 MAY 2015

CFPB Launches Official Inquiry Into Student Loan Servicing

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The CFPB has announced an inquiry into student loan servicing practices. The inquiry includes a formal Request for Information from borrowers, institutions, financial service providers, and others.

United StatesFinance and Banking
Angela Kleine
Angela Kleine
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The CFPB has announced an inquiry into student loan servicing practices. The inquiry includes a formal Request for Information from borrowers, institutions, financial service providers, and others, and call to borrowers to share their stories more informally. Comments on the RIN are due on or before July 13, 2015. Director Cordray, in prepared remarks at the Field Hearing on Student Loans, stated that student loans are "the largest source of consumer debt outside of mortgages." He added that the CFPB believes that "the problems" that defaulting borrowers "encounter bear an uncanny resemblance to the situation where struggling homeowners reached out to their mortgage servicers before, during, and after the financial crisis." The key materials, including a formal request for information, are:

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