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ARTICLE · 14 OCTOBER 2015

CFPB Report And Joint Statement Of Principles For Student Loan Servicing Presage Potential Rulemaking Activity

Venable LLP
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On September 29, the CFPB released a report on student loan servicing. The report is the result of the Bureau's May 2015 public inquiry into student loan servicing. Noting the breadth of and continuing distress of the student loan industry, the CFPB stated in its press release that the Bureau intends "to explore potential industry-wide rules to increase borrower protections."

United StatesFinance and Banking
Allyson B. Baker
Allyson B. Baker
Andy Arculin
Andy Arculin
Peter Frechette
Peter Frechette

On September 29, the CFPB released a report on student loan servicing. The report is the result of the Bureau's May 2015 public inquiry into student loan servicing. Noting the breadth of and continuing distress of the student loan industry, the CFPB stated in its press release that the Bureau intends "to explore potential industry-wide rules to increase borrower protections."

Key consumer complaints highlighted by the CFPB include:

  • Difficulties with account information access and error resolution.
  • Inaccuracies due to servicer transfers, including mistakes in payment posting, allocation, and processing, as well as the administration of certain borrower benefits.
  • Delays and inaccuracies that impede loan refinancing.

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