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ARTICLE · 27 MAY 2016

CFPB Seeks Input On "Payback Playbook" Student Loan Repayment Disclosures

Mayer Brown
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The public may provide comments through June 12, 2016.

United StatesFinance and Banking
Kristie D. Kully
Kristie D. Kully
Anoush A. Garakani
Anoush A. Garakani
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The Consumer Financial Protection Bureau ("CFPB") took another step in addressing concerns about student loan servicing. Recently, the CFPB released a set of proposed disclosures, dubbed the "Payback Playbook," intended to provide borrowers with clear information about their repayment options, particularly if they are facing financial distress. The CFPB is helping develop the Playbook for use by student loan servicers and is seeking input from the public on how best to convey that information.

The Government Accountability Office concluded last year that many eligible student loan borrowers do not know about, and so do not take advantage of, income- or earnings-based repayment plans for certain types of student loans. The CFPB, in coordination with the Departments of Education and Treasury, is working to ensure those borrowers have specific information about affordable payments options. The agencies anticipate that student loan servicers could provide the Playbook

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