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ARTICLE · 12 AUGUST 2015

What's Next? Recent Actions Highlight CFPB's Focus On Student Loans

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Beginning with a May 2015 field hearing and request for information – and culminating consent order dated July 22, 2015 – recent actions by the CFPB highlight its increasing focus on student loans.

United StatesFinance and Banking
Jordan Sykes
Jordan Sykes
Jodie Herrmann Lawson
Jodie Herrmann Lawson

Beginning with a May 2015 field hearing and request for information – and culminating consent order dated July 22, 2015 – recent actions by the Consumer Financial Protection Bureau (CFPB) highlight its increasing focus on student loans.

Although the CFPB began overseeing the student loan servicing industry in late December 2013, it was not until May 14, 2015, that it requested "information from the public about the student loan servicing practices that may make it harder to get ahead of your debt." That same day, it held a field hearing on student loan debt in Milwaukee, Wisconsin, and by the deadline for responding to its request for information, the CFPB received thousands of comments from aggrieved borrowers.

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