CFPB Announces Field Hearing On Student Loan Issues

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On April 18, the CFPB announced a field hearing about student loan issues, to be held in Miami-Dade County on May 8, 2013. The CFPB has not yet announced witnesses but has stated the event will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. In the past, the CFPB has made policy announcements in connection with field hearings. On April 8, the comment period closed on a CFPB notice and request for information regarding policy options to “increase the availability of affordable payment plans for borrowers with existing private student loans.” The CFPB also recently proposed a rule to allow it to supervise “larger participant” nonbank student loan servicers. The comment period for that proposal does not close until May 28, 2013.