CFPB Proposed Rule for Nonbank Student Loan Servicers

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The CFPB currently oversees student loan servicing at larger banks.  The rule would define certain nonbank student loan servicers as “larger participants” and would allow the Bureau to oversee their activity for compliance with federal consumer financial laws.  CFPB Release

Topics:  CFPB, Loan Servicing, Student Loans

Published In: General Business Updates, Consumer Protection Updates, Education Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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