The CFPB has announced that on May 8, 2013, it will hold a field hearing in Miami-Dade County, Florida on student loan borrowers. CFPB Director Richard Cordray will be giving remarks at the event.
The CFPB’s practice has been to use field hearings as the venue for announcing a new release or initiative. Student loan default rates and servicing problems have been the focus of considerable CFPB attention in recent months. Last month, the CFPB issued a proposal to supervise nonbank servicers of private and federal student loans who qualify as “larger participants” in the student loan servicing market. Comments on the proposal are due by May 28, 2013. In February, the CFPB announced that it was taking the first step to develop a “student loan affordability plan” by issuing a Notice and Request for Information. Comments on the RFI were due by April 8, 2013.