Final student loan servicer “larger participant” rule expected by year end

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In remarks to the National Council of Higher Education Loan Resource’s “2013 Knowledge Symposium” held this week in St. Pete Beach, Florida, Rohit Chopra, the CFPB’s Student Loan Ombudsman, indicated that the CFPB’s final “larger participant” student loan servicer rule will be issued at the end of 2013. The proposal, issued by the CFPB in March 2013, would give the CFPB supervisory authority over nonbank servicers of private and federal student loans who qualify as “larger participants” in the student loan servicing market.