News & Analysis as of

CFPB supervision of student loan servicers to begin March 1

Later this week, on March 1, the CFPB’s final rule defining larger participants of the student loan servicer market becomes effective. We expect the CFPB to immediately begin examining entities that qualify as larger...more

CFPB’s Private Student Loan Payment Report Serves as a Guide to Preemptively Revising Loan Payment Policies

The CFPB released its student loan ombudsman report analyzing complaints that the CFPB received from private student loan borrowers. In its second annual review of student loan practices, the CFPB reported that lenders make...more

CFPB Seeks Information from Private Student Loan Servicers

The CFPB announced that it is soliciting information from private student loan servicers on the options available to borrowers seeking to make extra payments on their student loans. Specifically, the CFPB is seeking input...more

CFPB asks private student loan servicers for information on handling extra payments

The CFPB recently sent a letter to private student loan servicers asking them for information about their practices for handling extra payments from borrowers (i.e., payments in excess of the minimum amount due). This past...more

CFPB Settles With Mortgage Company, Senior Executives Over Alleged Loan Officer Compensation Practices

On November 7, the CFPB announced it reached a settlement with a mortgage company and two of its executives accused of using compensation to incentivize loan officers to steer consumers into costlier mortgages. The proposed...more

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

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...more

Director Cordray targets payday and student lenders in remarks to Consumer Advisory Board

Director Cordray’s prepared remarks for yesterday’s meeting of the CFPB Consumer Advisory Board contained some particularly ominous signs for student and payday lenders. ...more

CFPB Bulletin on Servicers’ Obligations During Loan Transfers

February 11, the CFPB issued a bulletin advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers....more

CFPB Plans Heightened Scrutiny Of Mortgage Servicing Transfers

On February 11, the CFPB issued Bulletin 2013-01 to address concerns about “potential risks to consumers” posed by the increased number and size of recent servicing transfers between financial institutions. ...more

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