Politico has reported that Rohit Chopra, the CFPB’s former student loan ombudsman, has joined the Education Department in a senior leadership position focused on protecting student borrowers.  Politico also reported that in his new position Mr. Chopra will look at how to judge the financial solvency of colleges, examine state level consumer protections for borrowers,

In November 2013, the CFPB 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).  In a letter dated February 3, 2014, Rohit Chopra, the CFPB’s Student Loan Ombudsman, presented the CFPB’s findings based on

Private student loan lenders and servicers who met last week with CFPB Director Cordray, Education Secretary Arne Duncan, and Acting Deputy Treasury Secretary Mary Miller got the “memo” that the regulators think they should be doing more to expand refinancing opportunities for  private student loan borrowers.  The meeting was the subject of a blog post

The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial aid disbursement accounts.  Pursuant to the CARD Act, card issuers must submit their campus credit card agreements annually to the CFPB together with

Earlier this week, Rohit Chopra, CFPB Assistant Director and Student Loan Ombudsman, spoke to the Federal Reserve Bank of St. Louis about student loan debt.  As he has on other occasions, Mr. Chopra referred to $1.2 trillion in student loan debt without pointing out that over $1 trillion of that debt comes from federal student