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, seek ways to make data more publicly available, and work on improving loan protections for military members.… Continue Reading
education
CFPB issues third Financial Literacy Annual Report
By Barbara S. Mishkin on
Posted in Financial Literacy, Regulatory and Enforcement
The CFPB has issued its third Financial Literacy Annual Report to Congress. The report covers the CFPB’s activities to improve consumer financial literacy during the period from June 2014 through September 2015. The report’s Appendix contains a list of the CFPB’s currently available financial education resources, which includes web-based tools, CFPB brochures and other publications, and CFPB research reports.… Continue Reading
U.S. Dept. of Education proposes new restrictions on campus financial products
By John L. Culhane, Jr. on
The U.S. Department of Education has issued proposed revisions to its Title IV Higher Education Act (HEA) cash management rules that include significant new restrictions on financial products used to disburse credit balance funds to students. Credit balances result when the amount of Title IV HEA program funds credited to a student’s account exceeds the amount of tuition and fees, room and board, and other allowed charges. … Continue Reading
Director Cordray calls for public and private sector businesses and organizations to help employees with their financial lives
By Kim Phan on
On February 25, the Financial Literacy and Education Commission (FLEC) held a field hearing as part of America Saves Week to discuss financial education in the workplace, including how to deliver financial education to employees. During the field hearing, CFPB Director Richard Cordray, who also serves as the FLEC vice chair, delivered remarks encouraging employers to voluntarily implement financial education programs for their employees.… Continue Reading
Federal agencies launch new servicemember higher education complaint process
By John L. Culhane, Jr. on
Posted in Regulatory and Enforcement, Student Loans
Servicemembers now have more channels for submitting complaints relating to their higher education. In addition to their ability to submit complaints about student loans via the CFPB’s complaint system, servicemembers using Post 9/11 GI Bill and other military education benefits for higher education can use a new online complaint system announced by several federal agencies, including the FTC, DOJ and CFPB. … Continue Reading
Tell your private student loan stories to the CFPB
By John L. Culhane, Jr. on
Posted in CFPB General, Regulatory and Enforcement
In a notice published in today’s Federal Register, the CFPB is seeking public comment on a series of questions about private student loans. According to Rick Hackett, the CFPB’s Assistant Director for Installment Lending Markets, the CFPB wants to hear from “students, families, school counselors, lenders, servicers, and anyone who has anything to do with private student loans” because “hearing [their] stories will help [the CFPB] understand how people make decisions.” … Continue Reading