In a recent “open letter” to newly confirmed CFPB Director Rohit Chopra, Professor Jeff Sovern asks the agency not to forget about “arbitration” as it implements its regulatory agenda. He argues that “[p]re-dispute arbitration clauses remain a serious limit on consumer protection” and can even “blow up their lives.”… Continue Reading
Chopra keeps focus on student loan servicing problems
In an editorial last week in the Philadelphia Inquirer, Rohit Chopra, the CFPB’s Student Loan Ombudsman, once again made servicers of student loans the focus of his comments. In August, in remarks to the Congressional Forum on Student Loans, Mr. Chopra spoke about lessons learned from the mortgage market that might be applied to student loans. … Continue Reading
Chopra student loan remarks could signal new CFPB proposals or actions
Recent remarks by Rohit Chopra, the CFPB’s Student Loan Ombudsman, to the Congressional Forum on Student Loans and in an interview with Bloomberg Radio could presage new CFPB student loan recommendations to Congress or even CFPB examinations, investigations, and/or rulemaking proceedings.
In his remarks to the Congressional Forum, Mr. Chopra analogized student loan borrowers who did not receive the value they expected for their loans to “underwater” homeowners.… Continue Reading