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 the responses it received to that information request. … Continue Reading
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Final student loan servicer “larger participant” rule expected by year end
By John L. Culhane, Jr. on
Posted in Regulatory and Enforcement, Student Loans
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.… Continue Reading
Cordray sets sights on mortgage originators and servicers, payday and student lenders
By Barbara S. Mishkin on
Now that it has a director, the CFPB will waste no time in beginning to exercise its authority to regulate mortgage originators and servicers and payday and student lenders. That’s the message Richard Corday began delivering yesterday following his appointment as CFPB Director. The Dodd-Frank Act gave the CFPB the authority to make rules for and examine these non-bank companies regardless of their size.… Continue Reading