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

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

Jan 23, 2014

Article

Brownstein Client Alert, January 23, 2014

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 it hard for borrowers to pay off their loans early unless the recipients provide explicit instructions. With more than 3,800 complaints and other feedback from private student loan borrowers between October 1, 2012, and September 12, 2013, this is now a key area for enforcement.

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