On April 28, 2016, the CFPB released its “Payback Playbook” initiative proposal, which concerns loan servicers laying out student loan repayment options in communications with borrowers in order to “reduce defaults, improve borrower outcomes, and spur innovation.” The Bureau is requesting comments in response to its proposed templates (or “Payback Playbooks”), which would require, inter… Read More
Tag Archives: Student Lending
CFPB’s Two-Year Policy Priorities
Posted in Arbitration, Auto Lending, CFPB, Mortgage, Student LendingOn Thursday, February 25, 2016, the CFPB held a Consumer Advisory Board meeting in which it outlined its forward-looking supervision and enforcement priorities. After the Board meeting, the CFPB published a summary of these priorities that promises the following, among other things, during the next two years: Rulemakings related to arbitration and debt collection; Rigorous… Read More
Supervisory Highlights, Fall 2015: Totally Sanitized Limerick Edition!
Posted in CFPB, Mortgage, Student Lending, Supervisory HighlightsDon’t know about you, but we’ve been dreaming about wrapping ourselves in a big cabled sweater, drinking a pumpkin-spiced beverage and cozying up to the Fall 2015 issue of Supervisory Highlights. Usually haiku is how we roll, but haiku really evokes spring, and in honor of everyone’s favorite season of decay, we’ve decided to give… Read More
CFPB Lays Down the Gauntlet on Student Loan Servicing
Posted in CFPB, Student LendingThe CFPB and the U.S. Departments of Education and the Treasury have released a Joint Statement of Principles on Student Loan Servicing, accompanied by a CFPB report. In the CFPB’s press release announcing the publications, the Bureau expressed “concern” about what it calls “widespread servicing failures reported by student loan borrowers.” It vowed to “stamp[]… Read More
CFPB Launches Official Inquiry Into Student Loan Servicing
Posted in CFPB, Student LendingThe CFPB has announced an inquiry into student loan servicing practices. The inquiry includes a formal Request for Information from borrowers, institutions, financial service providers, and others, and call to borrowers to share their stories more informally. Comments on the RIN are due on or before July 13, 2015. Director Cordray, in prepared remarks at… Read More
Fall 2014 Supervisory Haiku-lights
Posted in CFPB, Mortgage, Student Lending, Supervisory HighlightsA few times a year, CFPB Supervision publishes Supervisory Highlights, which provides general information about examination findings without identifying specific institutions. We know you readers are busy—and literary!—so below we present key takeaways from Supervision’s Fall 2014 report in one of our favorite poetic forms: haiku. student lenders must allocate payments fairly not to increase… Read More
Animal House Today, Mom’s House Tomorrow: The CFPB Reports on Struggling Private Student Loan Borrowers
Posted in CFPB, Student LendingIt’s no secret that many recent graduates have collected their diplomas only to face the one-two punch of a lean job market and mounting student loan debt. Graduation once meant independence, but for more students these days, it means crashing with their parents to make ends meet. According to the CFPB Student Loan Ombudsman’s Annual… Read More