Links in “Student Loans”
- CFPB Touts Efforts to Correct Deficiencies
The CFPB's recent report on its efforts notes $14.3 million in remediation for approximately 228,000 consumers related to aspects including student lending violations, debt collection issues and improper reporting of information to credit reporting companies. [3/9/16]
- CFPB’s Chair Addresses Post Education Financial Awareness
The CFPB's Richard Cordray speaks on how the Consumer Bureau is working to help young people and their families make more informed decisions about paying for college and manage their money while in college. The address notes the Consumer Bureau's concerns over the financial challenges many families face as they consider how to pay for post-secondary education of all kinds and the Consumer Bureau's efforts to promote and enforce transparency in the financial market place. [2/5/16]
- Developing Lending Strategies for 2016?
This very comprehensive article looks at how the improving economy and slowly-rising interest rates should impact your lending strategies. For example, skyrocketing student loan debt has kept many Millennials from purchasing a home, but as their earnings improve credit unions need to be ready to meet that pent up demand. This means developing strategies to compete in the home purchase market versus the refi market and a plan to address the needs of low-income borrowers and borrowers with credit challenges. [1/27/16]
- He’s Back
Outspoken critic of the student loan industry Rohit Chopra left the CFPB seven months ago and has resurfaced in a senior role at the Department of Education to "fix our broken student loan system." [1/15/16]
- Just What We Need: Another Online Complaint System
The comment period is now open regarding the Department of Education's plans to create a new online complaint portal about federal student loans. Apparently, the CFPB's complaint system is intended more for complaints about private student loans. [12/15/15]
- CUs Meeting the Niche of Student Loan Consolidation
Forty million millennial borrowers owe $1.2 trillion in outstanding student loan debt, with an average balance of $29,000. Staying true to the credit union mission, CUs are helping their members meet this challenge through student loan refinancing and consolidation loans. [11/18/15]
- Deferred Student Debt? FHA Says “No Problem” No More
The FHA has shut down a popular workaround for borrowers with deferred student debt. [11/11/15]
- What You Need to Know About DOEâs Student Account Rule
The Department of Education recently issued a new regulation addressing the fees that can be charged to student accounts receiving federal student aid. However, the regulation does not affect all credit unions that have student members. It affects only those credit unions that engage in specific activities. [11/10/15]
- CFPB Hits Another Student Financial Aid Company
Continuing its crackdown on entities it believes are ripping off students and their families, the CFPB is taking action to halt Student Financial Resource Center and College Financial Advisory, which it says "illegally charged millions of dollars for sham financial services." [10/30/15]
- DOE Rule to Prohibit Certain Fees on Student Debit and Prepaid Cards
The U.S. Department of Education has announced a proposed rule that would ban overdraft and transaction swipe fees on student debit card and prepaid card accounts. Schools would also be banned from requiring students to open an account with a specific financial institution in order to receive student aid benefits. [10/29/15]
