Links in “Student Loans”
- CFPB Issues Defintion of Larger Student Loan Servicer
Most FIs are likely safe from coming under CFPB auspices. Definition requires servicing of 1,000,000 student loans. De-qualification requires two years after reduction of student loan accounts below level. [12/9]
- CFPB Serves Notice to Non-Bank Student Loan Servicers
Expansion of coverage on student loan servicers will include all major players in the market. Key focus of new requirements include focus on prepayment stumbling blocks, partial payment snags and servicing transfer surprises that frequently result in late charges. [12/3]
- CFPB Schools on Student Loans
The CFPB promotes key elements of private student loan placement with key problems associated with the program such as prepayment stumbling blocks, partial payment snags and servicing transfer surprises. [10/17]
- CBA: CFPB’s Student Loan Report Relies on Sweeping Characterizations Based on Unverified Complaints
Group says CFPB skews reality by basing its report on 3,800 unverified complaints from 0.002 percent of customers. [10/17]
- Private Student Loan Portfolio Performing Well
According to Gary Perez, CEO of USC Credit Union, his $80 million portfolio has a delinquency of less than 2.0%. Although, some credit unions are leaving the private student loan market, others see reasons to be upbeat. [10/10]
- New Toolkit for Potential Student Debt Relief for Qualified Individuals
CFPB wants the message out that if you're having trouble with student debt and you're a teacher, government worker or employed in qualified employment that there is help. New toolkit offers guidance. [8/28]
- Regulators Echo Commitment to Students in Financial Dire Straits
FDIC, OCC, FRB promote workout program guidance for FIs under $1B in handling problem student loan borrowers. [8/1]
- Student Loan Borrowers to Receive Interest Rate Relief
Yesterday, the House overwhelmingly approved a Senate bill that allows student loan interest rates to be set based on market rates, which will then be fixed for the term of the loan; bill also includes rate caps and is retroactive to student loans originated since July 1, 2013. [8/1]
- Regulators Promote Prudent Pupil Loan Respite
Guidance on workout arrangements on Student Loan Borrowers that meets Safe and Sound lending practices. [7/25]
- Student Loan Borrowers Face Significant Rate Increase
If Congress doesnât act immediately, interest rates on federally subsidized Stafford student loans will double from 3.4% to 6.8% on July 1;Â 7 million college students facing a large increase in the monthly loan payments at a time when many are already struggling financially. [6/27]
