WASHINGTON (4/13/13)--Of the consumer complaints filed with the Consumer Financial Protection Bureau about student loans, 87% were directed at the same seven lending companies, and none of those complaints mentioned credit unions, Credit Union National Association President/CEO Bill Cheney highlighted in the latest edition of The Cheney Report.
In fact, he said, "only one of the roughly 3,500 complaints to CFPB involved a credit union, and that one was resolved." The student loan complaint data is also referenced in an April 8 CUNA comment letter to the CFPB. (Use the resource link to read April 10 News Now story: CUNA Urges Leeway For CUs To Help Student Borrowers.)
The complaint data, Cheney said, "shows why CFPB would be better off focusing its regulatory attention on these seven companies triggering all the complaints and other bad actors in the student lending field," rather than credit unions.
This week's Cheney Report also includes:
Each Friday, The Cheney Report delivers Cheney's insights on three to four key events and policy developments affecting credit unions into the e-mail inboxes of credit union CEOs. The report also provides a valuable window into CUNA's actions on behalf of member credit unions and reinforces the value of CUNA membership, CUNA Executive Vice President of Strategic Communications Paul Gentile notes.
To sign up for The Cheney Report, click the resource link below and use the "subscribe" tab on the right of the page.
Past issues of The Cheney Report are also archived on cuna.org.