WASHINGTON (5/15/15)--Information on student loan servicing practices, particularly involving hurdles to paying back loans, is the subject of a request for information issued by the Consumer Financial Protection Bureau (CFPB) Thursday.
The bureau currently supervises student loan servicing at the largest banks and nonbank student loan servicers that handle more than 1 million borrower accounts, regardless of whether they service federal or private loans.
According to the bureau’s request, it is seeking specific comments on:
Comments are due to the bureau by July 13. CUNA is preparing a regulatory comment call to solicit input as well. Comments can be sent to CUNA by June 15.
The bureau also announced the launch of an enhanced version of its Repay Student Debt online tool, designed to help borrowers figure out affordable repayment options.