2015
The Consumer Financial Protection Bureau to the Rescue
Student Loan Lawyer / 0 Comments /Many folks know that the Consumer Financial Protection Bureau (“CFPB”) has been created to investigate and regulate various consumer products. What may be unclear is that the CFPB has a very significant role to play with respect to private student loans. The CFPB is charged with the power to investigate and make recommendations to Congress and the President. The CFPB recently posted some new information that could be of interest to former students with student loan debt. The website for the CFPB is located at www.consumerfinance.gov.
On the site, the CFPB asks for examples of egregious conduct by the players in the private student loan arena. Specifically, the CFPB requests information pertaining to payment processing problems, servicing problems and communication problems. Of course, the CFPB will certainly listen to complaints in other areas pertaining to private student loans.
Former students are encouraged by this writer to contact the CFPB with whatever complaints they may have. The CFPB is compiling information for the express purpose of attempting to rectify the many abuses in the marketplace.
Student loan counsel will still be needed to protect the interests of former students and to bring litigation where appropriate. Together, the CFPB and student loan counsel can bring about the needed change in the private student loan arena.
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