CFPB Trains Crosshairs On Nonbank Student Loan Servicers
Under the proposed rule, any nonbank student loan servicer that handles more than 1 million borrower accounts would be subject to CFPB oversight. The agency estimates that it would cover the seven largest student loan servicers, which service a combined 49 million federal and private student loans.
But Sallie Mae, the largest private student lender, may...
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