CFPB Shines Spotlight On Education Lending Practices

Law360, New York (March 12, 2014, 5:15 PM EDT) -- In continuing a familiar theme, the Consumer Financial Protection Bureau has directed its spotlight to shine on yet another industry, leaving industry participants startled by its glare and sweating from its heat. This time, the industry the CFPB has chosen to illuminate is education lending — a $1.2 trillion industry. For education lenders and servicers that are now scurrying for cover, don’t expect to find it anytime soon.

Title X of the Dodd-Frank Act grants the CFPB broad authority to regulate education lending, including by authorizing the...
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