CFPB Calls For More Info On Student Loan Servicing

Law360, New York (May 14, 2015, 1:13 PM EDT) -- The Consumer Financial Protection Bureau launched an information gathering initiative Thursday, seeking insight into the student loan servicing market that could help the agency form rules on the way servicers collect and apply payments from distressed borrowers.

In a field hearing in Milwaukee, Wisconsin, on Thursday morning, CFPB Director Richard Cordray said he wants to hear from students, servicers and universities on how the nation’s $1.2 trillion in student loans are serviced and if inadequate servicing is leading to higher fees and more debt for students in default.

“Student debt stress can make borrowers feel like they are walking a tightrope...

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