The Consumer Financial Protection Bureau (CFPB) recently issued a report, focused on the current student loan servicing market that laid out the results of several supervisory efforts related to student lending. Higher education lenders and loan servicers should pay close attention to the report’s findings, which signal the CFPB’s interest in enforcing the Consumer Financial Protection Act (CFPA) and other federal laws in the higher education context.[1]
Institutional Lenders
After initiating supervision over certain institutional lenders that extend private loans to students, the CFPB determined that certain blanket policies of these lenders were abusive under the CFPA.
