The ConsumerFinancial Protection Bureau has released the procedures that itsaid it will use when examining student lenders.
|“For many borrowers, a student loan may be their first majorfinancial decision,” said CFPB Director Richard Cordray. “Withstudent debt topping a trillion dollars, we will be working toensure consumers are treated fairly and lenders are heldaccountable.”
|The examination guidelines will include looking at student loanprograms to make sure they use accurate, non-discriminatoryadvertising or marketing; make appropriate disclosures; provideborrowers with accurate account information and handle borrowerinquiries and complaints.
|The agency said that “in general, CFPB supervision activitieswill include gathering reports from and conducting examinations ofsupervised entities. The examination process will be an ongoingprocess of pre-examination scoping and review of information, dataanalysis, onsite examinations, and regular communication withsupervised entities, as well as follow-up monitoring.”
|The agency did not discuss how the guidelines might beimplemented for the majority of credit unions.
|Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
