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Thursday, August 30, 2012

CFPB Chopra on Student Loans

In remarks to the Congressional forum on student loans CFPB Student Loan Ombudsman Rohit Chopra spoke about the rapidly growing student loan debt held by many borrowers. The CFPB launched its student loan complaint system in March. In his remarks, Chopra discussed ideas to reduce the problems students in debt face, including aligning incentives across all involved in the transaction—schools, students, lenders, and taxpayers; increase the size of the student loan refinance market and; ensuring adequate servicing.

Read Chopra’s full remarks.

In an interview with Bloomberg Radio’s “Bloombery EDU with Jane Williams” program Chopra indicated federal agencies may intervene in the student loan market in the future.
Regulators and agencies and the Fed may have a role to play to ensure that the market is working well and is liquid and that risk really reflects a price appropriately.
Read the full Bloomberg interview from the Dodd-Frank Tracker twitter feed on the right on the Dodd-Frank Tracker homepage.

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