The Dodd-Frank Act established a student loan ombudsman within the CFPB to focus on student loan issues. Pursuant to this mandate, the CFPB recently requested comments on making private student loans affordable. The CFBP has released a report analyzing and discussing the public comments submitted in response to this request.
The report discusses the potential impact of student debt burdens, recent interventions in the student loan market, and spurring affordable loan repayment options.
Read the full report.
In related news, the CFPB held a field hearing on student loan debt yesterday where Richard Cordray made remarks regarding private student loans and actions the CFPB has taken to understand the consequences on student debt.
Read Cordray’s prepared remarks.