CFPB Report Finds Distressed Private Student Loan Borrowers Driven Into Default
Today, the Bureau Student Loan Ombudsman released a report highlighting complaints by struggling private student loan borrowers who describe being driven...
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Prepared Remarks of CFPB Director Richard Cordray at the Announcement on Public Service and Student Debt
Thank you. Student loan debt is one of the most significant burdens facing our young people, and it certainly hits close to home for a growing number of...
CFPB Sues For-Profit Corinthian Colleges for Predatory Lending Scheme
Bureau Seeks More than $500 Million In Relief For Borrowers of Corinthian's Private Student Loans Today, the Bureau sued for-profit college chain Corinthian...
Prepared Remarks of CFPB Director Richard Cordray on the Corinthian Enforcement Action Press Call
Today we are taking a public enforcement action against Corinthian Colleges, a for-profit chain of colleges, to put an end to its illegal predatory lending...
Written Testimony of Rohit Chopra before the Committee on the Budget
My name is Rohit Chopra, and I serve as an Assistant Director at the Bureau, where I lead an office that focuses on issues facing students and young...
Director Cordray Remarks at the 2014 Boulder Summer Conference on Consumer Financial Decision Making
Thank you for having me here today. I am very pleased to be able to join so many experts in consumer finance, a field whose interdisciplinary nature...
Consumer advisory: Co-signers can cause surprise defaults on your private student loans
Today, we released a report that describes complaints we received related to the private student loan industry’s practice of placing borrowers in default even when their loans are current and in good standing. Take a look at our consumer advisory and sample letters for borrowers and co-signers.
CFPB Finds Private Student Loan Borrowers Face “Auto-Default” When Co-Signer Dies or Goes Bankrupt
Today the Bureau Student Loan Ombudsman released a report highlighting complaints of "auto-defaults" in private student lending. Borrowers report that some...
Prepared Remarks of CFPB Director Richard Cordray at the National Association of Attorneys General
Thank you for having me back again this year. I am glad to say that I now stand before you as the undisputed Director of the Bureau, having been confirmed...
CFPB Sues For-Profit College Chain ITT For Predatory Lending
Today the Bureau filed a lawsuit against ITT Educational Services, Inc., accusing the for-profit college chain of predatory student lending. The CFPB...
CFPB to Oversee Nonbank Student Loan Servicers
The Bureau issued a rule today that allows the Bureau to supervise certain nonbank student loan servicers for the first time. The rule brings new oversight...
Prepared Remarks of CFPB Director Richard Cordray on the Student Loan Servicer Supervision Rule Press Call
Thank you for joining us on this call today. John F. Kennedy once noted that economic growth requires "the maximum development of every young American's...
Prepared Remarks by Rohit Chopra Before the Federal Reserve Bank of St. Louis
Thank you to President Jim Bullard and everyone at the Federal Reserve Bank of St. Louis for inviting me to speak today on the impact of rising student debt...
Written Testimony of Director Cordray Before the Senate Committee on Banking, Housing and Urban Affairs
Chairman Johnson, Ranking Member Crapo, and Members of the Committee, thank you for inviting me to testify today about the fourth Semi-Annual Report of the...
CFPB Report Highlights Private Student Loan Payment Processing Pitfalls
Today, the Bureau Student Loan Ombudsman released a report analyzing complaints the CFPB has received from private student loan borrowers. According to the...
Consumer advisory: Stop getting sidetracked by your student loan servicer
Over the last several years, many Americans have been able to save on monthly payments on their mortgages and other loans by refinancing to the low interest rates available in the market.
Consumer advisory: You don’t have to pay someone to help with your student loan
You told us about a number of debt relief companies that promise thousands of dollars in savings on borrowers’ student debt – an offer that may seem too good to be true.
CFPB Report Highlights Student Debt as a Roadblock to Opportunity for Consumers
Report warns of the potential domino effects on the economy of high student debt. It also identifies policy and market-based solutions based on the public’s comments that would help borrowers manage their private student loan burden.
CFPB Proposes Rule to Oversee Nonbank Student Loan Servicers
Today's proposed rule would expand that supervision to certain nonbanks. The rule would define certain nonbank student loan servicers as "larger...
Prepared Remarks of Richard Cordray at a Meeting of the National Association of Attorneys General
Today, we can talk about the work we have been doing – including work we have done together – to achieve those goals and we can talk about what lies ahead...
Consumer Financial Protection Bureau Takes First Step to Develop Student Loan Affordability Plan
The CFPB has found that private student loan borrowers who wish to pay their loans, but face high payments, lack alternative repayment and refinance options.
CFPB Releases Exam Procedures for Student Loans
The Student Lending Examination Procedures are an extension of the CFPB's General Supervision and Examination Manual and will be used as a field guide by...
CFPB Report Finds Servicemembers Face Hurdles in Accessing Student Loan Benefits
The hurdles they describe range from not being able to get the information they need, to being met with roadblocks when they do try to pursue their benefits.
Consumer Financial Protection Bureau Report Finds Private Student Loan Borrowers Face Roadblocks to Repayment
According to the report, private student loan borrowers say they are sometimes surprised by the terms and conditions of their loans, they are given the...
Consumer advisory: Accessing your scholarships and student loan funds
The Consumer Financial Protection Bureau is issuing a consumer advisory today to all students expecting to receive scholarship and student loan proceeds onto – what appears to be – a school-endorsed debit card.