CFPB Holds A Field Hearing On Student Loan Servicing Issues
"On May 14th, the same day that the CFPB launched a public inquiry into student loan servicing loan practices (the 'Request for Information'), the CFPB held a public field hearing in Milwaukee, Wisconsin to address issues with the student loan servicing industry," JD Supra reports.
"The CFPB moderated a panel discussion during which participants from industry, consumer advocacy groups, and representatives from financial aid offices and associations had the opportunity to provide remarks and answer questions. ... The guest panelists :
Justin Draeger, President and CEO, National Association of Student Financial Aid Administrators ...
Chuck Knepfle, Director of Financial Aid, Clemson University ...
"The panelists first answered questions posed by the CFPB and Under Secretary Mitchell including: (i) What standards and protections that have been provided for consumers of other financial products can and should be used in the student loan servicing context?; (ii) What data exists that would indicate warning signs for troubled student loan borrowers?; and (iii) What is the quality of advice that is given by the servicers?"
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